During the third quarter, the fund has made a lot of changes to its substantial equity portfolio valued at $5.51 billion, by adding 260 new positions and dropping 267 companies, pushing its total down to 1143 holdings. Topping the list of newcomers to the fund’s portfolio is the position in Hanger Inc. (NYSE:HNGR), a provider of orthotic and prosthetic patient care, as well as the position in Retail Value Inc. (NYSE:RVI), a firm that owns and operates retail shopping centers, which occupy 0.85% and 0.29%, respectively. The fund purchased 2,265,525 shares of Hanger Inc. (NYSE:HNGR) for $47.19 million and 500,000 shares of Retail Value Inc. (NYSE:RVI) worth $16.34 million.
The third most valuable holding at the end of the third quarter the fund reported in Pg&e Corp (NYSE:PCG), an American investor-owned utility which provides natural gas and electricity in northern California. The fund purchased 4,307,967 of the company’s shares, with a value of $198,21 million that way raising its stake in the company by 2497%. Over the past 12 months, Pg&e Cor’s (NYSE:PCG) stock lost 67.54%, and it is now trading at $12.70. Shares in the company lost 43.6% of its value in November, due to the potential losses company suffered during the 2018 California wildfires. The similar happened back in 2017. However, last week, the price of the company’s stock increased by 75 percent to $13.95 after it’s been cleared from any responsibilities regarding 2017 Tubbs wildfire. So, Pg&e Corp’s (NYSE:PCG) stock is still popular among hedge funds since there were 60 smart money investors from Insider Monkey’s database long the stock on September 30th, 2018, down by one from the previous quarter.
The fund boosted its stake in Paypal Holdings Inc. (NASDAQ:PYPL) as well, by 58% to 99,209 shares worth $8.71 million, what doesn’t come as a surprise, knowing that it was one of the most popular stocks among hedge funds in Q3 of 2018. When it comes to its stock price, over the past six months, some fluctuations have been recorded, and it’s actually raised by 10%, trading at $93.05, at price-to-earnings (PE) ratio of 58.29 at the moment of writing. In addition, it has a market cap of $111.1 billion. BlueMountain Capital substantially increased its stake in Core-Mark Holding Company Inc. (NASDAQ:CORE), a North American wholesale distributor to the convenience retail industry, by an astonishing 81727%, that way owning 21,275 of its shares valued at $722 000. In additions, on September 30th, 2018, there were 19 smart money investors from Insider Monkey’s database long the stock, what’s up by one from the previous quarter.
As we already mentioned, the fund lost faith in a number of companies, entirely selling out its positions. The second biggest position the fund decided to dump in this period was in CVR Energy Inc (NYSE:CVI) by completely selling its 167 shares, while it also said goodbye to 220 shares of Veritone Inc (NASDAQ:VERI).
Disclosure: None
This article was originally published at Insider Monkey.
