Bridger Capital Adds To Atara Biotherapeutics

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding its stake in Atara Biotherapeutics (ATRA).  Per the filing, Bridger now owns 5.2% of the company with over 1.52 million shares.

This means Bridger has boosted its position size by 725,870 shares since the end of 2016.  The filing was made due to activity on April 11th.

Per Google Finance, Atara Biotherapeutics is "a clinical-stage biopharmaceutical company. The Company is focused on developing therapies for patients with severe and life-threatening diseases. The Company operates through the business of developing and commercializing therapeutics segment. The Company is focused on developing allogeneic or third-party derived antigen-specific T-cells. T-cells are a type of white blood cell. The Company's product candidate, ATA129, is a third-party derived Epstein-Barr virus CTL for the treatment of Epstein-Barr virus (EBV). ATA188 is in development for the treatment of multiple sclerosis. ATA520, which is a third-party donor derived WT1-CTL, targets cancers expressing the antigen Wilms Tumor 1 (WT1). ATA520 is in Phase I clinical trials. The Company's T-cell product candidate, ATA230, which is a third-party derived cytomegalovirus-CTL (CMV-CTL), is in Phase II clinical trials for refractory CMV. "

Bridger Capital Boosts Pacific Biosciences of California Stake

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding their position in Pacific Biosciences of California (PACB).

Per the filing, Bridger now owns 5.1% of the company with over 4.46 million shares.  The filing was made due to activity on April 15th.  This is up from the 2.15 million shares they owned at the end of 2015.

Per Google Finance, Pacific Biosciences of California is "designs, develops and manufactures sequencing systems to help scientists resolve genetically complex problems. The Company's Single Molecule, Real-Time (SMRT) technology enables single molecule, real-time detection of biological processes. Based on its SMRT technology, the Company has introduced the PacBio RS II System. It offers The SMRT Cell, Phospholinked nucleotides and The PacBio RS II and Sequel instruments. Based on the Company's SMRT sequencing technology, its products enable de novo genome assembly to finish genomes in order to identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms and find genes; targeted sequencing to characterize genetic variations, and deoxyribonucleic acid (DNA) base modification identification to help characterize epigenetic regulation and DNA damage.."

Bridger Capital Raises TG Therapeutics Stake

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding shares of TG Therapeutics (TGTX).  Per the filing, Bridger now owns 6% of the company with over 3.15 million shares.

This is basically double the 1.53 million shares they owned at the end of the second quarter. The filing was required due to activity on September 25th.  TGTX shares are down over 27% over the past three months and Bridger has taken advantage of that dip.

Per Google Finance, TG Therapeutics is "a biopharmaceutical company focused on the acquisition, development and commercialization of treatments for b-cell malignancies and autoimmune diseases. As of December 31, 2014, TG had two therapies targeting hematological malignancies. TG-1101 (ublituximab) is a glycoengineered monoclonal antibody that targets a specific epitope on the CD20 antigen found on mature B-lymphocytes. The Company is also developing TGR-1202, an orally available PI3K delta inhibitor. As of December 31, 2014, both TG-1101 and TGR-1202 were in clinical development for patients with hematologic malignancies. The Company also has a pre-clinical program to develop inhibitors of IRAK4 (interleukin-1 receptor-associated kinase 4), as well as an antibody research program to develop anti-PD-L1 and anti- glucocorticoid-induced tumor necrosis factor receptor (GITR) antibodies, which were in pre-clinical development as of December 31, 2014."

Bridger Capital Discloses SeaSpine Stake After Spin-Off

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding shares of SeaSpine Holdings (SPNE).  Per the filing, Bridger now owns 5.6% of the company with 618,684 shares.

This is a newly disclosed position for the hedge fund. The company recently started trading as it was spun off from Integra LifeSciences (IART).  Holders of IART received 1 share of SPNE for every 3 shares of IART owned as of June 19th.

Bridger did not show a position in IART as of the end of the first quarter.  It's possible that they purchased shares in Q2 and then still received shares in the spin-off.  Alternatively, they could have just purchased SPNE shares once they started trading in the open market. 

