PointState Capital Boosts Stake in The Medicines Company

Zach Schreiber's hedge fund firm PointState Capital has filed a 13G with the SEC regarding its position in The Medicines Co (MDCO).  Per the filing, PointState now owns 5.3% of the company with over 3.87 million shares.

This is up from the 3.7 million shares they owned at the end of the first quarter.  The filing was made due to portfolio activity on June 1st.

Per Yahoo Finance, The Medicines Company is "a biopharmaceutical company, provides medicines to treat acute and intensive care patients. The company markets Angiomax, an intravenous direct thrombin inhibitor used as an anticoagulant in combination with aspirin in patients with unstable angina undergoing percutaneous transluminal coronary angioplasty, and for patients undergoing percutaneous coronary intervention in the United States. It primarily focuses on developing Inclisiran, a lipid-lowering drug to reduce LDL-cholesterol (LDL-C) in patients with atherosclerotic cardiovascular disease or cardiovascular risk-equivalents. The company has collaboration agreements with Alnylam Pharmaceuticals, Inc.; SciClone Pharmaceuticals; and Symbio Pharmaceuticals Limited. The Medicines Company was founded in 1996 and is based in Parsippany, New Jersey."

PointState Capital Discloses Comstock Resources Stake

Zach Schreiber's hedge fund firm PointState Capital has filed a 13G with the SEC on shares of Comstock Resources (CRK).  Per the filing, PointState now owns 9.99% of the company with 1.49 million shares.

This is a newly disclosed equity position for the firm and the filing was made due to activity on November 8th.

Per Google Finance, Comstock Resources is "an energy company engaged in the acquisition, exploration, development and production of oil and natural gas in the United States. The Company operates in the segment of exploration and production of oil and natural gas. The Company's oil and gas operations are concentrated in Texas and Louisiana. Its operations are focused in two operating areas: East Texas/North Louisiana and South Texas. The Company's properties in the East Texas/North Louisiana region include approximately 80,660 acres in the Haynesville or Bossier shale formations. The Company's Eagleville field includes approximately 30,220 acres located in the oil window of the Eagle Ford shale in South Texas. The Company owns interests in over 1,575 producing oil and natural gas wells, and operates over 950 of these wells. The Company owns interests in over 20 wells in the Rosita field, located in Duval County, Texas."

PointState Capital Discloses Grupo Supervielle Position

Zach Schreiber's hedge fund firm PointState Capital has filed a 13G with the SEC regarding shares of Grupo Supervielle S.A. (SUPV).  Per the filing, PointState now owns 6.3% of the company with 3 million American Depositary Receipt (ADR) shares, which is equivalent to 15 million Class B shares.

The filing was made due to activity on May 19th as the company just completed its initial public offering (IPO). 

For more from this manager, Schreiber recently gave investment ideas at the Sohn Conference in New York.

Per Google Finance, Grupo Supervielle is "an Argentina-based holding company primarily engaged in the financial sector. The Company provides services through numerous subsidiaries, such as Banco Supervielle SA, that offers bank services, mainly to individuals and commercial customers; Cordial Compania Financiera SA, which focuses on credit card issuing, as well as providing consumer loans and insurance for Wal-Mart Argentina customers; Tarjeta Automatica SA, which issues and administrates credit cards; Cordial Microfinanzas SA, that offers financing for urban micro-enterprises; Supervielle Seguros SA, which sells insurance products; Supervielle Asset Management Sociedad Gerente de FCI SA, which manages investment funds, and Espacio Cordial Servicios SA, that distributes audio and video equipment, computers, home appliance and air conditioning units, among others. The Company operates in the domestic market. ."

PointState Capital Starts Amaya Position

Zach Schreiber's hedge fund firm PointState Capital has filed a 13G with the SEC regarding shares of Amaya (AYA).  Per the filing, PointState now owns 8.76% of the company with over 11.66 million shares.

This is a newly disclosed equity stake for the firm as they did not report ownership at the end of the first quarter.  The filing was made due to activity on June 11th.

Per Yahoo Finance, Amaya "provides technology-based solutions, products, and services for global gaming and interactive entertainment industries worldwide. It operates through two segments, Business-to- Consumer (B2C) and Business-to-Business (B2B)."

Zach Schreiber Long Refiners Valero & Marathon: Sohn Conference Presentation

We're posting up notes from the Sohn Investment Conference in New York, produced in partnership with Bloomberg LINK.  Next up is Zach Schreiber of PointState Capital and talked about how he expects crude oil prices to fall.  He thinks the refiners benefit and pitched Valero (VLO) and Marathon Petroleum (MPC).


Zach Schreiber's Sohn Conference Presentation

Stanley Druckenmiller gave him over half of his capital after he retired from Duquesne Capital.

