AerCap Holdings NV

Billionaire David Einhorn is prominent in the hedge fund industry for his bold investment strategies.

The worldwide flying ban on Boeing’s 737 MAX planes has entered its sixth month, hurting every airline that either owns or has ordered the model.

In contrast to last year, Greenlight Capital’s performance this year has been improving. In 2018, GLRE fell 34%, vastly underperforming the markets.

At the 2019 Sohn Conference, David Einhorn presented his two top picks, a long position on AerCap (AER) and a short position on GATX (GATX).

AerCap (AER) has been one of the top contributors to Greenlight Capital’s (GLRE) performance YTD.

Greenlight Capital has risen 19.0% this year.

While last year wasn’t good for hedge funds in general, it turned out to be the worst on record for David Einhorn’s Greenlight Capital (GLRE).

Overall, in 2018, the most significant contributors to Greenlight Capital’s gains included Micron Technology (MU) and Twitter (TWTR).

As of March 31, 2017, the top selling in billionaire investor David Einhorn’s portfolio included Apple, Time Warner, Rite Aid, and AerCap Holdings.

As of August’s end, 2016 has been a horrible year for FAIDX. The fund stands dead last among the 12 funds chosen for this review.

According to Lipper, net inflows from high yield bond funds totaled $1.1 billion in the week ended May 18, 2016.

Issuance in the high yield primary market gained traction due to an improved market environment. Junk bond issuance rose last week.

Dollar-denominated high yield debt amounting to $8.2 billion was issued in the week ended May 20, 2016. This was the fourth-largest issuance year-to-date.

Investor flows into high-yield bond funds were positive last week after two consecutive weeks of negative outflows.

Investor flows in high yield bond funds were negative last week. According to Lipper, net outflows into the high yield bond funds totaled $809.0 million.

Junk bonds have been in the news due to concerns about defaults. They have an iffy repayment ability even if they’re at the higher end of the rating scale.

Investor flows in high-yield bond funds were negative in the week ending December 11. Net outflows from these funds totaled approximately $3.5 billion.

According to Lipper, net inflows for high-yield bond funds totaled $7.6 billion through October 28, compared to outflows totaling $1.9 billion in September.

E-commerce and payment solutions provider First Data Corporation (FDC) issued junk bonds worth $3.4 billion on October 29. This was the largest issue of October.

Concordia Healthcare, a healthcare company focused on legacy pharmaceutical products and orphan drugs, issued junk bonds worth $790 million last week.

AerCap Ireland Capital Limited (Ireland)/AerCap Global Aviation Trust (Delaware) issued junk bonds worth $1 billion last week. They had a rating of Ba2/BB+.

AIG reported its 2Q15 earnings on August 3. AIG posted earnings per share of $1.39, beating estimates of $1.22.

Although the quantum of issuance rose in the week ended June 26, it was still lower than earlier in 2015, as yields have run up quite a bit. Most junk bond issuers were Caa/B rated.

According to data from S&P Capital IQ/LCD, dollar-denominated high yield debt amounting to $5.55 billion was issued in the week ending June 26.

Chimera Investment invests in residential mortgage loans, residential mortgage-backed securities, real estate-related securities and various other asset classes. Chimera declared a fourth-quarter 2014 cash dividend of $0.09 per common share.

QEP Resources is an independent natural gas and crude oil exploration and production company. The company’s latest 3Q results beat estimates.

Boston Scientific Corporation is a worldwide developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties

Freeport-McMoRan posted revenue of $5.7 billion, down 7.6%. It said its results “reflect lower oil volumes and price realizations for copper, gold and oil.”

Last month, Qualcomm announced 4Q14 and fiscal 2014 earnings that missed estimates. Its revenue for 4Q14 was $6.69 billion, missing analysts’ expectations by $330 million.

Melco Crown Entertainment is a venture between Australian billionaire James Packer and Lawrence Ho. Melco owns and develops casino gaming and entertainment resort facilities in Macau.

Nordic American Offshore (NAO) is an international offshore supply vessel company that was incorporated in Bermuda. NAO was spun off from Nordic American Tanker (NAT) in November last year.

AerCap said its 3Q14 net income grew to $340.9 million from $83.6 million in the same period of 2013. The increase in profit and earnings was “driven primarily by the ILFC transaction.”

Omega Advisors is a New York-based investment advisory firm founded in 1991 by Leon G. Cooperman. In this series, we’ll discuss the main positions traded by the firm in the third quarter of 2014.

Eton Park exited a position in Equinix (EQIX) that accounted for 3.46% of the fund’s first quarter portfolio.

Eton Park started a new position in AerCap Holdings (AER) that accounts for 1.39% of the fund’s second quarter portfolio.

Eton Park started a new position in Armstrong World Industries that accounts for 2.09% of the fund’s second quarter portfolio.

Greenlight disclosed a new position in AerCap Holdings NV (AER). It accounts for 1.42% of the fund’s 2Q14 portfolio. Netherlands-based AerCap is an integrated global aviation company. It has a leading market position in aircraft leasing.

According to a Newswire report, Greenlight Capital reported a 2.9% decline last month. However, it’s up 3.6% for the year. The fund’s second quarter investor letter noted that its technology positions have robust prospects.

JANA Partners’ 13F filing said the fund sold its position in Huntsman (HUN) that accounted for 3.27% of JANA’s 4Q 2013 portfolio.

JANA Partners’ 13F filing said the fund sold its position in Safeway Inc. (SWY) that accounted for 3.98% of JANA’s 4Q 2013 portfolio.

JANA Partners’ 13F filing disclosed a brand new position in aluminum product manufacturer Constellium N.V. (CSTM) that accounts for 1.83% of JANA’s 1Q 2014 portfolio.

Most of the deals last week were in the tight ends of the talk, indicating higher demand for high yield bonds (JNK). The higher demand in turn pushes yields down.

Refinancing deals allow issuers or corporations to raise additional funds to meet maturing debt obligations or to replace existing high-cost debt with a new low-cost debt.

Atlas is not a straightforward recovery story, and it will likely require some patience this year, but the underlying sector and company themes suggest the worst may be behind management.

The company’s operating results during the fourth quarter were supported by the investments made to strengthen and diversify its business mix, including its 747-8 freighters in ACMI.

It is no secret that there has been a long-standing secular shift to other modes of freight transport (airfreight is 1% to 2% of global volume), but conversely, there has been a critical value shift.

Atlas Air Worldwide (AAWW) is an outsourced global provider of aircraft and aviation operating services for airlines, express delivery providers, freight forwarders, the United States military, and charter brokers.