GuruFocus is glad to announce that we have added hedge fund manager
Kyle Bass of Hayman Advisors into our List of Gurus.
Kyle Bass is the Managing Member and Principal of Hayman Advisors LP’s general partner, formed in December 2005. Hayman Advisors serves as the investment manager to the Hayman Capital Master Fund LP and Japan Macro Opportunities Master Fund LP.
Mr. Bass is well known for his prescient investment analysis of the subprime crisis. In September 2007, he appeared as an expert witness before the House of Representatives Financial Services Capital Markets Subcommittee and in 2010, he appeared as a Financial Market Participant before the Financial Crisis Inquiry Commission, a bi-partisan 10-member panel established by Congress to examine the causes of the financial crisis. He is on the Board of Directors for The University of Texas Investment Management Co. ($16 billion AUM) and is a founding member of the Serengeti Asset Management Advisory Board.
Prior to forming Hayman Advisors, Mr. Bass worked as a Senior Managing Director at Bear, Stearns & Co., and as a Managing Director at Legg Mason, Inc. Mr. Bass graduated with honors with a Bachelor of Business Administration from Texas Christian University.
Kyle Bass makes bold bets according to his view on macro economics. He made a fortune in 2007 by betting against sub-prime CDOs. You can read his third quarter letter
titled “Imminent Defaults” here.
Kyle Bass was a net seller during the third quarter. He bought only a handful of positions. He owns 12 stocks only as of Sept 30. These are the details of the buys and sells.
- New Purchases: MMR, ATNY, TSRA,
- Added Positions: IMN,
- Reduced Positions: GMLP, ELNK,
- Sold Out: RKT, RBS.PM, KKR, TGT, APA, EXXI, DSX, UBPSU, RBS.PQ, EPL, RBS.PN, IMMR,
For the details of
Kyle Bass's stock buys and sells, go to
http://www.gurufocus.com/StockBuy.php?GuruName=Kyle+BassThese are the top 5 holdings of Kyle Bass- Golar LNG Partners LP (GMLP) - 796,348 shares, 2.8% of the total portfolio. Shares reduced by 24.48%
- Six Flags Entertainment Corp. (SIX) - 598,802 shares, 2.2% of the total portfolio. Shares reduced by 5.16%
- McMoRan Exploration Co. (MMR) - 1,300,000 shares, 1.7% of the total portfolio. New Position
- Imation Corp. (IMN) - 1,045,413 shares, 1.0% of the total portfolio. Shares added by 56.95%
- API Technologies Corp. (ATNY) - 1,747,938 shares, 0.9% of the total portfolio. New Position
New Purchase: Mcmoran Exploration Co. (MMR, Financial)
Kyle Bass initiated holdings in Mcmoran Exploration Co.. His purchase prices were between $9.94 and $18.46, with an estimated average price of $14.07. The impact to his portfolio due to this purchase was 1.75%. His holdings were 1,300,000 shares as of 09/30/2011. McMoRan Exploration Co. is engaged in the exploration, development and production of oil and gas offshore in the Gulf of Mexico and onshore in the Gulf Coast region, and in the mining, purchasing, transporting,terminaling, processing and marketing of sulfur. Mcmoran Exploration Co. has a market cap of $2.53 billion; its shares were traded at around $15.98 with and P/S ratio of 5.8. Mcmoran Exploration Co. had an annual average earnings growth of 6.6% over the past 5 years.
New Purchase: Api Technologies Corp. (ATNY, Financial)
Kyle Bass initiated holdings in Api Technologies Corp.. His purchase prices were between $4.09 and $7.2, with an estimated average price of $5.63. The impact to his portfolio due to this purchase was 0.93%. His holdings were 1,747,938 shares as of 09/30/2011. API Technologies is engaged as a prime system contractor in secure communications and a provider of electronic components and subsystems. Api Technologies Corp. has a market cap of $179 million; its shares were traded at around $3.28 with and P/S ratio of 1.6.
