Yahoo! Inc. (YHOO), Delta Air Lines, Inc. (DAL), International Paper Co (IP): Billionaire Brian Higgins’ Top Positions

Yahoo! Inc. (NASDAQ:YHOO) was the fourth largest investment of Higgins during the first quarter. The investment manager owns 22.50 million convertible bonds of the technology company with a market value of $24.33 million. Yahoo! Inc. (NASDAQ:YHOO) is likely to release two more messaging apps next year, including one for group chat and another one with video, text, and calling features. Those apps will attempt to contend with heavily popular chat apps like WhatsApp and Viber. Daniel S. Och‘s OZ Management holds the largest position in Yahoo of the firms we track.

King Street Capital is just one of more than 700 hedge funds that we have in our database, whose equity portfolios we collate quarterly as part of our small-cap strategy. Even though most smaller investors believe that tracking 13F filings is a fruitless endeavor because they are filed with a delay of a maximum of 45 days after the end of a calendar quarter, the results of our research prove that is not the case. To be on the safe side, we used a delay of 60 days in our backtests that involved the 13F filings of funds between 1999 and 2012 and we still managed to gain an annual alpha in the double digits. Moreover, since the official launch of our strategy in August 2012, our small-cap strategy has obtained returns of more than 139%, beating the S&P 500 Total Return Index by greater than 80 percentage points (see the details).

Disclosure: None