Charles Davidson’s Wexford Capital filed a Schedule 13F form with the SEC on Thursday, disclosing its long equity positions as of September 30, 2014. Over the third quarter of the year, the fund started 57 new stakes, increased its exposure to 26 of its preexisting ones, and sold out of 56 others. Its equity portfolio is now worth about $1.08 billion, down from $1.34 billion by the end of the second quarter. In this article, we will take a look at its top new positions for the period: Delta Air Lines, Inc. (NYSE:DAL), Magna International Inc. (USA) (NYSE:MGA) and Lear Corporation (NYSE:LEA).
Wexford Capital is a Greenwich, Connecticut-based investment advisor founded in 1994. The firm employs an opportunistic approach to make its investments, principally in bankruptcy or distressed companies in the energy, natural resource, real estate, technology, telecommunication, and transportation sectors. Wexford manages about $4 billion in assets, but only $2 billion are managed by its hedge funds.
Delta Air Lines, Inc. (NYSE:DAL) was the largest of Wexford’s new stakes for the third quarter. The fund acquired 475,525 shares of Common Stock, worth approximately $17.19 million, which comprise about 1.58% of its equity portfolio’s total value.
Delta Air Lines, Inc. (NYSE:DAL) is a $36.27 billion market cap airline operator that made it to our 10 Best Airline Stocks to Invest In list. The company also ranked amongst Mike Masters’ Masters Capital Management’s top picks for the second quarter, and amongst Ross Margolies’ Stelliam Investment Management top picks for the same period. However, the largest institutional shareholder, amongst those we track, Lansdowne Partners, slightly trimmed its exposure to the company over the third quarter, to 26.36 million shares.
Second in line is Magna International Inc. (USA) (NYSE:MGA), a $21.69 billion market cap diversified global automotive supplier that saw Wexford acquire 131,243 shares of Common Stock, worth roughly $12.45 million, over the third quarter.
Another fund betting on Magna International Inc. (USA) (NYSE:MGA) over the third quarter is Amy Minella’s Cardinal Capital, which disclosed ownership of 816,656 shares after the purchase of 791,931 shares.
The third company in this list is Lear Corporation (NYSE:LEA), a $7.34 billion market cap tier 1 supplier to the global automotive industry. Between July 1 and September 30, inclusive, Wexford bought 140,568 shares of the company, worth more than $12.1 million.
Richard Mcguire’s Marcato Capital Management is also confident on Lear Corporation (NYSE:LEA)’s future, apparently. The fund more than tripled its stake over the third quarter, and now owns 3.63 million shares, worth more than $313 million.
Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned
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