Stock Market News & Stocks to Watch from StraightStocks » BP Capital Management http://www.straightstocks.com Leading Stock Market News, Opinions and Commentary Wed, 25 Nov 2009 18:29:29 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Paulson Co 13F Holdings Analysis | Q3 2008 http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/ http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/#comments Tue, 09 Dec 2008 17:40:13 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-8294258196093441604 http://www.straightstocks.com/investing-in-hedge-funds/paulson-co-13f-holdings-analysis-q3-2008/feed/ 0 Viking Global Investors LP Q3 2008 13F Holdings Performance http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/ http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/#comments Tue, 09 Dec 2008 17:20:09 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-6823039732530954326 http://www.straightstocks.com/investing-in-hedge-funds/viking-global-investors-lp-q3-2008-13f-holdings-performance/feed/ 0 Caxton Associates Hedge Fund | Exclusive 13F Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/#comments Fri, 26 Sep 2008 04:33:43 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-4864085456662095756 Caxton Associatese

Caxton Associates Hedge Fund Holdings

Caxton Associates Hedge Fund | 13F Holdings AnalysisThis post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

Up next in the macro hedge fund tracking series we have Caxton Associates, ran by Bruce Kovner. Taken from Wikipedia, Kovner's bio is as follows: "Kovner's first trade was for $3,000, borrowed against his MasterCard, in soybean futures contracts. Realizing growth to $40,000, he then watched the contract drop to $23,000 before selling. He later claimed that this first, nerve-racking trade taught him the importance of hedge fund risk management. In his eventual role as a trader under the legendary Michael Marcus at Commodities Corporation (now part of Goldman Sachs), he purportedly made millions and gained widespread respect as an objective and sober trader. This ultimately led to the establishment of his current company, Caxton Associates, in 1983, which today manages over $10 billion in capital and has been closed to new investors since 1992." Year-to-date, Caxton Associates was up 5% as of a few weeks ago.

So, now that we've got a background on Kovner and Caxton Associates, let's take a quick look at his portfolio highlights. Keep in mind that this is merely a brief summary of Caxton's top holdings. Due to the time sensitive nature of the 13F material, I wanted to get this information posted before the next set of filings come out in November.

Top 20 Holdings by % of portfolio
1. Compania Cervecerias Unidas (CCU) - Increased position by 72934%, from 25,000 shares to 18,233,668 shares
2. Electronic Data Systems (EDS) - New Position
3. Activision (ATVI) - New Position
4. Monsanto (MON) - Increased position by 41 %
5. Rockwood Holdings (ROC) - Increased position by 68.8%
6. W-H Energy Services (WHQ) - Increased stake by 195%
7. Occidental (OXY) - Increased stake by 65%
8. ChoicePoint (CPS) - Decreased position by
9. DirecTV (DTV) - Decreased stake by 25%
10. W.R. Grace (GRA) - Boosted stake by 8%
11. Qualcomm (QCOM) - Boosted stake by 44.6%
12. Coca Cola (KO) - Decreased position by 12.5%
13. Rural Cellular (RCCC) - Increased stake by 12.4%
14. Research in Motion (RIMM) - Boosted stake by 8.7%
15. Service Corporation (SCI) - Increased position by 32%
16. Nucor (NUE) - Boosted position by 37%
17. (ANST) - New position
18. XTO (XTO) - Boosted stake by 150%
19. Stewart Enterprises (STEI) - Increased position by 12%
20. Gilead (GILD) - Decreased position by 26.7%

Kovner's Caxton Associates definitely disassociate themselves from the rest of the macro pack when it comes to the equity side of their portfolio. While their portfolio does hold typical energy and technology names often seen in other hedge fund portfolios, they also hold seemingly obscure names that I have yet to see pop up in any other funds I track. So, Kovner and his team may have discovered some diamonds in the rough here. In particular, I want to focus on his top holding: Compania Cervecerias Unidas (CCU). In the quarter prior to the filing, he held just 25,000 shares of this name. Then, over this past quarter, he ratcheted up his holdings in the name big time. He increased his position by 72,934%, bringing it all the way up to his firm's top holding, with a market value of over $642 million at the time of the filing. Needless to say, they bought this name with conviction. And, although I've seen numerous other funds buying up shares of Latin & South American beverage companies, this is the first fund I've seen pick up this name. So, definitely keep an eye on it.

