Paul Singer’s Elliott Management, a New York hedge fund, disclosed new positions in a 13F filed this month. In this series, we’ll discuss some of the notable positions the $24 billion activist fund traded in the second quarter of 2014 (or 2Q14). The total value of the fund’s portfolio increased to $7.15 billion in 2Q14 from $5.05 billion in 1Q14.
The fund’s largest new buy in 2Q14 was Hittite Microwave. It was acquired in June by Analog Devices in a $2-billion deal and subsequently delisted. Other notable buys include the newly debuted Opus Bank (OPB), Iron Mountain (IRM), and Mallinckrodt plc (MNK).
The fund exited a position in Hornbeck Offshore Services (HOS). The fund upped its stakes in Anadarko Petroleum (APC) and Williams Companies (WMB). The fund’s top ten positions are outlined in the table below.
During the quarter, the activist hedge fund took a $1-billion stake that was worth ~2% in the storage company EMC (EMC), with the intention of pushing the spinoff of VMware (VMW), its cloud and virtualization software unit. Elliott also disclosed a 6.7% stake, which is valued at ~$570 million, in Interpublic Group of Companies (IPG).
A newswire report cited the fund’s latest 2Q14 investor letter. It stated that during the first half of 2014, the Elliott Associates portfolio increased 4.6%, while the Elliott International Limited fund increased 4.1%.
Elliott has been previously successful in bringing about changes at technology companies such as Juniper Networks (JNPR). It recently called for a “dramatic change” at another target, Riverbed Technology (RVBD), urging the board to hire an advisor for exploring strategic alternatives. Elliott owns a 10.5% stake in Riverbed, a network equipment maker, which has twice rebuffed the hedge fund’s takeover offer earlier this year.