IDEA: Short WTI/Long US Refiners.

Valero (VLO), Marathon Petroleum (MPC). They believe WTI crude will drop.  US oil production is growing very fast- same shale as the NG guys did.  US production will grow 1M bpd per year in 2014, 2015. 

Most everyone thinks WTI goes a lot higher, $33T long. Swelling inventories of Cushing crude.   There is a crude export ban, so they have to refine it.

Gulf coast refineries are maxed out at 96% utilization.  Can't import less, because of politics. Cash on cash IRRs are still high at these prices.  Long VLO, MPC.  10-11% FCF yields.  0.4x Debt to EBITDA.

Be sure to check out the rest of the presentations from the 2014 Sohn Investment Conference.

PointState Capital Raises PDC Energy Stake

Zachary Schreiber's hedge fund firm PointState Capital filed a 13G with the SEC regarding shares of PDC Energy (PDCE).  Per the filing, PointState has revealed a 5.2% ownership stake in with 1,571,500 shares.

This marks an increase of 49% in their position size since the end of 2012.  The 13G was required due to portfolio activity on April 25th.

Per Google Finance, PDC Energy is "a domestic independent exploration and production company, which acquires, develops, explores, and produces natural gas, natural gas liquids (NGLs), and crude oil. Its Western Operating Region is focused on development in the Wattenberg Field in Colorado, particularly in the liquid-rich horizontal Niobrara play and on the ongoing development of refractures and recompletions of its Wattenberg wells. In its Eastern Operating Region, it is focused on horizontal development in the Marcellus Shale in northern West Virginia, and initiated exploration and development activity in the Utica Shale play in Ohio. Its segments include Oil and Gas Exploration and Production, and Gas Marketing."

We've also detailed other portfolio activity from PointState Capital here.

PointState Capital Reveals Stake in iStar Financial (SFI)

On Friday, Zach Schreiber's hedge fund PointState Capital filed a 13G with the SEC regarding shares of iStar Financial (SFI).  Per the filing, PointState has revealed a brand new equity position in the company.

The hedge fund firm now owns a 6.5% stake in SFI with 5,492,500 shares and the filing was required due to portfolio activity on March 5th.

PointState was founded by former Duquesne Capital employees with seed capital from Stanley Druckenmiller after he wound down Duquesne as well as capital from other former investors in Duquesne.  We recently highlighted lessons from Druckenmiller, which has been a popular post.  Druckenmiller also gave a rare interview recently.

Per Google Finance, iStar Financial is "a fully integrated finance and investment company focused on the commercial real estate industry. The Company provides investment capital to high-end private and corporate owners of real estate and invests directly across a range of real estate sectors. The Company is a real estate investment trust (REIT). The Company operates in three segments: lending, net leasing and real estate investment."

A few months ago, we also highlighted other portfolio activity from PointState.

PointState Capital Increases Verisign Position ~ 13G Filing

Sean Cullinan's hedge fund firm PointState Capital filed a 13G with the SEC regarding shares of Verisign (VRSN).  Per the filing, PointState has disclosed a 3% ownership stake in the company with 4,666,670 shares.

The filing was made due to trading activity on November 29th and marks an increase of 158% in the number of shares they own since the end of the third quarter.

The November 29th date is relevant here, mainly because the day after that, shares dropped from $40 to $34 on news that Verisign won the .com domain renewal, but wasn't going to be allowed to raise prices by the government.  Since then, shares have slightly rebounded back to around $37.

Hedge fund Lone Pine Capital has also been long Versign and we've highlighted Steve Mandel's pitch on VRSN from the Invest For Kids Chicago event last month.  Mandel argued that even if no price increases are allowed by the government, the downside is low.

The company recently announced it would double its stock repurchase plan to $1 billion.


About PointState Capital

This is the first time we've highlighted this fund, so here's some background: Point State was founded with around $5 billion a few years ago by former colleagues of Stan Druckenmiller's at Duquesne Capital.  Druckenmiller himself invested in the fund but does not have an ownership stake. 

Sean Cullinan is the CEO of Point State while other former Duquesne portfolio managers are there as well.  Point State is named after a park in Pittsburgh by the location of the old Fort Duquesne.


About Verisign

Per Google Finance, Verisign is "a provider of Internet infrastructure services. The Company provides domain name registry services and infrastructure assurance services. VeriSign segment includes Naming Services, which consists of Registry Services and Network Intelligence and Availability (NIA) Services. The Company has operations inside, as well as outside the United States. Registry Services operates the directory of all .com, .net, .cc, .tv, and .name domain names and the back-end systems for all .gov, .jobs and .edu domain names."