New York-based Serengeti Asset Management is managed by Jody Lanasa and Vivian Lau. The fund, which was founded in 2007, invests in distressed debt, structured finance and equities. It has $1.5 billion of assets under management. Prior to launching Serengeti, Lanasa worked at Goldman Sachs Group Inc (NYSE:GS) for nine years, where also worked Vivian Lau.
In its latest 13F, Serengeti revealed positions in 46 holdings. The value of the fund’s equity portfolio amounted to $1.1 billion, up from $797.7 million reported at the end of the third quarter of 2013. We have selected the top five holdings in term of value from the Serengeti’s equity portfolio. These five holdings account for over 40% of the portfolio.
Apollo Global Management LLC (NYSE:APO) is occupying the top position. APO is a global alternative investment manager. Serengeti owns 2.53 million class A shares of the company, slightly down from 2.56 million shares disclosed previously. The value of holding amounts to around $79.8 million. Another investor Thomas E. Claugus’ Gmt Capital holds 5.0 million shares, worth $158.2 million. Last month, Apollo Global Management LLC announced the acquisition of CEC Entertainment Inc (NYSE:CEC).
Serengeti started a new position in EASTMAN KODAK CO (NYSE:KODK). The fund currently owns 2.10 million shares, with a reported value of $72.9 million. New York-based KODK is engaged in business of imaging solutions and services. The company has a market cap of $1.25 billion. One of the largest stockholders of KODK is Jon Bauer‘s Contrarian Capital, which holds 4.53 million shares.
In Williams Companies Inc. (NYSE:WMB), Serengeti’s position remains unchanged over the quarter. The fund revealed owning 1.30 million shares, worth around $50.1 million. WMB, an energy infrastructure company in North America, has a market cap of $28.9 billion. Recently, Williams Partners L.P. (NYSE:WPZ) announced that it completed the transaction to acquire WMB’s currently in-service Alberta, Canada, operations for $1.2 billion.
Recently, Keith Meister‘s Corvex Capital increased its stake in Williams Companies to 41.6 million shares, from 39 million shares. Corvex and Eric W. Mandelblatt‘s Soroban Capital earlier signed an agreement to work together on issues regarding their investment in Williams Companies. Together, they hold 62.6 million shares, which account for 9.17% of the company’s common stock, out of which, Soroban Capital owns 21 million shares.
Serengeti upped its stake in W.R. Grace & Co. (NYSE:GRA) to 500,000 shares, worth $49.4 million, from 335,000 shares, reported in the previous quarter. GRA produces and markets specialty chemicals and specialty materials. In its latest 13F, York Capital Management, led James Dinan, disclosed owning around 3.58 million shares of GRA.
KKR & Co. L.P. (NYSE:KKR) is a global investment company, in which Serengeti reported ownership of 2.0 million shares, worth $48.7 million. The position represents a slight decrease from 2.1 million shares held previously. For 2013, the company posted a return on equity of 27.4% and its after-tax economic net income amounted to $1.08 and $2.99 per adjusted unit for the quarter and year ended December 31, 2013, respectively, up from $0.48 and $2.90 a year ago.
In addition, Serengeti started a new position in Constellation Brands Inc. (NYSE:STZ), in which it owns 130,000 shares, with a reported value of $9.1 million. Concurrently, the fund sold out its positions in Apple Inc. (NASDAQ:AAPL) and Boise Inc. (NYSE:BZ), previously holding 4,300 shares, and 650,000 shares respectively.
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