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UBS OCONNOR LLC Buys 2, Sells 3 in 1st Quarter

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May 18, 2022
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UBS OCONNOR LLC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

UBS O’Connor LLC is a private hedge fund sponsor based out of Chicago, Illinois. The company was established in 2000 and has grown from its inception to now have locations in Stamford and New York City. UBS O’Connor is headed by CIO and Managing Director Dawn Nora Fitzpatrick and has grown from its inception to now have 161 employees of which 66 are investment professionals. The company operates as a subsidiary of UBS AG, its parent company. UBS O’Connor conducts its research both internally and externally, utilizing a fundamental and quantitative methodology with both top down and bottom up investment approaches. The company utilizes a variety of global long short, merger and convertible arbitrage, and credit long short strategies to make its investment decisions, allocating its assets across fixed income, public equity, alternative, and real estate markets on a global scale. UBS O’Connor invests most heavily in the consumer discretionary sector, which alone makes up over a fifth of its total asset allocations, and also invests in the information technology, consumer staples, health care, materials, energy, finance, and industrials sectors, among others to a lesser degree, in order of decreasing allocation. The firm’s top 10 holdings together make up over a fifth of its total asset allocations, and the company has a relatively high turnover rate of approximately 81.8%. The company currently holds over $13 billion in total assets under management spread across 23 accounts, all of which are discretionary accounts. Although UBS O’Connor’s total number of managed accounts has been decreasing in recent years, its total amount of managed assets has been increasing, growing significantly from $5.1 billion back in 2010 to well over twice that amount today despite some volatility. The company mainly caters to pooled investment vehicles, which alone makes up over three quarters of its entire client base, and also provides services to investment companies.

As of the latest 13F report, the guru’s equity portfolio contained 948 stocks valued at a total of $4,622,000,000. The top holdings were VNE(5.20%), EPAY(4.90%), and FLOW(3.35%).

According to GuruFocus data, these were UBS OCONNOR LLC’s top five trades of the quarter.

IHS Markit Ltd


The guru sold out of their 12,201,528-share investment in NYSE:INFO. Previously, the stock had a 51.56% weight in the equity portfolio. Shares traded for an average price of $116.3 during the quarter.

On 05/18/2022, IHS Markit Ltd traded for a price of $108.61 per share and a market cap of $43,344,119,000. The stock has returned 21.07% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, IHS Markit Ltd has a price-earnings ratio of 36.20, a price-book ratio of 4.57, a price-earnings-to-growth (PEG) ratio of 1.59, a EV-to-Ebitda ratio of 22.35 and a price-sales ratio of 9.36.

Nuance Communications Inc


The guru sold out of their 29,236,141-share investment in NAS:NUAN. Previously, the stock had a 33.45% weight in the equity portfolio. Shares traded for an average price of $55.3 during the quarter.

On 05/18/2022, Nuance Communications Inc traded for a price of $55.99 per share and a market cap of $17,882,407,000. The stock has returned 33.06% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, Nuance Communications Inc has a price-book ratio of 11.33, a EV-to-Ebitda ratio of 177.79 and a price-sales ratio of 13.03.

Xilinx Inc


The guru sold out of their 3,451,983-share investment in NAS:XLNX. Previously, the stock had a 13.91% weight in the equity portfolio. Shares traded for an average price of $197.27 during the quarter.

On 05/18/2022, Xilinx Inc traded for a price of $194.92 per share and a market cap of $48,414,621,000. The stock has returned 40.44% over the past year.

There is insufficient data to calculate the stock’s financial strength and profitability ratings.

In terms of valuation, Xilinx Inc has a price-earnings ratio of 52.54, a price-book ratio of 13.17, a price-earnings-to-growth (PEG) ratio of 6.33, a EV-to-Ebitda ratio of 37.83 and a price-sales ratio of 13.26.

Veoneer Inc


The guru established a new position worth 6,499,872 shares in NYSE:VNE, giving the stock a 5.2% weight in the equity portfolio. Shares traded for an average price of $35.57 during the quarter.

On 05/18/2022, Veoneer Inc traded for a price of $36.95 per share and a market cap of $4,139,111,000. The stock has returned 50.94% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 2 out of 10.

In terms of valuation, Veoneer Inc has a price-book ratio of 4.85, a EV-to-Ebitda ratio of -16.95 and a price-sales ratio of 2.49.

The price-to-GF Value ratio is 2.19, earning the stock a GF Value rank of 1.

Bottomline Technologies Inc


During the quarter, UBS OCONNOR LLC bought 3,902,027 shares of NAS:EPAY for a total holding of 3,992,283. The trade had a 4.79% impact on the equity portfolio. During the quarter, the stock traded for an average price of $56.54.

On 05/18/2022, Bottomline Technologies Inc traded for a price of $56.99 per share and a market cap of $2,586,582,000. The stock has returned 49.31% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 4 out of 10.

In terms of valuation, Bottomline Technologies Inc has a price-book ratio of 5.87, a EV-to-Ebitda ratio of 84.36 and a price-sales ratio of 4.84.

The price-to-GF Value ratio is 1.09, earning the stock a GF Value rank of 5.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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