This is the 1st Quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings series preface.
Next up is Alyeska Investment Group ran by Anand Parekh. This is the first time we're tracking them in our portfolio series due to the fact that they're a newer fund on the scene. Before starting Alyeska, Anand Parekh was Citadel's head of equities, and was essentially who we were tracking at Citadel when we would examine their equity holdings. So, from here on out, we'll continue to track Citadel's movements and we'll also track Alyeska's movements as well, since we were essentially following Parekh's movements there anyways. Originally, Parekh's new firm was set to be named Highliner Investment Group which had raised $1.5 billion, as we noted when we started tracking spin-off and newer funds. But, somewhere along the line, the name was switched. David Stemerman's Conatus Capital was another newer fund that we mentioned back then, and we have already covered their portfolio. This is Alyeska's second 13F filing and we now have enough of a timeline to start tracking their movements effectively. You can view their original portfolio and 13F filing here.
The following were Alyeska's long equity, note, and options holdings as of March 31st, 2009 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.
Some New Positions (Brand new positions that they initiated in the last quarter):
Transocean (RIG) Note, Rohm & Haas (ROH), McDonald's, Walgreens (WAG), Walmart (WMT), Tyco (TYC), Raytheon (RTN), Legg Mason (LMI), Amgen (AMGN), Life Technologies (LIFE), Lowes (LOW), Liberty Media (LMDIA) Debt, Ametek (AME), BB&T (BBT), Liberty Media (LMDIA), Fifth Third Bancorp (FITB), First Horizon Bancorp (FHN), Bank of Hawaii (BOH), Medtronic (MDT), Hasbro (HAS), Henry Schein (HSIC), Cheesecake Factory (CAKE), Hologic (HOLX), DirecTV (DTV), Chesapeake Energy (CHK) Preferred, Wells Fargo (WFC), Foster Wheeler (FWLT), Time Warner (TWX), First American (FAF), Invesco (IVZ).
Some Increased Positions (A few positions they already owned but added shares to)
Goldman Sachs (GS): Increased position by 1,100%, but note that this position is only a mere 0.06% of their portfolio even after that increase
Radioshack (RSH): Increased position by 468%, but note that it is only 0.26% of their portfolio now
JPMorgan Chase (JPM): Increased position by 227%
Polo Ralph Lauren (RL): Increased position by 125%
Dreamworks Animation (DWA): Increased position by 117%
Tyson Foods (TSN) Bonds: Increased position by 110%
Macrovision (MVSN): Increased position by 102%
Danaher (DHR): Increased position by 44%
Resmed (RMD): Increased position by 42.5%
Millipore (MIL): Increased position by 40%
Massey Energy (MEE) Notes: Increased position by 40%
Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Navistar (NAV): Reduced by 42%
Illumina (ILMN): Reduced by 40%
Honeywell (HON): Reduced by 33%
Removed Positions (Positions they sold out of completely)
Puget Energy (PSD), Entergy (ETR-PA) Preferred, Meril Lynch (MER), Wachovia (WB), Nationwide Financial (NFS), Metlife (MEU), Vale Cap (CJA), National City (NCC), Gilead Sciences (GILD), UST (UST), Burger King (BKC), United Technologies (UTX), CVS Caremark (CVS), Pactiv (PTV), Wright Medical (WMGI), ITT (ITT), Urban Outfitters (URBN), Macys (M), Roper Industries (ROP), McGraw Hill (MHP), Hanesbrands (HBI), Lockheed Martin (LMT), Genentech (DNA), L3 Communications (LLL), Covidien (COV), Bristol Myers Squibb (BMY), Mattel (MAT), Supervalu (SVU), Delta Airliens (DAL).
Top 15 Holdings (by % of portfolio)
- Tyson Foods (TSN) Bonds: 2.81% of portfolio
- Transocean (RIG) Note: 2.43% of portfolio
- Rohm & Haas (ROH): 2% of portfolio
- McDonalds (MCD): 2% of portfolio
- Massey Energy (MEE) Note: 1.96% of portfolio
- Danaher (DHR): 1.9% of portfolio
- Goodrich (GR): 1.86% of portfolio
- Walgreens (WAG): 1.74% of portfolio
- Walmart (WMT): 1.7% of portfolio
- Tyco (TYC): 1.64% of portfolio
- Raytheon (RTN): 1.63% of portfolio
- Regal Beloit (RBC): 1.62% of portfolio
- Pfizer (PFE): 1.6% of portfolio
- Gen Probe (GPRO): 1.6% of portfolio
- Legg Mason (LMI): 1.57% of portfolio
No real 'wow factor' changes in their portfolio, but there are definitely some things to pay heed to. Seven out of their top 11 positions are all brand new stakes, including Transocean, Rohm & Haas, McDonalds, Walgreens, Walmart, Tyco, and Raytheon. Also worth highlighting is the fact that three of their top five positions are debt positions rather than equity. They hold notes or bonds in Tyson, Transocean, and Massey Energy. The major move in their portfolio though was doubling down on their stake in Tyson's Notes, as it is now their largest portfolio position on the long side.
In terms of positions they sold completely out of, Alyeska Investment Group discarded their entire position of Puget Energy (PSD), which was previously quite a sizable stake for them at 6.7% of their portfolio. Additionally, they sold completely out of slightly smaller positions of Entergy and Merrill Lynch shares, which were previously 3.5% and 3% stakes for them respectively. For the most part, Alyeska preferred to sell completely out of positions, rather than just trim them down.
Assets from the collective holdings reported to the SEC via 13F filing were $834 million this quarter compared to $816 million last quarter. This is just one of the 40+ prominent funds that we'll be covering in our hedge fund Q1 2009 portfolio series. We've already covered:
- Gurus such as: Soros Fund Management (George Soros), and Jim Rogers.
- 'Tiger Cub' portfolios like: Andreas Halvorsen's Viking Global, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Shumway Capital Partners (Chris Shumway), Chase Coleman's Tiger Global,
- Outperforming funds like: John Paulson's hedge fund Paulson & Co, Eric Mindich's Eton Park Capital, Raj Rajaratnam's Galleon Group,
- Value and activist funds such as: David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, Whitney Tison's T2 Partners, Philip Falcone's Harbinger Capital Partners, Ricky Sandler's Eminence Capital,
- Concentrated funds that play secular/macro themes such as: Timothy Barakett's Atticus Capital, Bret Barakett's Tremblant Capital Group, Boone Pickens' BP Capital Management, John Burbank's Passport Capital
- Global macro firms such as: Paul Tudor Jones' Tudor Investment Corp, Louis Bacon's Moore Capital Management, Peter Thiel's Clarium Capital,
- And, newer funds on the scene: David Stemerman's Conatus Capital. Check back each day as we cover new fund portfolios!