New Purchase: Tessera Technologies Inc. (TSRA, Financial)
Kyle Bass initiated holdings in Tessera Technologies Inc.. His purchase prices were between $12.03 and $17.69, with an estimated average price of $14.39. The impact to his portfolio due to this purchase was 0.3%. His holdings were 188,700 shares as of 09/30/2011. Tessera Technologies develops semiconductor packaging technology that meets the demand for miniaturization and increased performance of electronic products. Tessera Technologies Inc. has a market cap of $889.1 million; its shares were traded at around $17.35 with a P/E ratio of 14.7 and P/S ratio of 2.9. Tessera Technologies Inc. had an annual average earnings growth of 19.5% over the past 10 years.
Sold Out: Rocktenn Co. Cl A (RKT, Financial)
Kyle Bass sold out his holdings in Rocktenn Co. Cl A. His sale prices were between $46.38 and $66.4, with an estimated average price of $55.5. RockTenn is one of North America?s manufacturers of paperboard, containerboard and consumer and corrugated packaging. Rocktenn Co. Cl A has a market cap of $4.15 billion; its shares were traded at around $58.25 with a P/E ratio of 11 and P/S ratio of 0.7. The dividend yield of Rocktenn Co. Cl A stocks is 1.3%. Rocktenn Co. Cl A had an annual average earnings growth of 19% over the past 10 years.
Sold Out: Royal Bank Of Scotland Group Plc Ads Series M (RBS.PM)
Kyle Bass sold out his holdings in Royal Bank Of Scotland Group Plc Ads Series M. His sale prices were between $10.31 and $17.29, with an estimated average price of $13.6. .
Sold Out: Kkr & Co. L.p. (KKR, Financial)
Kyle Bass sold out his holdings in Kkr & Co. L.p.. His sale prices were between $10.5 and $16.09, with an estimated average price of $12.75. Kohlberg Kravis Roberts & Co. provides a range of asset management services to its investors and provides capital markets services to its firm, its portfolio companies and its clients. Kkr & Co. L.p. has a market cap of $2.86 billion; its shares were traded at around $12.83 with a P/E ratio of 9 and P/S ratio of 6.6. The dividend yield of Kkr & Co. L.p. stocks is 3.1%.
Sold Out: Target Corp. (TGT, Financial)
Kyle Bass sold out his holdings in Target Corp.. His sale prices were between $46.44 and $52.76, with an estimated average price of $50.28. Target Corporation operates large-format general merchandise and food discount stores in the United States, which include Target and SuperTarget stores. Target Corp. has a market cap of $35.58 billion; its shares were traded at around $52.7 with a P/E ratio of 12.3 and P/S ratio of 0.5. The dividend yield of Target Corp. stocks is 2.3%. Target Corp. had an annual average earnings growth of 9.2% over the past 10 years. GuruFocus rated Target Corp.
the business predictability rank of 5-star.
Sold Out: Apache Corp. (APA, Financial)
Kyle Bass sold out his holdings in Apache Corp.. His sale prices were between $82.57 and $128.47, with an estimated average price of $106.73. Apache Corporation is an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids. Apache Corp. has a market cap of $38.18 billion; its shares were traded at around $99.44 with a P/E ratio of 8.9 and P/S ratio of 3.2. The dividend yield of Apache Corp. stocks is 0.6%. Apache Corp. had an annual average earnings growth of 15.2% over the past 10 years. GuruFocus rated Apache Corp.
the business predictability rank of 2.5-star.
Sold Out: Energy Xxi Ltd. (EXXI)
Kyle Bass sold out his holdings in Energy Xxi Ltd.. His sale prices were between $21.51 and $34.89, with an estimated average price of $27.82. Energy Xxi Ltd. has a market cap of $2.4 billion; its shares were traded at around $31.44 with a P/E ratio of 18.5 and P/S ratio of 2.8.
