Luxor Capital overview
Run by Christian Leone and based in New York, Luxor Capital is a hedge fund with $3 billion in assets under management. The fund’s investment style is a long-term value-oriented approach and its portfolio has a balanced mix of both equity and fixed income securities.
In the fourth quarter, the fund purchased new stakes in Yahoo (YHOO), Liberty Global (LBTYA), Sunedison (SUNE), Ally Financial (ALLY), and AT&T (T). The fund added to its existing exposures in Baidu (BIDU) and Workday (WDAY). Notable position decreases were Constellation Brands (STZ), Voya Financial (VOYA), Twenty-First Century Fox (FOX-A), AMC Networks (AMCX), Madison Square Garden (MSG), and Tesla Motors (TSLA).
As noted in the table above, ~57% of the fund’s total portfolio value was centered in top ten positions. During 4Q14, the fund’s US long portfolio size decreased by almost 25% to $4.96 billion from $6.59 billion in 3Q14. In this series, we’ll take a look at some of Luxor Capital’s notable position changes.
Much of Luxor Capital’s portfolio decline was due to its decreased stake in the SPDR S&P 500 ETF (SPY). The fund reduced its position in SPY by ~8.98 million shares, which resulted in the dollar value of the position falling by ~$1.7 billion to $554.8 million.
In the next part of the series, we’ll take a look at Luxor Capital’s position change in Yahoo (YHOO).