New York-based Steadfast Capital Management is a privately-owned hedge fund managed by Robert Pitts. Currently, the equity portfolio of Steadfast amounts to over $3.7 billion and involves over 45 companies. We are tracking the activity of Steadfast Capital Management as part of our premium strategy, which involves following the activity of skilled hedge funds to help retail investors outpace the market by as much as 18 percentage points per year. (Learn more about our strategy here.)
This type of vehicle is one of the most complex mechanisms of the investment world, as seen in the definition of a hedge fund.
Among the companies held by Steadfast Capital Management, the leader is Charter Communications, Inc. (NASDAQ:CHTR), in which the hedge fund holds about 2.8 million shares, the value of the stake worth close to $293.4 million. Charter Communications, Inc. (NASDAQ:CHTR)’s position in Steadfast has increased since the last quarter of 2012 by over 90%, with Steadfast acquiring about 1.3 million shares during the first quarter of the year. Out of the hedge funds we track, over 60 were long in Charter Communications, Inc. (NASDAQ:CHTR) at this time.
The next on the list is American International Group Inc (NYSE:AIG) with a $278.5 million stake in Steadfast’s 13F portfolio. The hedge fund disclosed ownership of about 7.2 million shares of American International Group Inc (NYSE:AIG). During the first three months of 2013, the fund’s stake in American International Group Inc (NYSE:AIG) dropped by 31%.
In Chicago Bridge & Iron Company N.V. (NYSE:CBI), Robert Pitts’ hedge fund holds about 3.7 million shares, worth $227.9 million. Chicago Bridge & Iron Company N.V. (NYSE:CBI)’s stock has returned almost 31% since the beginning of the year and sports a P/E of 21.71. Steadfast decreased its position in Chicago Bridge & Iron Company N.V. (NYSE:CBI) by 29%, from about 5.2 million shares owned at the end of 2012.
We should also mention Citigroup Inc. (NYSE:C) with almost 4.1 million shares in Steadfast’s equity portfolio, up from 2.5 million shares in the previous round of filings with the Securities and Exchange Commission. At the same time, the value of the stake in Citigroup Inc. (NYSE:C) increased to $180.8 million, from $99.4 million. In addition to Steadfast, more than 160 other elite hedge funds held shares of Citigroup Inc. (NYSE:C) during the first quarter, which means that it is one of the most popular financial companies among the world’s biggest investors.
Last but not least is Google Inc (NASDAQ:GOOG), with 190,044 shares worth over $150.9 million. At the end of the fourth quarter of 2012, Steadfast reported ownership of 227,493 shares, with the previous value of its stake in Google Inc (NASDAQ:GOOG) amounting to $160.9 million.
While Steadfast is an important “hedgie” to follow, check out top picks of Jabre Capital Partners, Julian Robertson‘s top picks, and those of Brave Warrior Capital for more.
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