Per Google Finance, SeaSpine Holdings is " a medical technology company. The Company is focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. The Company has a portfolio of orthobiologics and spinal fusion hardware solutions for neurosurgeons and orthopedic spine surgeons, which can be used to perform fusion procedures in the lumbar, thoracic and cervical spine. The Company's orthobiologics products consist of a range of bone graft substitutes that are designed to improve bone fusion rates following surgery. The Company's spinal fusion hardware portfolio consists of a line of products for minimally invasive surgery (MIS), complex spine, deformity and degenerative procedures. The Company's products include Accell Evo3, OsteoSparx, Accell Connexus, Zuma-C Anterior Cervical Fixation System, Zuma IBD, OsSatura TCP and Coral MIS, among others."

You can view previous Bridger Capital portfolio moves here.

Bridger Capital Starts Arrowhead Research Stake

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding shares of Arrowhead Research (ARWR).  Per the filing, Bridger now owns 5.5% of the company with over 2.98 million shares.

This is a newly disclosed equity position for the hedge fund and the SEC filing was made due to activity on January 13th.

Per Google Finance, Arrowhead Research is "a biopharmaceutical company developing targeted RNAi therapeutics. The Company is leveraging its drug delivery technologies to develop drugs based on the RNA interference mechanism that silences disease-causing genes. Arrowhead technologies also enable partners to create peptide-drug conjugates that specifically home to cell types of interest while sparing off-target tissues. Arrowhead’s pipeline includes clinical programs in chronic hepatitis B virus and partner-based programs in obesity and oncology. ARC-520 is an RNAi-based therapeutic designed to treat chronic hepatitis B virus (HBV) infection. Arrowhead’s anti-obesity drug candidate, Adipotide, selectively destroys the blood supply that supports the growth of unhealthy fat by the targeted induction of apoptosis (cell death) in the vasculature of adipose tissue. In April 2012, the Company acquired Alvos Therapeutics, Inc."

Bridger Capital Increases Position in The Medicines Company

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding their stake in The Medicines Company (MDCO).  Per the filing, Bridger now owns 5.1% of MDCO with over 3.3 million shares.

This means they've boosted their stake by over 1.44 million shares since the end of the second quarter.  The filing was made due to activity on October 8th.

You can view additional portfolio activity from Bridger here.

Per Google Finance, Medicines Co is "a pharmaceutical company focused on the treatment of critical care patients through the delivery of medicines to the global hospital marketplace. The Company has three marketed products: Angiomax(bivalirudin), Cleviprex (clevidipine butyrate) injectable emulsion and its ready-to-use formulation of Argatroban. It also has a pipeline of acute and intensive care hospital products in development, including three late-stage development product candidates, cangrelor, oritavancin and MDCO-157, and two early stage development product candidates, MDCO-2010 and MDCO-216. All of its acute care generic products are injectable products."

Bridger Capital Boosts Accuray Position

Robert Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding its position in Accuray (ARAY).  Per the filing, Bridger now owns 5% of the company with over 3.88 million shares.

This marks an increase of 884,853 shares in their position size.  The filing was made due to activity on August 28th.

In other portfolio activity, Bridger also recently added to another holding.

Per Google Finance, Accuray "manufactures image-guided radiosurgery devices. The Company is based in the United States and its core product, the CyberKnife Stereotactic Radiosurgery System, combines image-guidance with robotics to offer unparalleled flexibility and accuracy. Accuray's focus is to revolutionize the treatment of solid cancers throughout the body by the precise delivery of high doses of radiation using the CyberKnife Stereotactic Radiosurgery System."

Bridger Capital Raises Tornier Stake

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding their position in Tornier N.V. (TRNX).  Bridger has disclosed they now own 5.5% of the company with almost 2.7 million shares.

This means they've added to their share count by 707,960 shares since the end of Q2.  The filing was made due to activity on August 6th.

To see what else Bridger has invested in, check out the new issue of our newsletter.

