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NMI Holdings Inc. (NMIH): Hayman Advisors Decreases Its Stake

Published on May 11, 2016 at 2:38 pm by Insider Monkey Staff in Hedge Funds, News
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According to a newly-amended 13D filing with the US SEC, Kyle Bass‘ Hayman Advisors decreased its investment and now owns 5.31 million class A common shares of NMI Holdings Inc (NASDAQ:NMIH), which account for 9.0% of the company’s outstanding stock. The filing also revealed that the sale of Hayman Advisors’ shares doesn’t indicate dissatisfaction with the company or its management, but that it happened solely because of the necessary portfolio rebalancing. The fund, however, holds the right to further review their investment and engage in discussions with the board or the management if needed. At the end of December, Hayman Advisors disclosed in its last 13F filing holding 7.37 million class A common shares of NMI Holdings Inc. (NASDAQ:NMIH).

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NMI Holdings (NASDAQ:NMIH) offers a variety of mortgage guaranty insurance-related services through its subsidiaries – National Mortgage Insurance Corporation and National Mortgage Reinsurance Inc One. Over the past 12 months, NMI Holdings’ shares have dropped by 18.7%. For the first quarter of 2016, the company’s reported a loss per share of $0.07 in line with estimates, and revenue of $22.2 million, beating the estimates of $19.48.

During the fourth quarter of 2015, the number of funds from our database long NMI Holdings (NASDAQ:NMIH) retreated by five, and 19 investors reported long positions in this stock, versus 24 investors in the previous quarter. Kyle Bass’s Hayman Advisors disclosed the biggest position, valued at $49.9 million, followed by Howard Marks’ Oaktree Capital Management, reported a position worth around $38.4 million. Remaining investors long the stock are  John Khoury’s Long Pond Capital, Brian Riano, John Eckerson, Sean Fahey and Albert Marino’s Claren Road Asset Management, and David Warren’s DW Partners.

Among the investors who lost interest in NMI Holdings (NASDAQ:NMIH) and decided to drop their positions were Paul Orlin and Alex Porter’s Amici Capital, which dumped the most valuable position, valued at an estimated $19.8 million in stock,  and Alan Howard’s Brevan Howard, which dropped a position worth $2 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Hayman Capital Management 0 5,308,700 0 5,308,700 5,308,700 9.0%
Hayman Investments 0 5,308,700 0 5,308,700 5,308,700 9.0%
J Kyle Bass 0 5,308,700 0 5,308,700 5,308,700 9.0%
John Brandon Osmon 77,645 0 77,645 0 77,645 0.1%

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Page 1 of 7 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
OMB APPROVAL
OMB Number:3235-0145
Estimated average burden
hours per response… 10.4
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
NMI HOLDINGS, INC.
(Name of Issuer)
Class A Common Stock, par value $0.01 per share
(Title of Class of Securities)
629209305
(CUSIP Number)
Christopher E. Kirkpatrick, Esq.
Hayman Capital Management, L.P.
2101 Cedar Springs Road, Suite 1400
Dallas, TX 75201
Tel. No.: 214-347-8050
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
– with copies to –
Barry N. Hurwitz
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110
(617) 951-8000
May 9, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [  ]
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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