Magnetar Capital’s Top Exits in 4Q14


Apr. 14 2015, Published 8:07 a.m. ET

Magnetar Capital

Established in 2005 by Alec Litowitz and Ross Laser, Magnetar Capital has grown by more than five times in terms of assets under management since its foundation. The hedge fund currently manages assets in excess of $12 billion and seeks to generate active returns by deploying its global event-driven, fixed income, and energy strategies across multiple asset classes.

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Top holdings

The table below summarizes the fund’s top holdings at the end of the fourth quarter.

Magnetar’s portfolio remains highly concentrated in energy stocks, which represented over 60% of its 4Q14 US long portfolio value.

Investors seeking to gain exposure to the energy sector can consider the Energy Select Sector SPDR Fund (XLE). This portfolio includes 44 energy and utility stocks that best represent the energy sector of the S&P 500.

Alternatives to XLE include the iShares U.S. Energy ETF (IYE) and the Vanguard Energy ETF (VDE), which attempt to effectively track the performance of investable US energy stocks.

Top sales

Magnetar Capital’s US long portfolio value stood at $5.43 billion at the end of 4Q14, reflecting a 10.1% increase over its 3Q14 value. Despite being net long with its trades in the fourth quarter, the fund did exit a few positions, as outlined above. Notable sales include Baker Hughes (BHI), Denbury Resources (DNR), MetLife (MET), and Western Refining (WNR).

In this series, we’ll take a closer look at these companies, beginning with Baker Hughes (BHI).


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