Billionaire Wilbur Ross Maintains Top Bets; Swaps Etsy Inc (ETSY) for Fitbit Inc (FIT)

#3 EXCO Resources Inc (NYSE:XCO)

– Shares Owned by Invesco Private Capital (as of June 30): 51.10 Million

– Value of The Holding (as of June  30): $66.43 Million

Invesco Private Capital kept its stake in EXCO Resources Inc (NYSE:XCO) unchanged during the second quarter and continued to remain the largest shareholder of the company at the end of that period, accounting for 18% of EXCO Resources Inc (NYSE:XCO)’s float. Unlike the stocks of other oil and natural gas companies, the stock EXCO Resources Inc (NYSE:XCO) hasn’t benefitted from the rally in energy prices this year and currently trades down by 11.29% year-to-date. In July, the company commenced a cash tender offer for its outstanding 7.5% Senior Notes due 2018 and outstanding 8.5% Senior Notes due 2022. Along with the tender offer, EXCO Resources also solicited consents from holders of the 2022 Notes to amend “certain terms” of the indenture governing the 2022 Notes. Last month, the company updated investors that it had secured the maximum tender cap allowance under its proposed tender offer and that the maximum allowance was reached entirely from the 2022 class. Following the departure of its former CFO, Richard Burnett, on August 22, EXCO Resources named its VP of Finance and Treasurer, Chris Peracchi, as the new CFO of the company. At the end of June, there were nine investors covered by us that were long EXCO Resources Inc (NYSE:XCO) with the aggregate value of their holdings in it amounting to $166.45 million.

#2 Sun Bancorp, Inc. /NJ (NASDAQ:SNBC)

– Shares Owned by Invesco Private Capital (as of June 30): 4.25 Million

– Value of The Holding (as of June  30): $87.93 Million

While Invesco Private Capital  didn’t make any changes to its stake in Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) during the second quarter, billionaire Jim Simons‘ Renaissance Technologies upped its stake in the company during the same period by 9% to 107,379 shares. Sun Bancorp, Inc. /NJ (NASDAQ:SNBC)’s stock has been on a slow, but steady rise since mid-2012 and is trading close to its lifetime high of $23.25, which it reached earlier this month. For its most recent quarter, the bank holding company reported EPS of $0.16 on net interest income of $14.87 million versus analysts’ expectation of EPS of $0.08 on net interest income of $14.58 million. The ownership of Sun Bancorp, Inc. /NJ (NASDAQ:SNBC) among funds covered by us remained unchanged at six during the second quarter and the aggregate value of their holdings in it also remained nearly the same at $116.27 million.

#1 Navigator Holdings Ltd (NYSE:NVGS)

– Shares Owned by Invesco Private Capital (as of June 30): 21.86 Million

– Value of The Holding (as of June  30): $251.43 Million

For a long time now, Navigator Holdings Ltd (NYSE:NVGS) has held the top spot in Invesco Private Capital’s equity portfolio. Though the fund kept its stake in the company unchanged during the April-June period, it still amassed more than half of the value of Invesco’s equity portfolio at the end of June, which is quite a feat considering that Navigator Holdings Ltd’s stock has lost more than 60% of its value since the beginning of March this year. Several analysts who track the stock feel that its undervalued at current levels, especially when one takes into account that the company’s operating results have been fairly stable since mid-2014 and that Navigator Holdings Ltd owns a large number of modern ethylene-capable liquefied gas carriers. On September 12, analysts at Jefferies Group reiterated their ‘Buy’ rating on the stock. The number of hedge funds tracked by Insider Monkey that were long Navigator Holdings Ltd (NYSE:NVGS) increased by one to 16 during the second quarter, however, the aggregate value of their holdings in it fell by $112.60 million to $299.23 million during that time.

Disclosure: None