Additionally, I want to point out his holdings in Rocwood Holdings (ROC), W-H Energy Services (WHQ), and Service Corporation (SCI). These are three other names I am seeing for the first time amongst the hedge funds I track. And, he was adding across the board to all three names. Caxton added to WHQ the most, increasing their position by 195%.

Now, turning to the 'hedge fund favorite' names that tend to pop up in numerous hedge fund portfolios that I track, we see Caxton holds positions in Qualcomm (QCOM), Research in Motion (RIMM), XTO Energy (XTO), Occidental (OXY), and Gilead (GILD). Caxton was out adding pretty moderately to all these names. OXY and XTO are easily two of the favorite equity energy plays amongst various hedge funds. And, you have to wonder how they affected their portfolio, given the volatile ride energy stocks have seen as of late. Turning to tech, we see that Caxton, like so many other funds, enjoy large positions in both QCOM and RIMM. As I've noted before, QCOM is easily a top five most common equity holding among the hedge funds I track. And, just like energy, technology stocks have been whipsawed around a lot recently. So, although Caxton was out adding this past quarter, we'll have to see if they were still adding to these names come the next 13F filing.

We already knew hedge funds (and macro funds in particular) had a rough July. And, it's easy to see why, with the heavy commodity exposure many of them had. What we don't yet know is how they've rebounded (if at all). Lastly, I just want to re-emphasize that since Caxton is a macro fund, they obviously have the majority of their positions in the commodity, currency, futures, or other markets. But, at the same time, they still have a sizable chunk of money in the equity markets.

Caxton Associates' full 13F filing listing every position can be found at the SEC.

Guest post by Market Folly

Please check here next week for some further analysis on specific holdings of leading hedge funds.

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]]> http://www.straightstocks.com/investing-in-hedge-funds/caxton-associates-hedge-fund-exclusive-13f-holdings-analysis/feed/ 0 BP Capital Management | Boone Pickens | Hedge Fund Holdings Analysis http://www.straightstocks.com/investing-in-hedge-funds/bp-capital-management-boone-pickens-hedge-fund-holdings-analysis/ http://www.straightstocks.com/investing-in-hedge-funds/bp-capital-management-boone-pickens-hedge-fund-holdings-analysis/#comments Mon, 22 Sep 2008 12:24:00 +0000 Richard C. Wilson tag:blogger.com,1999:blog-125009547106294711.post-2741744266289271887 BP Capital Management

BP Capital Management | Boon Pickens Holdings


This post is being written as part of HedgeFundBlogger.com's Investment Securities Tool which analyzes the holdings of hedge fund managers.

With all the commotion surrounding energy these days, it never hurts to track an energy focused hedge fund ran by none other than Boone Pickens. If you are unfamiliar with Pickens, he is an energy maverick and his fund returned 300% in 2005. He is a big advocate of Peak Oil Theory and runs an energy-centric hedge fund based in Dallas, Texas. Although he typically holds numerous positions in oil, he is also big on alternative energy (except ethanol) and has numerous holdings there as well. He most recently advocated a large natural gas position and has additionally made a big bet on wind energy.

So, now that we've got a little background on Boone and BP Capital, let's see what they were up to. The following are BP Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. The positions in this most recent 13F were compared to last quarter's 13F and here are the changes made to their portfolio:

New Positions:
BPZ Resources (BZP): 350,000 shares. This position is 0.48% of BP's portfolio.
EOG Resources (EOG): 322,266 shares. This position is 1.9% of BP's portfolio.
Tenaris (TS): 1,106,394 shares. This position is 3.88% of BP's portfolio.
Devon Energy (DVN): 845,946 shares. This position is 4.79% of BP's portfolio.
Chesapeake Energy (CHK): 1,838,129 shares. This position is 5.7% of BP's portfolio.


