Hedge fund Hellman, Jordan Management Company, Inc disclosed an equity portfolio valued at some $548.6 million as of the end of the first quarter of 2015. The equity portfolio is mainly invested in Technology (32%), Consumer Discretionary (24%) and Health Care (17%) stocks. The fund’s last 13F filing showed that the fund raised its exposure towards consumer discretionary and tech stocks but reduced its holdings in the health care and industrials sector.
In this article we will look into the top three picks held at the end of Q1. Among 10 largest holdings from Hellman, Jordan’s equity portfolio (which amass 37.07% of the total portfolio value), the three top are: Apple Inc. (AAPL, Financial), SunEdison, Inc. (SUNE, Financial) and Biogen Inc. (BIIB, Financial).
In Apple Inc., the fund holds 380,633 shares, up by 107% on the quarter; the value of the stake amounts to $47.4 million. It is important to mention that the stock gained about 12.73% during the quarter.
Due to a strong dollar, the company has to increase the price of the iPhone 6 and iPhone 6 Plus, the Mac and the App Store in Europe and Canada. The new pricing strategy is not so new; we remembered that the company raised the price of the iPhone 6 by 25% in Russia at the end of last year. The largest shareholder of the company is activist investor Carl Icahn (Trades, Portfolio), with 52.76 million shares, valued at $6.56 billion, held as of the end of the Q1 2015.
SunEdison, Inc. represents the second-most valuable investment in the fund’s portfolio. After a 52% increase in the company’s stake during the first quarter, the fund amounted to about 922,297 shares valued at $22.14 million. The stock has surged by 23.01% in the first quarter. SunEdison (formerly MEMC Electronic Materials, Inc.) is a semiconductor and solar technology-focused company. The company’s semiconductor business has designed and developed silicon wafer technologies for more than 50 years. The company is a leader in solar energy with operations in the U.S. and internationally (Europe, Japan, Malaysia, South Korea and Taiwan).
At the end of the first quarter, David Einhorn (Trades, Portfolio)´s Greenlight Capital held the highest number of SunEdison shares, its stake containing 24.95 million shares valued at about $598.9 million. Last year, Einhorn indicated that he believed the value of the company was around $35 per share, compared to the actual price of almost $31.
Next in line is Biogen Inc., the global biotechnology company. The fund held about 45,828 shares valued at $19.4 million at the end of the first quarter of 2015. With a market cap of $94.78 billion, the stock is up by 24.39% during the first quarter and 33% over the past year due to its strong earnings growth of about 73%. The stock’s total returns are at 17.37% year to date, compared to 10.64% for Pfizer Inc. (PFE, Financial). D.E. Shaw held a stake of 912,933 shares of Biogen valued at $509.56 million.
Disclosure: As of this writing, Omar Venerio did not hold a position in any of the aforementioned stocks
