Kyle Bass (Trades, Portfolio), founder of Dallas, Texas-based hedge fund Hayman Capital Management, has built a reputation for predicting and benefiting from economic events, such as the subprime mortgage crisis and the European sovereign-debt crisis.
In the first quarter of 2015, Bass made 24 new buys, most of them in the oil and gas industry at a time when gas prices were beginning to rebound. Bass didn’t touch the two most valuable stakes in his portfolio – NMI Holdings Inc (NASDAQ:NMIH) and General Motors Co (NYSE:GM) – in the first quarter, but new buys filled out the rest of his top 20 holdings, starting with Verso Corp (VRS), a Memphis, Tennessee-based producer of coated papers that are used in commercial printing applications that became Bass’ third-most valuable stake. Bass bought 818,670 shares of Verso in the first quarter for an average price of $2.42 per share. The transaction had a 2.35% impact on Bass’ portfolio. Continue Reading »