#3 Adecoagro SA (NYSE:AGRO)
– Shares Owned by Brevan Howard (as of September 30): 2.67 Million
– Value of Holding (as of September 30): $21.31 Million
Owing to the large stake that Brevan Howard initiated in the third quarter, agro holding company Adecoagro SA (NYSE:AGRO) ended up becoming the fund’s third-largest equity holding by the end of September. Shares of Adecoagro SA (NYSE:AGRO) have witnessed a massive rally since the start of October and thanks largely to that, are currently trading up by over 36% year-to-date. On October 16, analysts at JPMorgan Chase & Co. reiterated their ‘Overweight’ rating on the stock, while upping their price target on it to $12.50 from $12.00. On November 23, analysts at Morgan Stanley also reiterated their ‘Overweight’ rating on the stock and increased their price target on it as well, to $15.00 from $13.60. Ken Griffin‘s Citadel Investment Group more than doubled its stake in Adecoagro SA to 69,051 shares during the third quarter.
#2 Pampa Energia S.A. (ADR) (NYSE:PAM)
– Shares Owned by Brevan Howard (as of September 30): 1.53 Million
– Value of Holding (as of September 30): $23.4 Million
Moving on, the market capitalization of integrated electric company Pampa Energia S.A. (ADR) (NYSE:PAM) has more than doubled this year, with its stock currently trading up by 114.57% year-to-date. During the third quarter, when the stock of the company remained largely flat, Brevan Howard added an additional 44% to its Pampa Energia S.A. (ADR) (NYSE:PAM) holding. The company reported its third quarter results on November 11, declaring EPS of ARS 0.03 ($ 0.0031) on revenue of ARS 1.91 billion ($197.40 million), compared to the EPS of ARS 0.07 ($0.01) on revenue of ARS 1.62 billion ($167.43 million) it had reported for the same quarter of last year. Fortress Investment Group initiated a stake in Pampa Energia S.A. during the third quarter by purchasing 51,748 shares of the company.
#1 YPF SA (ADR) (NYSE:YPF)
– Shares Owned by Brevan Howard (as of September 30): 2.32 Million
– Value of Holding (as of September 30): $35.32 Million
Finally, even though its stock collapsed by more than 44% during the third quarter, the 29% boost that Brevan Howard made to its holding of energy company YPF SA (ADR) (NYSE:YPF) during the same period ensured that the company continued to remain the fund’s top stock pick by the end of September. On November 23, YPF shares declined by over 4% after the results of the Argentine presidential election came out and it was announced that pro-business candidate Mauricio Macri will be the next president of Argentina. YPF SA (ADR) (NYSE:YPF) had made a bid for Brazilian state-controlled Petrobras’ local assets in Argentina earlier in the year. However, it withdrew the bid in October citing Petrobras’ price expectations for those assets as being too high. For its most recent quarter ending September 30, YPF reported EPS of ARS 4.70 ($0.49) on revenue of ARS 40.93 billion ($4.23 billion), compared to the EPS of ARS 8.17 ($0.84) on revenue of ARS 38.21 billion ($3.95 billion) it had reported for the same quarter of last year. George Soros‘ family office Soros Fund Management held over 10 million shares of YPF SA at the end of September.
Disclosure: None