Added to:
Occidental Petroleum (OXY): Increased position by 2.88%. Now 8.7% of their portfolio.
Transocean (RIG): Increased position by 2.88%. Now 8% of their portfolio.
Suncor (SU): Increased position by 105.7%. Now 7% of their portfolio.
Schlumberger (SLB): Increased position by 11.6%. Now 6.5% of their portfolio.
Halliburton (HAL): Increased position by 65.7%. Now 6.1% of their portfolio.
Denbury Resources (DNR): Increased position by 2.88%. Now 5.4% of their portfolio.
Weatherford (WFT): Increased position by 250%. Now 4.5% of their portfolio.
XTO Energy (XTO): Increased position by 66.66%. Now 3.85% of their portfolio.
Talisman Energy (TLM): Increased position by 19.8%. Now 3.78% of their portfolio.
ABB (ABB): Increased position by 2.88%. Now 3.65% of their portfolio.
Jacobs Engineering (JEC): Increased position by 2.88%. Now 3.55% of their portfolio.
Sandridge Energy (SD): Increased position by 2.88%. Now 3.2% of their portfolio.
Fluor (FLR): Increased position by 2.88%. Now 2.75% of their portfolio.
Foster Wheeler (FWLT): Increased position by 2.88%. Now 2.57% of their portfolio.
Shaw Group (SGR): Increased position by 17.6%. Now 2.34% of their portfolio.
Chevron (CVX): Increased position by 2.8%. Now 2.11% of their portfolio.
Dresser Rand (DRC): Increased position by 2.88%. Now 1.79% of their portfolio.
McMoran Exploration (MMR): Increased position by 2.88%. Now 1.35% of their portfolio.
KBR (KBR): Increased position by 2.88%. Now 1.05% of their portfolio.
Greenbrier Companies (GBX): Increased position by 2.88%. Now 0.56% of their portfolio.


Reduced Positions:
none


Removed Positions (Positions BP sold out of completely):
Titanium Metals (TIE)


Positions with no change:
InterOil Corp (IOC): 1.3% of the portfolio
Clean Energy Fuels (CLNE): 0.2% of the portfolio


Top 10 holdings by % of portfolio:
1. Occidental Petroleum (OXY): 8.7% of the portfolio
2. Transocean (RIG): 8% of the portfolio
3. Suncor (SU): 7% of the portfolio
4. Schlumberger (SLB): 6.5% of the portfolio
5. Halliburton (HAL): 6.1% of the portfolio
6. Chesapeake Energy (CHK): 5.7% of the portfolio
7. Denbury Resources (DNR): 5.4% of the portfolio
8. Devon Energy (DVN): 4.79% of the portfolio
9. Weatherford Intl (WFT): 4.5% of the portfolio
10. Tenaris (TS): 3.88% of the portfolio

-------------------------------------------------------

Breakdown: T. Boone Pickens didn't do a whole lot of selling. In fact, he only made one sale: Titanium Metals (TIE), which he completely sold out of. But, in terms of selling... that's it. He didn't reduce any of his other positions at all. Whether he was hoarding cash or funding other purchases with his sale of TIE, who knows. But, what we do know, is that he was out adding various new positions and boosting stakes in current holdings. In terms of new holdings, Boone started some big positions in Tenaris (TS), Devon (DVN), and Chesapeake (CHK). All three positions were large enough to land in the top 10 of portfolio holdings after just being added last quarter. In terms of adding to existing holdings, Boone was adding heavily to Suncor (SU), XTO Energy (XTO), and Weatherford (WFT). He boosted his positions in XTO by 66%, in SU by 105% and in WFT by 250%. Adding big to his Suncor position means that it is now his fund's 3rd largest holding, behind only Transocean (RIG) and Occidental (OXY).

The rest of additions T. Boone made are really minor. For instance, he added to a myriad of positions, increasing practically every other remaining position by around 2.8%. Don't try to make sense of this, because he did the exact same thing last quarter as I showed in the previous 13F update I wrote about BP below within past 13F analysis. Basically, it looks as if Boone has some spare cash laying around and he's slowly but surely easing into positions by adding to them by 2.8% each quarter. So, I think it makes sense to put more emphasis on the positions he has massively added to like the ones I highlighted in the paragraph above. But, at the same time, I think it's worth mentioning the various other names he seems to be slowly building a core position in over time.

