Alyeska Favors Energy Producers

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 |  Includes: ETR, HON, MER, MET, PLSDF, RBC, RHHBY, ROH, WFC
by: Market Folly

This is the 1st Quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings series preface.

Next up is Alyeska Investment Group ran by Anand Parekh. This is the first time we're tracking Alyeska in our portfolio series due to the fact that it's a newer fund on the scene. Before starting Alyeska, Anand Parekh was Citadel's head of equities, and was essentially who we were tracking at Citadel when we would examine the fund's equity holdings.

So, from here on out, we'll continue to track Citadel's movements and we'll also track Alyeska's movements as well, since we were essentially following Parekh's movements there anyways. Originally, Parekh's new firm was set to be named Highliner Investment Group which had raised $1.5 billion, as we noted when we started tracking spin-off and newer funds. But, somewhere along the line, the name was switched. David Stemerman's Conatus Capital was another newer fund that we mentioned back then, and we have already covered Conatus' portfolio.

This is Alyeska's second 13F filing and we now have enough of a timeline to start tracking its movements effectively. You can view the fund's original portfolio and 13F filing here.

The following were Alyeska's long equity, note, and options holdings as of March 31st, 2009 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.

We had some data issues since Alyeska filed an amended 13F that was completely different than the initial 13F they filed (can you say 'whoops'). As such, our coverage is quite limited this time around and we apologize. However, below we present Alyeska's top 10 largest long positions.

Top 10 Positions:

  1. Puget Energy (PSD)

  2. Rohm & Haas (ROH)

  3. Entergy (NYSE:ETR) Notes

  4. Merrill Lynch (MER)

  5. Wachovia Bank (NASDAQ:WB)

  6. Honeywell (NYSE:HON)

  7. Genentech (Private:DNA)

  8. Nationwide (NFS)

  9. Metlife (NYSE:MET) Units

  10. Regal Beloit (NYSE:RBC)


As you can see, Alyeska highly favors energy producing plays, a few financials, and then the merger arbitrage subject ROH. You can view the entire amended Alyeska filing here to see what other smaller positions it holds. Assets from the collective holdings reported to the SEC via 13F filing were $888 million this quarter compared to $816 million last quarter, so it increased its exposure to the long side of U.S. equities, notes, and bonds. This is just one of the 40+ prominent funds that we'll be covering in our hedge fund Q1 2009 portfolio series. We've already covered:

- Gurus such as: Soros Fund Management (George Soros), and Jim Rogers.

- 'Tiger Cub' portfolios like: Andreas Halvorsen's Viking Global, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Shumway Capital Partners (Chris Shumway), Chase Coleman's Tiger Global,

- Outperforming funds like: John Paulson's hedge fund Paulson & Co, Eric Mindich's Eton Park Capital, Raj Rajaratnam's Galleon Group,

- Value and activist funds such as: David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, Whitney Tison's T2 Partners, Philip Falcone's Harbinger Capital Partners, Ricky Sandler's Eminence Capital,

- Concentrated funds that play secular/macro themes such as: Timothy Barakett's Atticus Capital, Bret Barakett's Tremblant Capital Group, Boone Pickens' BP Capital Management, John Burbank's Passport Capital

- Global macro firms such as: Paul Tudor Jones' Tudor Investment Corp, Louis Bacon's Moore Capital Management, Peter Thiel's Clarium Capital,

- And, newer funds on the scene: David Stemerman's Conatus Capital. Check back each day as we cover new fund portfolios!