Per Google Finance, Tornier is "a global medical device company focused on surgeons that treat musculoskeletal injuries and disorders of the shoulder, elbow, wrist, hand, ankle and foot. Tornier refers to these surgeons as extremity specialists. The Company sells to this extremity specialist customer base a broad line of joint replacement, trauma, sports medicine and biologic products to treat extremity joints. In certain international markets, it also offers joint replacement products for the hip and knee. The Company sells over approximately 100 product lines in approximately 40 countries. The Company’s principal products are organized in four categories: upper extremity joints and trauma, lower extremity joints and trauma, sports medicine and biologics, and large joints and other. The Company’s geographic regions consist of the United States, France and other areas."

Bridger Capital Adds to ChannelAdvisor Position

Recently, we highlighted Bridger Capital's new stake in ChannelAdvisor (ECOM).  Roberto Mignone's firm has just filed an amended 13G with the SEC regarding their position.

Per the filing, Bridger now owns 8.8% of the company with over 2.17 million shares.  They've increased their position by 970,993 shares and the filing was made due to activity on August 5th.  Shares have fallen from $23 recently down to around $15 and they've utilized the dip to add to their stake.

Per Google Finance, ChannelAdvisor is "a provider of software-as-a-service, or SaaS, solutions that enables retailers and manufacturer customers to integrate, manage and optimize their merchandise sales across hundreds of online channels. Through the Company’s platform, the Company enables its customers to connect with new and existing sources of demand for their products, including e-commerce marketplaces, such as eBay, Amazon and Newegg, search engines and comparison shopping websites, such as Google, Microsoft’s Bing, and Nextag, and emerging channels, such as Facebook and Groupon."

Bridger Capital Discloses ChannelAdvisor Stake

Roberto Mignone's hedge fund Bridger Capital has filed a 13G with the SEC regarding shares of ChannelAdvisor (ECOM). Per the filing, Bridger has disclosed they own 6.8% of the company with 1,670,993 shares.

This is a newly disclosed equity stake and the filing was made due to activity on July 22nd.  You can view other portfolio activity from Bridger this year here.

Per Google Finance, ChannelAdvisor is "a provider of software-as-a-service, or SaaS, solutions that enables retailers and manufacturer customers to integrate, manage and optimize their merchandise sales across hundreds of online channels. Through the Company’s platform, the Company enables its customers to connect with new and existing sources of demand for their products, including e-commerce marketplaces, such as eBay, Amazon and Newegg, search engines and comparison shopping websites, such as Google, Microsoft’s Bing, and Nextag, and emerging channels, such as Facebook and Groupon."

Bridger Capital Boosts TG Therapeutics Stake

Roberto Mignone's hedge fund firm Bridger Capital has filed a 13G with the SEC regarding shares of TG Therapeutics (TGTX).  Per the filing, Bridger has disclosed a 7.1% ownership stake in TGTX with over 2.39 million shares.

This marks an increase of 894,132 shares since the end of the third quarter.  The filing was required due to activity on January 21st.

Per Yahoo Finance, TG Therapeutics is "a clinical-stage biopharmaceutical company, focuses on the acquisition, development, and commercialization of innovative and medically important pharmaceutical products for the treatment of cancer and other underserved therapeutic needs.."

Bridger Capital Starts New TrovaGene Stake

Roberto Mignone's hedge fund firm Bridger Capital filed a 13G and Form 3 with the SEC regarding shares of TrovaGene (TROV).  Per the filing, Bridger has disclosed an 11.9% ownership stake in TROV with 2,142,857 shares.

This is a brand new position for the hedge fund and the filing was required due to portfolio activity on July 30th. 

The company recently closed a registered direct offering of $15 million in common stock at $7 per share to an 'unnamed institutional investor.'  Doing the math on Bridger's share count above, it appears as though Bridger is that investor.

