Horseman Capital Management Enters Q4 With Four Bank Stocks Atop Portfolio

#3 Bank of New York Mellon Corp (NYSE:BK)

Shares Owned by Horseman Capital Management (as of September 30): 1.22 million shares

Value of Holding (as of September 30): $47.63 million

Bank of New York Mellon Corp (NYSE:BK)’s stock performance in the third quarter was not great either, as its shares lost slightly more than 6% during the three-month period. However, Horseman Capital Management lifted its position in the bank by 47,100 shares during the period. The bank’s third quarter earnings per share outpaced analysts’ expectations of $0.71 by $0.04, despite reporting a drop in revenue. Bank of New York Mellon’s revenue declined by 18% year-over-year to $3.79 billion and missed analysts’ estimates of $3.87 billion. Richard McGuire’s Marcato Capital Management acquired an 18.36 million-share stake in Bank of New York Mellon Corp (NYSE:BK) during the second quarter, making it one of the largest stockholders of the company.

#2 Capital One Financial Corp. (NYSE:COF)

Shares Owned by Horseman Capital Management (as of September 30): 661,700 shares

Value of Holding (as of September 30): $47.99 million

Capital One Financial Corp. (NYSE:COF)’s shares lost 17.16% during the “bloody” third quarter, but Horseman Capital Management remained bullish on the stock. Even more to that, the London-based investment firm increased its position in the bank by 25,500 shares during the September quarter. A potential rate hike by the Federal Reserve could mark a turnaround for the shares of Capital One, considering its high credit card exposure relative to its loan books. It is also important to mention that the pace of interest rate increases might serve as a game-changer, rather than the date of the first rate hike. Thomas E. Claugus’ GMT Capital held its position in Capital One Financial Corp. (NYSE:COF) unchanged during the second quarter at 2.28 million shares.

#1 Wells Fargo & Co (NYSE:WFC)

Shares Owned by Horseman Capital Management (as of September 30): 1.07 million shares

Value of Holding (as of September 30): $54.74 million

Wells Fargo & Co (NYSE:WFC) represents the largest holding of Horseman Capital Management as of the end of the third quarter. John Horseman’s firm boosted its position in Wells Fargo by 41,800 shares over the three-month period, during which the shares of the bank lost 8.10%. The financial services company delivered a solid financial performance in the third quarter, posting revenue of $21.9 billion, which was up by 3% year-over-year. Similarly, the company’s diluted earnings per share increased by 3% year-over-year to $1.05. Nevertheless, the shares of Wells Fargo are still in the red year-to-date. Buffett’s Berkshire Hathaway is indisputably the largest shareholder of Wells Fargo & Co (NYSE:WFC) within our database, owning a whopping stake of 470.29 million shares as of June 30.

Disclosure: None