King Street Capital, managed by Brian J. Higgins, recently published its 13F filing with the U.S. Securities and Exchange Commission. The hedge fund reported its equity portfolio as held at the end of the second quarter of 2014. The market value of the fund’s portfolio totaled $900.3 million. From King Street Capital’s portfolio, we have picked top three holdings in terms of value, including Equinix Inc. (NASDAQ:EQIX), Dynegy Inc. (NYSE:DYN), and Sealed Air Corp (NYSE:SEE).
First on the list is Equinix Inc. (NASDAQ:EQIX), a new position in which the fund holds 671,987 shares, with a reported value of $141.2 million. Equinix Inc. (NASDAQ:EQIX) is a global interconnection and data center company. Last month, the company said that it closed the acquisition of ALOG Data Centers of Brazil S.A., which is a carrier-neutral data center services provider in Brazil. Equinix Inc. (NASDAQ:EQIX) posted second-quarter revenues of $605.2 million, which represents a 4% increase over the previous quarter and a 14% increase over the same quarter last year. The company also reported a net income of $11.3 million, or diluted net income per share of $0.22.
Other hedge funds having large stakes in Equinix Inc. (NASDAQ:EQIX) include SPO Advisory Corp, led by John H. Scully, which reported owning 5.49 million shares, and Barry Rosenstein’s JANA Partners, which disclosed ownership of over $750 million stake, containing 3.59 million shares of the company.
Dynegy Inc. (NYSE:DYN) is represented as the second largest holding, in which King Street Capital revealed holding 2 million shares, worth $69.6 million. The stake remained unchanged over the quarter. Through its subsidiaries, Dynegy Inc. (NYSE:DYN) produces and sells electric energy, capacity and ancillary services in the United States. The company reported consolidated Adjusted EBITDA of $38 million for the second quarter of 2014, which is $30 million up compared to the same quarter last year.
In its latest 13F, Oaktree Capital Management, run by Howard Marks, revealed owing 6.94 million shares of Dynegy Inc. (NYSE:DYN). Another hedge fund, Marc Lasry’s Avenue Capital reported holding 4.21 million shares of the company.
Sealed Air Corp (NYSE:SEE) is represented as the third largest holding, in which the fund disclosed a $59.8 million stake, which contains 1.75 million shares. There is no change in the number of shares from the previous quarter. With a market cap of more than $7 billion, Sealed Air Corp (NYSE:SEE) is engaged in business of food safety and facility hygiene. The company increased its second-quarter net earnings to $60 million, or $0.28 per share, from $54 million, or $0.25 per share, in the same period a year ago. Its net sales rose to $2.0 billion in the second quarter.
Other significant shareholders of Sealed Air Corp (NYSE:SEE) include Iridian Asset Management, managed by David Cohen and Harold Levy, and D. E. Shaw, holding 11.41 million shares, and 3.72 million shares, respectively.
Disclosure: none
