Elm Ridge Capital’s Returns, AUM, and Holdings

At the end of the fourth quarter of 2018, the fund acquired seven new positions in its equity portfolio. Among the new acquisitions is United Rentals Inc (NYSE:URI), where the fund purchased 90,377 shares valued at $9.27 million. United Rentals Inc. is one of the largest equipment rental companies for the construction and industrial sectors in the USA and all over the world.

Another valuable addition was Flex Ltd (NASDAQ:FLEX) with 569,187 shares purchased worth $4.33 million. Flex Ltd offers electronic manufacturing services to clients all over the world. The company develops original design manufacturing products for diverse industries such as aerospace and defense, digital health, lighting, housing, industrial, and communication.

Furthermore, the fund decided to boost its investment in several of its holdings. For instance, it raised its stake in Denbury Resources Inc (NASDAQ:DNR) by 72% to 4,741,523 shares worth $8.11 million and by 58% in Houghton Mifflin Harcourt (NASDAQ:HMHC) acquiring 286,523 shares valued at $ 2.54 million.

On the other hand, Elm Ridge Capital seemed to be losing interest in some of its positions. It reduced its stake in seventeen and dumped two. Some of those are among the most popular stocks among hedge funds. For instance, it lowered its stake by 43% in Citygroup Inc (NYSE:C) to 91,286 shares worth $4.75 million. It also trimmed its investment in Popular Inc (NASDAQ:BPOP) by 24% leaving it in 111,263 shares valued at $5.25 million.

Finally,  the fund decided to say goodbye to its stake in Bank of America Corp (NYSE:BAC) where it used to hold 174,130 shares with a value of $5.13million and its 205,382 shares in Resolute Energy Corp (NYSE:REN) assessed in $7.77 million.

Disclosure: None

This article was originally published in Insider Monkey.