HIGHBRIDGE CAPITAL MANAGEMENT LLC recently filed their 13F report for the third quarter of 2022, which ended on 2022-09-30.
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.
Highbridge Capital Management is a private hedge fund sponsor based out of New York. The company was established in 1992 by cofounders Glenn Dubin and Henry Swieca and currently operates as a subsidiary of JPMorgan Chase & Co. The firm is currently held by the subsidiary JP Morgan Asset Management, which purchased a majority interest in the firm in 2004 and became the sole substantial holder in 2009. Highbridge Capital Management has expanded its presence since its inception and now has locations in London, Boston, Dallas, Hong Kong, and Tokyo. Highbridge Capital Management is currently headed by CEO Scott B. Kapnick and has 336 employees with 130 of them being investment professionals. The company utilizes a multi-strategy to make its investments with diverse methods ranging from global convertible arbitrage to special opportunities strategies, focusing to “attain consistent capital appreciation primarily through arbitrage and absolute return investment strategies in the global financial markets.” Highbridge Capital Management invests most heavily in the health care sector, which alone makes up approximately a quarter of its total asset allocations, and also invests in the consumer discretionary, information technology, industrials, energy, finance, and consumer staples sectors, among others to a lesser degree, in order of decreasing allocation. The company currently holds over $31.5 billion in total assets under management spread across 61 accounts, all of which are discretionary accounts. Although Highbridge Capital Management’s total number of accounts held has not increased significantly in recent years, its total assets under management has grown significantly, increasing from $17.7 billion back in 2010 to becoming close to twice that amount today. The company mainly caters to pooled investment vehicles, which alone makes up three quarters of its client base, and also provides services to high net worth individuals, banking institutions, pension and profit sharing plans, corporations, and insurance companies, in order of decreasing clientele.
As of the latest 13F report, the guru’s equity portfolio contained 703 stocks valued at a total of $4.15Bil. The top holdings were DHR(1.49%), OXY.WS(1.46%), and TWTR(1.42%).
According to GuruFocus data, these were HIGHBRIDGE CAPITAL MANAGEMENT LLC’s top five trades of the quarter.
Pershing Square Tontine Holdings Ltd
The guru sold out of their 4,548,756-share investment in NYSE:PSTH. Previously, the stock had a 2.4% weight in the equity portfolio. Shares traded for an average price of $20.09 during the quarter.
On 11/15/2022, Pershing Square Tontine Holdings Ltd traded for a price of $20.14 per share and a market cap of $4.03Bil. The stock has returned -2.04% over the past year.
GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 2 out of 10.
In terms of valuation, Pershing Square Tontine Holdings Ltd has a price-earnings ratio of 5.44, a price-book ratio of 1.08 and a EV-to-Ebitda ratio of -2732.38.
Twitter Inc
HIGHBRIDGE CAPITAL MANAGEMENT LLC reduced their investment in NYSE:TWTR by 43,750,000 shares. The trade had a 1.14% impact on the equity portfolio. During the quarter, the stock traded for an average price of $40.71.
On 11/15/2022, Twitter Inc traded for a price of $53.7 per share and a market cap of $41.09Bil. The stock has returned -2.03% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 4 out of 10.
In terms of valuation, Twitter Inc has a price-book ratio of 6.98, a EV-to-Ebitda ratio of 66.62 and a price-sales ratio of 8.22.
The price-to-GF Value ratio is 0.94, earning the stock a GF Value rank of 6.
Sarepta Therapeutics Inc
The guru established a new position worth 45,000,000 shares in NAS:SRPT, giving the stock a 1.13% weight in the equity portfolio. Shares traded for an average price of $100.79 during the quarter.
On 11/15/2022, Sarepta Therapeutics Inc traded for a price of $109.68 per share and a market cap of $9.63Bil. The stock has returned 30.76% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Sarepta Therapeutics Inc has a price-book ratio of 22.34, a EV-to-Ebitda ratio of -22.41 and a price-sales ratio of 10.89.
The price-to-GF Value ratio is 0.92, earning the stock a GF Value rank of 7.
Novavax Inc
The guru established a new position worth 39,500,000 shares in NAS:NVAX, giving the stock a 0.93% weight in the equity portfolio. Shares traded for an average price of $43.33 during the quarter.
On 11/15/2022, Novavax Inc traded for a price of $23.22 per share and a market cap of $1.82Bil. The stock has returned -86.54% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 3 out of 10.
In terms of valuation, Novavax Inc has a EV-to-Ebitda ratio of -0.77 and a price-sales ratio of 0.74.
The price-to-GF Value ratio is 0.02, earning the stock a GF Value rank of 2.
Royal Caribbean Group
The guru sold out of their 36,178,000-share investment in NYSE:RCL. Previously, the stock had a 0.91% weight in the equity portfolio. Shares traded for an average price of $40.51 during the quarter.
On 11/15/2022, Royal Caribbean Group traded for a price of $60.68 per share and a market cap of $15.48Bil. The stock has returned -28.83% over the past year.
GuruFocus gives the company a financial strength rating of 2 out of 10 and a profitability rating of 6 out of 10.
In terms of valuation, Royal Caribbean Group has a price-book ratio of 4.83, a EV-to-Ebitda ratio of -89.16 and a price-sales ratio of 2.16.
The price-to-GF Value ratio is 0.56, earning the stock a GF Value rank of 8.
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.
Want to provide feedback on this article? Have questions or concerns? Get in touch with us here, or email us at [email protected]!
This article is general in nature and does not represent the opinions of GuruFocus or any of its affiliates. This article is not intended to be financial advice, nor does it constitute investment advice or recommendations. It was written without regard to your individual situation or financial goals. We aim to bring you fundamental, data-driven analysis, The information on this site is in no way guaranteed for completeness, accuracy or in any other way.