Per Google Finance, TrovaGene is "a development-stage molecular diagnostic company that focuses on the development and marketing of urine-based nucleic acid tests for patient/disease screening and monitoring. The Company's novel tests predominantly use transrenal DNA (Tr-DNA) and transrenal RNA (Tr-RNA). The Company's technology is used to all transrenal nucleic acids (Tr-NA). The Company’s urine-based test addresses market needs, such as women’s healthcare-fetal medicine-down syndrome, infectious diseases, cancer testing, transplantation, drug development and monitoring of therapeutic outcomes, ultra-sensitive analytical and detection system, technologies for the collection, shipment and storage of urine specimens, and transrenal nucleic acid extraction, and instrumentation/system platform."

Omega Advisors and Bridger Capital Disclose Stakes in PennyMac Financial Services

Two hedge funds filed disclosures with the SEC today regarding shares of recently public PennyMac Financial Services (PFSI).


Omega Advisors' PFSI Stake

Lee Cooperman's hedge fund Omega Advisors filed a 13D with the SEC on PennyMac Financial Services (PFSI) revealing they own 21.6% of the company with 2,759,600 shares. 

Omega purchased PFSI at $18 per share in the company's initial public offering on May 9th.  Cooperman's firm also picked up a few extra shares on May 14th at $19.71 for some of their managed accounts.

For more from this hedge fund, Lee Cooperman recently shared his market thoughts at the Skybridge Alternatives Conference (SALT).


Bridger Capital's Position in PFSI

Roberto Mignone's hedge fund Bridger Capital also filed a 13G with the SEC and disclosed a 13.5% ownership stake in the company with 1,500,000 shares due to activity on May 9th as well.


About PennyMac Financial Services

PennyMac Financial Services recently went public and is the parent firm to publicly traded subsidiary PennyMac Mortgage Investment Trust (PMT).

Per Google Finance, PennyMac Financial Services, Inc. is "a specialty financial services firm with a mortgage platform and integrated business focused on the production and servicing of United States residential mortgage loans and the management of investments related to the United States residential mortgage market. The Company operates in two segments: mortgage banking and investment management. Its principal mortgage banking subsidiary, PennyMac Loan Services, LLC (PLS), is a non-bank producer and servicer of mortgage loans in the United States. PLS is a seller/servicer for the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Mortgage Corporation (Freddie Mac), each of which is a government-sponsored entity (GSE). The Company’s principal investment management subsidiary, PNMAC Capital Management, LLC (PCM), is an investment adviser. It manages PennyMac Mortgage Investment Trust (PMT), a mortgage real estate investment trust (REIT)."

Bridger Management Boosts Wright Medical Group Position

Roberto Mignone's hedge fund firm Bridger Management recently filed a 13G with the SEC regarding Wright Medical Group (WMGI).  Per the filing, they have disclosed a 5.1% ownership stake in WMGI with 2,000,000 shares.

This marks an increase of 40% in their position size since the end of the second quarter.  Do note that this filing is made due to portfolio activity on August 22nd, so the filing seems to be a bit delayed.

Bridger is known for its focus on health-related plays and this stake certainly fits that mold.

Per Google Finance, Wright Medical Group is "a global orthopaedic medical device company specializing in the design, manufacture and marketing of devices and biologic products for extremity, hip and knee repair and reconstruction. The Company is provider of surgical solutions for the foot and ankle market. It offers products in four primary market sectors: extremity reconstruction, biologics, knee reconstruction and hip reconstruction."

Roberto Mignone's Bridger Management Buys More United Rentals (URI)

In a 13G filed with the SEC, Roberto Mignone's hedge fund Bridger Management has disclosed a 5.2% ownership stake in United Rentals (URI) with 3,241,704 shares.

This marks a 60% increase in their position size since the end of the second quarter. Bridger Management now owns just over 3.2 million shares of URI due to portfolio activity on August 8th.

Per Google Finance, United Rentals "is an equipment rental company and its network consists of 531 rental locations in the United States and Canada. United Rentals offers approximately 2,900 classes of equipment for rent to customers that include construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities."

To see the rest of this hedge fund's investments, head to the brand new issue of our premium newsletter.

