Billionaire Michael Hintze Portfolio: Top 5 Stock Picks

3. Citigroup Inc. (NYSE:C)

CQS Cayman LP Stake Value: $36,440,000
Percentage of CQS Cayman LP’s 13F Portfolio: 2.08%
Number of Hedge Fund Holders: 79

Citigroup Inc. (NYSE:C) is a holding corporation that provides consumer banking services, such as checking and savings accounts, credit cards, mortgage loans, and small business services, through its primary subsidiary Citibank. Citigroup Inc. (NYSE:C) applied for a securities license in China on December 3, following the footsteps of JPMorgan Chase & Co. (NYSE:JPM) and The Goldman Sachs Group, Inc. (NYSE:GS) in establishing their own securities firm in the world’s second-largest economy.

On December 10, UBS analyst Erika Najarian initiated coverage of Citigroup Inc. (NYSE:C), with a “Neutral” rating and gave a price target of $67.

Citigroup Inc. (NYSE:C) was in 79 hedge funds’ portfolios in the third quarter of 2021. At the end of the previous quarter, there were 87 hedge funds in our database with Citigroup holdings.

In its first-quarter 2021 investor letter, Artisan Partners Limited Partnership, an asset management firm, highlighted a few stocks, and Citigroup Inc. (NYSE:C) was one of them. Here is what the fund said:

“We fully exited position in Citigroup. Global financial services company Citigroup made a $900 million clerical error and received a public reprimand from federal regulators. This, after a decade focused on process control, information technology and risk systems, makes the error substantially more costly than just the $900 million mistake. Regulators believe the company’s risk management improvements have fallen short of expectations. To rectify the situation, a process and technology spending surge could negatively affect 2021-2022 profits by 10% to 20%. Trust and confidence are important in large financial institutions, and this incident combined with the CEO’s sudden retirement shook ours.”