Phil Falcone’s New Stock Picks

Published on August 18, 2011 at 4:05 pm by Meena Krishnamsetty in Hedge Funds

Philip Falcone’s Harbinger Capital Partners dove into an illiquid and risky wireless adventure- one which proved to be a big concern for his investors. The adventure brought some legal troubles for both Harbinger and Philip Falcone.

HARBINGER

Philip Falcone is famous for betting against subprime mortgages, which made Harbinger $11 Billion in 2007. Harbinger Capital Partners Fund returned 116% that year. Harbinger was doing fine until mid 2008, but Falcone’s flagship fund lost half its value during the rest of 2008. Phil Falcone’s Harbinger returned 42% in 2009, which was much better than most funds. However, 2010 was very bad for him. He lost about 12% in 2010.

Harbinger’s assets under management reached $26 Billion at its peak, but recently went back down to around $6.5 Billion.

Falcone initiated positions in 6 stocks in the second quarter. HCP now has $27.5 Million in North American Energy (NOA), $10 Million in Southern Union (SUG), $8.5 Million of Research in Motion (RIMM), $6 Million in General Moly (GMO), $3.7 Million in CVR Energy (CVI), and about $2 Million in Trina Solar (TSL).

Check out the new stock picks and portfolios of other top hedge fund managers as of the end of the second quarter.

1. Dan Loeb’s Third Point

2. David Einhorn’s Greenlight Capital

3. Eric Mindich’s Eton Park

4. Roberto Mignone’s Bridger Management

5. Julian Robertson’s Tiger Management

6. Patrick McCormack’s Tiger Consumer

7. Whitney Tilson’s T2 Partners

8. Barry Rosenstein’s Jana Partners

9. Seth Klarman’s Baupost Group

10. Ray Dalio’s Bridgewater Associates

11. Charles Akre’s Akre Capital