Sold Out: Diana Shipping Inc. (DSX)
Kyle Bass sold out his holdings in Diana Shipping Inc.. His sale prices were between $7.66 and $11.08, with an estimated average price of $9.07. Diana Shipping Inc. is a global provider of shipping transportation services. Diana Shipping Inc. has a market cap of $613.9 million; its shares were traded at around $7.49 with a P/E ratio of 5.1 and P/S ratio of 2.2. Diana Shipping Inc. had an annual average earnings growth of 23.9% over the past 5 years.
Sold Out: Universal Business Payment Solutions Acquisition C (UBPSU)
Kyle Bass sold out his holdings in Universal Business Payment Solutions Acquisition C. His sale prices were between $5.85 and $6.05, with an estimated average price of $5.99. .
Sold Out: Royal Bank Of Scotland Ads Pfd. Q (RBS.PQ)
Kyle Bass sold out his holdings in Royal Bank Of Scotland Ads Pfd. Q. His sale prices were between $10.62 and $17.5, with an estimated average price of $14.1. .
Sold Out: Energy Partners Ltd. (EPL)
Kyle Bass sold out his holdings in Energy Partners Ltd.. His sale prices were between $10.78 and $17.67, with an estimated average price of $13.83. Energy Partners, Ltd. is an independent oil and natural gas exploration and production company based in New Orleans, LA and Houston. Energy Partners Ltd. has a market cap of $556.1 million; its shares were traded at around $13.82 with a P/E ratio of 17 and P/S ratio of 2.3.
Sold Out: Royal Bank Of Scotland Group Plc Ads Series N (RBS.PN)
Kyle Bass sold out his holdings in Royal Bank Of Scotland Group Plc Ads Series N. His sale prices were between $10.11 and $17.3, with an estimated average price of $13.47. .
Sold Out: Immersion Corp. (IMMR)
Kyle Bass sold out his holdings in Immersion Corp.. His sale prices were between $6.1 and $10.3, with an estimated average price of $7.7. IMMERSION CORP. develops hardware and software technologies that enable users to interact with computers using their sense of touch. Immersion Corp. has a market cap of $176 million; its shares were traded at around $6.08 with and P/S ratio of 5.6.
Added: Imation Corp. (IMN, Financial)
Kyle Bass added to his holdings in Imation Corp. by 56.95%. His purchase prices were between $6.72 and $9.92, with an estimated average price of $7.77. The impact to his portfolio due to this purchase was 0.38%. His holdings were 1,045,413 shares as of 09/30/2011. Imation Corp. develops, manufactures and markets worldwide a widevariety of products and services for color management, imaging and data storage applications. Imation Corp. has a market cap of $226.2 million; its shares were traded at around $5.88 with and P/S ratio of 0.1.
Reduced: Golar Lng Partners Lp (GMLP)
Kyle Bass reduced to his holdings in Golar Lng Partners Lp by 24.48%. His sale prices were between $23.2 and $28.89, with an estimated average price of $26.43. The impact to his portfolio due to this sale was -0.74%.
Kyle Bass still held 796,348 shares as of 09/30/2011. Golar LNG Partners LP is a limited partnership primarily focused on owning and operating floating storage and regasification units (or FSRUs) and LNG carriers under long-term charters. Golar Lng Partners Lp has a market cap of $349.7 million; its shares were traded at around $29.14 . The dividend yield of Golar Lng Partners Lp stocks is 5.5%.
Reduced: Earthlink Inc. (ELNK)
Kyle Bass reduced to his holdings in Earthlink Inc. by 51.02%. His sale prices were between $6.82 and $8.095, with an estimated average price of $7.41. The impact to his portfolio due to this sale was -0.66%.
Kyle Bass still held 816,100 shares as of 09/30/2011. EarthLink provides a full range of innovative access, hosting and e-commerce solutions to thousands of communities through over 7,500 dial-up points of presence, and broadband and wireless technologies. Earthlink Inc. has a market cap of $679 million; its shares were traded at around $6.3 with a P/E ratio of 10.2 and P/S ratio of 1. The dividend yield of Earthlink Inc. stocks is 3.2%. Earthlink Inc. had an annual average earnings growth of 15.4% over the past 5 years.