Roberto Mignone Buys Cott (COT)

Roberto Mignone's hedge fund firm Bridger Management just filed a 13G with the SEC regarding shares of Cott (COT). Due to portfolio activity on February 25th, Bridger has disclosed a 6.8% ownership stake in COT with 6,400,000 shares. This is a brand new position for the hedge fund and you can see the rest of Bridger's investments here.

This is now the second major hedge fund to invest in Cott over the past few months. As we've previously singled out, David Gallo's Valinor Management started a stake in the company back in December and recently increased its Cott position. The interesting thing here is that prior to founding Valinor, Gallo worked at Bridger. As such, the fact that both hedge funds have recently acquired positions in the same company isn't that surprising.

The other unique aspect of this investment is that shares are largely trading around the levels where these managers purchased COT. While disclosures filed with the SEC are time-lagged and on a slightly delayed basis, this is a rare opportunity where shares haven't been massively bid up from the level where the hedge fund established a position.

COT recently reported earnings largely in-line with estimates. Analysts are expecting continued margin pressures (cost inflation) at the company. On the positive side, they also expect increased synergies and the pay-down of debt to help offset this.

Per Google Finance, Cott Corp is "a non-alcoholic beverage company and a retailer brand soft drink provider. In addition to carbonated soft drinks (CSDs), its product includes clear, still and sparkling flavored waters, juice-based products, bottled water, energy-related drinks and ready-to-drink teas."

Bridger Management Boosts Stake In Ironwood Pharmaceuticals (IRWD)

Roberto Mignone's hedge fund Bridger Management just filed a 13G with the SEC regarding shares of Ironwood Pharmaceuticals (IRWD). Due to portfolio activity on December 9th, Bridger has disclosed a 5.1% ownership stake in the company with 2,390,679 shares.

This marks an increase in Mignone's position size to the tune of 483%. Bridger Management previously owned only 410,000 shares at the end of the third quarter. Roberto Mignone worked at Blue Ridge Capital and Tiger Management before founding Bridger and earned both his undergraduate degree and MBA from Harvard. You can scroll through all our previous coverage of Bridger Management here.

Per Google Finance, Ironwood Pharmaceuticals " formerly Microbia, Inc. is an entrepreneurial pharmaceutical company that discovers, develops and focuses to commercialize medicines targeting important therapeutic needs. The Company operates in two segments: human therapeutics and biomanufacturing."

Hedge Fund Bridger Management Boosts XenoPort (XNPT) Position

Roberto Mignone's hedge fund Bridger Management filed a 13G with the SEC after market close today regarding shares of XenoPort (XNPT). Due to portfolio activity on July 7th, Bridger has disclosed a 6.6% ownership stake in XNPT with 2,000,000 shares. This marks a 42.8% increase in their position size as they previously owned 1,400,000 shares back on March 31st, 2010.

In past coverage, we've seen a divergence of opinion regarding XenoPort amongst hedge funds. Back in May of this year, Steve Cohen's hedge fund SAC Capital showed a XNPT stake while Lee Ainslie's Maverick Capital sold out of the name back in the first quarter. Shares of XenoPort have recently sold off hard from $9 per share down to now around $6.

Prior to founding Bridger Management, Mignone co-founded Blue Ridge Capital with John Griffin. Before that, he worked at Julian Robertson's Tiger Management and Mignone received both his undergraduate degree and MBA from Harvard. Other recent portfolio maneuvering we've seen from Bridger includes adding to their iStar Financial stake. Mignone also in the past has detailed his investment thoughts for 2010 at a hedge fund panel.

Taken from Google Finance, Xenoport is "a biopharmaceutical company focused on developing and commercializing a portfolio of internally discovered product candidates, which utilizes the body’s natural nutrient transport mechanisms to improve the therapeutic benefits of existing drugs".

For more on Roberto Mignone's hedge fund, head to other recent portfolio activity from Bridger.