That's really it concerning BP Capital's portfolio. Remember that this is an energy centric hedge fund and they undoubtedly have positions in the actual commodities markets themselves. And, we can't see these positions. Since the 13F filings we track are done through the SEC, they only track equities traded on the stock exchanges. The funds are not required to report holdings in the currency, commodity, or futures markets. So, keep in mind this is only the equity portion of BP's portfolio.
__________________________________________________________

Past 13F Analysis from 5.1.08:

The following is BP Capital's current holdings as of March 31st 2008 as released in their most recent 13F filing with the SEC. I've compared the positions in this most recent 13F to last quarter's 13F and here's what the breakdown looks like:

New Positions:(in no particular order)
Halliburton (HAL) 1,476,346 shares
McMoran Exploration (MMR) 1,017,151 shares
Sandridge Energy (SD) 1,025,621 shares
Transocean (RIG) 1,085, 365 shares
XTO Energy (XTO) 716,762 shares

Added to:
ABB Ltd (ABB) increased position by 2.7% (70,878 more shares)
Clean Energy Fuels (CLNE) increased position by 1% (3946 more shares. Note: This is also Pickens' company)
Dresser Rand (DRC) increased position by 2.7% (24,731 more shares)
Fluor (FLR) increased position by 2.7% (15,980 more shares)
Foster Wheeler (FWLT) increased position by 139% (422,788 more shares)
Greenbrier (GBX) increased position by 2.7% (15,183 more shares)
Interoil (IOC) increased position by 0.8% (7,652 more shares)
Jacobs Engineering (JEC) increased position by 2.7% (23,766 more shares)
KBR (KBR) increased position by 2.7% (16,353 more shares)
Occidental Petroleum (OXY) increased position by 2.7% (52,277 more shares)
Schlumberger (SLB) increased position by 16.6% (164,306 more shares)
Shaw Group (SGR) increased position by 2.7% (17,914 more shares)
Talisman (TLM) increased position by 2.7% (79,210 more shares)
Titanium Metals Corp (TIE) increased position by 2.7% (28,847 more shares)
Weatherford Intl (WFT) increased position by 41% (160,845 more shares)

Reduced Positions:
Chevron (CVX) decreased position by 55% (sold 529,063 shares)
Denbury Resources (DNR) decreased position by 7.2% (sold 238,679 shares)
Suncor (SU) decreased position by 31% (sold 559,812 shares)

Removed Positions:
Positions BP Capital sold out of completely
Anadarko Petroleum (APC)
Exxon Mobil (XOM)
Valero (VLO)

Positions with no change:
None

Top 10 holdings by % of portfolio:
1. RIG (top holding)
2. OXY
3. SU
4. SLB
5. DNR
6. FLR
7. ABB
8. JEC
9. HAL
10. TLM
---------------------------------------------------------

Breakdown: So, it appears that Boone Pickens is moving away from the integrated oil plays and into companies that do not have exposure to refining. He's cut his CVX position in half and gotten completely out of XOM and VLO. And, you can't blame him with Oil at current prices... refining margins just flat out suck here. I really like his move (back) into RIG. In his 13F prior to this one, he had sold out of RIG completely and I was very puzzled by that maneuver. But, good to see he's back in the name considering they are seeing very high high day rates. And, in fact, RIG is now BP's largest holding in the portfolio. And, he just picked it all up this past quarter. I wouldn't be too worried about him selling some SU seeing as he's probably just doing some profit taking as well as freeing up cash to put in more natural gas oriented plays. He's stated numerous times that he really likes the Canadian oil sands for their market positioning. He really beefed up his position in FWLT and it looks like he really likes infrastructure plays with his picks of FWLT, JEC, and FLR, with FLR being his top infrastructure holding. I definitely agree on FLR and FWLT, but I'm not entirely sold on JEC yet (time for more research). He also started a position in SD which is interesting because numerous other hedge funds also started a position in SD this past quarter (more on that in the posts to come). But, given his bullish stance on natural gas, this play makes perfect sense. So, there you have it, a glimpse inside Boone Pickens' mind and a peek inside his portfolio.

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