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Highlights of Luxor Capital’s Fourth Quarter Positions

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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.

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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).

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