Hedge Funds Hate These 10 Large-Caps, Part 2

Las Vegas Sands Corp. (NYSE:LVS)

 – Concentration of Ownership (as of September 30): 0.9%

 – Investors with Long Positions (as of September 30): 29

 – Aggregate Value of Investors’ Holdings (as of September 30): $260.58 Million

While the total number of hedge funds with exposure to Las Vegas Sands dropped by ten during the July-to-September period, the corresponding drop in the value of their aggregate investments was $4.86 million. Las Vegas Sands Corp. (NYSE:LVS)’s stock has tanked by over 29% this year, while the casino industry has posted an average dip of 4.6% during this time. The major problem for the industry has been the Chinese travel and currency restrictions that have been in place since June 2014, which has significantly hit revenue from the Asian gambling mecca, Macau. However, casino operators have now become more efficient and it seems that the impact of Macau has bottomed out. Horizon Asset Management, which is led by Murray Stahl, holds about 638,500 shares of Las Vegas Sands Corp. (NYSE:LVS).

Thomson Reuters Corp (NYSE:TRI)

 – Concentration of Ownership (as of September 30): 0.8%

 – Investors with Long Positions (as of September 30): 12

 – Aggregate Value of Investors’ Holdings (as of September 30): $241.72 Million

During the third quarter, even more hedge funds, among the more than 700 that we track, wiped their hands of Thomson Reuters, as the total number holding the company in their portfolios dropped by five, though the value of their aggregate investments rose by 18%. Thomson Reuters Corp (NYSE:TRI) has an aggressive share repurchase program and delivered solid financial results for the third quarter, though there was a 4% drop in its top line quarter-over-quarter, which was primarily due to currency fluctuations. Daniel Bubis‘ Tetrem Capital Management is the largest stockholder of Thomson Reuters Corp (NYSE:TRI) within our database, as it hiked its stake in the company to 1.88 million shares in the third trimester.

Southern Copper Corp (NYSE:SCCO)

 – Concentration of Ownership (as of September 30): 0.4%

 – Investors with Long Positions (as of September 30): 10

 – Aggregate Value of Investors’ Holdings (as of September 30): $92.76 Million

During the July-to-September period, Southern Copper’s shares fell by about 7%. The aggregate value of hedge funds’ holdings in the company, however, more than doubled during this period, even as the total number of firms with investments in the company remained the same. Despite the downtrend in copper prices, Southern Copper Corp (NYSE:SCCO) along with other major producers such as BHP Billiton Limited (ADR) (NYSE:BHP) and Rio Tinto plc (ADR) (NYSE:RIO), is going ahead with its expansion plans. It will be a good strategy if copper prices have bottomed out, but that remains to be seen. Steve Cohen’s family office Point72 Asset Management holds 1.77 million shares of Southern Copper Corp (NYSE:SCCO).

Disclosure: None