Hedge Fund Bridger Management Boosts iStar Financial (SFI) Position

In a 13G filed with the SEC due to activity on May 20th, Roberto Mignone's hedge fund Bridger Management has disclosed an updated stake in iStar Financial (SFI). Per the filing, Bridger now shows a 5.6% ownership stake with 5,190,000 shares. This is a slight increase in their position because Mignone's hedge fund owned 4,690,000 as of March 31st when we detailed Bridger's portfolio. This means that over the past two months, they've added an additional 500,000 shares (a 10.66% boost in position size).

Mignone received his degree from Harvard and his MBA from Harvard Business School. He founded Bridger after previously founding Blue Ridge Capital with John Griffin and working at Julian Robertson's Tiger Management before that. In terms of other recent portfolio activity from his hedge fund, Mignone recently revealed two new positions. Additionally, we'd previously detailed some of his investment thoughts for 2010 from a hedge fund panel.

Taken from Google Finance, iStar Financial is a "finance company focused on the commercial real estate industry. The Company primarily provides financing to high-end private and corporate owners of real estate, including senior and mezzanine real estate debt, senior and mezzanine corporate capital, as well as corporate net lease financing and equity."

For more of Mignone's investments, head to our coverage of Bridger's portfolio.

Roberto Mignone's Bridger Management Adds Financials, Exits 'Hedge Fund Favorite' Names: 13F Filing

(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund filings.)

Next up is Roberto Mignone's hedge fund Bridger Management. Bridger focuses on long/short equity and event driven strategies (which you'll see evidence of in their portfolio below). Last we heard, Bridger has just under $3 billion in assets under management and is closed to new investors because Mignone likes to focus on investing rather than running a large organization. Not to mention, he argues that once you garner too large of an AUM pool, you can't have a short portfolio of complementary size. After all, Mignone is known for his sleuthing abilities on the short side. Previously, we had detailed some of his investment thoughts for 2010 from a hedge fund panel.

Before founding Bridger, Mignone co-founded Blue Ridge Capital with John Griffin in 1996, another hedge fund we track here on the site. And before that, both Mignone and Griffin worked at Julian Robertson's legendary Tiger Management. As such, they are both 'Tiger Cub' hedge funds. Mignone received his degree from Harvard and his MBA from Harvard Business School. In terms of recent portfolio activity disclosed after the date of the filing's we're covering, Bridger revealed two new positions.

The positions listed below were Bridger's long equity, note, and options holdings as of March 31st, 2010 as filed with the SEC. All holdings are common stock unless otherwise denoted:


Brand New Positions
Centene (CNC) ~ we detailed the specifics of this stake when they first disclosed it
Genpact (G)
Waters (WAT)
Iesi-Bfc (BIN)
JPMorgan Chase (JPM)
Goldman Sachs (GS)
Marriott (MAR)
Red Hat (RHT)
XTO Energy (XTO)
Comerica (CMA)
AMR (AMR)
Fuel Systems (FSYS)
Istar Financial (SFI)
Medifast (MED) ~ we detailed the specifics of this new position earlier
Marshall & Ilsley (MI)
Key Corp (KEY)
Suntrust Bank (STI)
Xenoport (XNPT)
Cathay Gen Bancorp (CATY)
Wonder Auto Tech (WATG)
Popular (BPOP)
Bristol Myers Squibb (BMY)
Carefusion (CFN)
Macquarie (MIC)
Iberiabank (IBKC)
Nektar Therapeut (NKTR)
Acorda (ACOR)
Immunogen (IMGN)
Glacier Bancorp (GBCI)
Amedisys (AMED) Puts


Increased Positions
Morgan Stanley (MS): Increased position size by 150%
Electronic Arts (ERTS): Increased by 73.8%
Regions Financial (RF): Increased position by 72.7%
Casella Waste Systems (CWST): Increased position by 48.6%
Davita (DVA): Increased position by 33%
State Street (STT): Increased position by 32.9%
Exxon Mobil (XOM): Increased position by 30.8%
Boston Scientific (BSX): Increased position by 26.6%
Synovus Financial (SNV): Increased position by 20.5%
Waste Connections (WCN): Increased position by 19.3%


Reduced Positions
Aetna (AET): Reduced by 70%
Life Tech (LIFE): Reduced by 67.8%
Millipore (MIL): Reduced by 42%
Eclipsys (ECLP): Reduced by 39.6%
OSI Pharmaceuticals (ONXX): Reduced by 33.6%
Jazz Pharmaceuticals (JAZZ): Reduced by 28.1%
Biogen Idec (BIIB): Reduced by 17.6%


Positions They Sold Out of Completely
Royal Carribean (RCL)
Apple (AAPL)
First American (FAF)
Microsoft (MSFT)
Green Mountain Coffee Roasters (GMCR)
Amerigroup (AGP)
Allergan (AGN)
Republic Service (RSG)
Warner Chilcott (WCRX)
Expedia (EXPE)
United Therapeutics (UTHR)
Talecris Biotherapeutics (TLCR)
Ritchie Bros (RBA)
Mannkind (MNKD)
Mako Surgical (MAKO)
Petmed (PETS)
Ehealth (EHTH)
Given Imaging (GIVN)
Sanderson Farms (SAFM)
CIT Group (CIT)
Amylin Pharmaceuticals (AMLN) Puts


Top 15 Holdings (by percentage of assets reported on 13F filing)

1. Waste Connections (WCN): 3.4%
2. Pall (PLL): 3.3%
3. Covidien (COV): 3.1%
4. Cardinal Health (CAH): 3%
5. Medtronic (MDT): 3%
6. Dr Pepper Snapple (DPS): 3%
7. Centene (CNC): 2.9%
8. Morgan Stanley (MS): 2.9%
9. Amgen (AMGN): 2.8%
10. Unitedhealthcare (UNH): 2.4%
11. Millipore (MIL): 2.4%
12. Las Vegas Sands (LVS): 2.3%
13. Berkshire Hathaway (BRK.A): 2.3%
14. Hyatt Hotels (H): 2.3%
15. Genpact (G): 2.2%

In the first quarter, we saw Bridger completely sell out of a few names that are typically hedge fund favorites which was interesting. They exited Apple, Microsoft, CIT Group, and Green Mountain Coffee Roasters. Many of these names are on Goldman Sachs VIP list of the stocks most important to hedge funds. Other positions Bridger also sold sizable partial positions in include Aetna, Life Tech, and Eclipsys.

In terms of additions, we already knew about their new Centene position, but now you see how large it is in the context of their overall portfolio. Not to mention, their new ownership of Genpact (G) is notable too as it's their fifteenth largest US equity long. They also added to exiting position Waste Connections, which is now their largest holding. We also make note of their addition in shares of Electronic Arts. Just yesterday we examined Chase Coleman's hedge fund Tiger Global and saw they were clearly bullish on ERTS.

And while Bridger's large focus is on the health space, you obviously see many financial plays scattered in their portfolio. They were adding to regional banks like Regions and Synovus in the first quarter and added shares of big banking plays as well, like JPMorgan Chase and Morgan Stanley.

Assets reported on Bridger's 13F filing were $2.5 billion this quarter. Data from the SEC is aggregated and sorted automatically by Alphaclone, our source for hedge fund tracking, replicating, and performance backtesting (Market Folly readers can receive a special free 30 day trial). Remember that these filings are not representative of the hedge fund's entire base of AUM.

This post is part of our daily hedge fund portfolio tracking series. We've already detailed activity from numerous managers so click the links below to be taken to the respective portfolio updates: Seth Klarman's Baupost Group, Warren Buffett's Berkshire Hathaway, Stephen Mandel's Lone Pine Capital, and Bill Ackman's Pershing Square, David Einhorn's Greenlight Capital, Eddie Lampert's RBS Partners, David Tepper's Appaloosa Management, Mohnish Pabrai's Investment Fund, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Bruce Berkowitz's Fairholme Capital Management, Andreas Halvorsen's Viking Global, Dan Loeb's Third Point, John Paulson's hedge fund Paulson & Co, and Chase Coleman's Tiger Global. Be sure to check back daily for new hedge fund updates.