Seeking Alpha
Profile| Send Message| ()  

(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund filings.)

Next up is Roberto Mignone's hedge fund Bridger Management. Bridger focuses on long/short equity and event driven strategies (which you'll see evidence of in their portfolio below). Last we heard, Bridger has just under $3 billion in assets under management and is closed to new investors because Mignone likes to focus on investing rather than running a large organization. Not to mention, he argues that once you garner too large of an AUM pool, you can't have a short portfolio of complementary size. After all, Mignone is known for his sleuthing abilities on the short side. Previously, we had detailed some of his investment thoughts for 2010 from a hedge fund panel.

Before founding Bridger, Mignone co-founded Blue Ridge Capital with John Griffin in 1996, another hedge fund we track here on the site. And before that, both Mignone and Griffin worked at Julian Robertson's legendary Tiger Management. As such, they are both 'Tiger Cub' hedge funds. Mignone received his degree from Harvard and his MBA from Harvard Business School. In terms of recent portfolio activity disclosed after the date of the filing's we're covering, Bridger revealed two new positions.

The positions listed below were Bridger's long equity, note, and options holdings as of March 31st, 2010, as filed with the SEC. All holdings are common stock unless otherwise denoted:

Brand New Positions

Increased Positions

  • Morgan Stanley (MS): Increased position size by 150%
  • Electronic Arts (ERTS): Increased by 73.8%
  • Regions Financial (RF): Increased position by 72.7%
  • Casella Waste Systems (CWST): Increased position by 48.6%
  • Davita (DVA): Increased position by 33%
  • State Street (STT): Increased position by 32.9%
  • Exxon Mobil (XOM): Increased position by 30.8%
  • Boston Scientific (BSX): Increased position by 26.6%
  • Synovus Financial (SNV): Increased position by 20.5%
  • Waste Connections (WCN): Increased position by 19.3%

Reduced Positions

  • Aetna (AET): Reduced by 70%
  • Life Tech (LIFE): Reduced by 67.8%
  • Millipore (MIL): Reduced by 42%
  • Eclipsys (ECLP): Reduced by 39.6%
  • OSI Pharmaceuticals (ONXX): Reduced by 33.6%
  • Jazz Pharmaceuticals (JAZZ): Reduced by 28.1%
  • Biogen Idec (BIIB): Reduced by 17.6%

Positions It Sold Out of Completely

  • Royal Carribean (RCL)
  • Apple (AAPL)
  • First American (FAF)
  • Microsoft (MSFT)
  • Green Mountain Coffee Roasters (GMCR)
  • Amerigroup (AGP)
  • Allergan (AGN)
  • Republic Service (RSG)
  • Warner Chilcott (WCRX)
  • Expedia (EXPE)
  • United Therapeutics (UTHR)
  • Talecris Biotherapeutics (TLCR)
  • Ritchie Bros (RBA)
  • Mannkind (MNKD)
  • Mako Surgical (MAKO)
  • Petmed (PETS)
  • Ehealth (EHTH)
  • Given Imaging (GIVN)
  • Sanderson Farms (SAFM)
  • CIT Group (CIT)
  • Amylin Pharmaceuticals (AMLN) Puts

Top 15 Holdings (by percentage of assets reported on 13F filing)

  1. Waste Connections (WCN): 3.4%
  2. Pall (PLL): 3.3%
  3. Covidien (COV): 3.1%
  4. Cardinal Health (CAH): 3%
  5. Medtronic (MDT): 3%
  6. Dr Pepper Snapple (DPS): 3%
  7. Centene (CNC): 2.9%
  8. Morgan Stanley (MS): 2.9%
  9. Amgen (AMGN): 2.8%
  10. Unitedhealthcare (UNH): 2.4%
  11. Millipore (MIL): 2.4%
  12. Las Vegas Sands (LVS): 2.3%
  13. Berkshire Hathaway (BRK.A): 2.3%
  14. Hyatt Hotels (H): 2.3%
  15. Genpact (G): 2.2%

In the first quarter, we saw Bridger completely sell out of a few names that are typically hedge fund favorites which was interesting. The fund exited Apple, Microsoft, CIT Group, and Green Mountain Coffee Roasters. Many of these names are on Goldman Sachs VIP list of the stocks most important to hedge funds. Other positions Bridger also sold sizable partial positions in include Aetna, Life Tech, and Eclipsys.

In terms of additions, we already knew about its new Centene position, but now you see how large it is in the context of its overall portfolio. Not to mention, its new ownership of Genpact (G) is notable too as it's the fund's fifteenth largest US equity long. It also added to exiting position Waste Connections, which is now its largest holding. We also make note of the fund's addition in shares of Electronic Arts. Just yesterday we examined Chase Coleman's hedge fund Tiger Global and saw they were clearly bullish on ERTS.

And while Bridger's large focus is on the health space, you obviously see many financial plays scattered in its portfolio. It was adding to regional banks like Regions and Synovus in the first quarter and added shares of big banking plays as well, like JPMorgan Chase and Morgan Stanley.

Assets reported on Bridger's 13F filing were $2.5 billion this quarter. Data from the SEC is aggregated and sorted automatically by Alphaclone, our source for hedge fund tracking, replicating, and performance backtesting. Remember that these filings are not representative of the hedge fund's entire base of AUM.

This post is part of our daily hedge fund portfolio tracking series. We've already detailed activity from numerous managers so click the links below to be taken to the respective portfolio updates: Seth Klarman's Baupost Group, Warren Buffett's Berkshire Hathaway, Stephen Mandel's Lone Pine Capital, and Bill Ackman's Pershing Square, David Einhorn's Greenlight Capital, Eddie Lampert's RBS Partners, David Tepper's Appaloosa Management, Mohnish Pabrai's Investment Fund, John Griffin's Blue Ridge Capital, Lee Ainslie's Maverick Capital, Bruce Berkowitz's Fairholme Capital Management, Andreas Halvorsen's Viking Global, Dan Loeb's Third Point, John Paulson's hedge fund Paulson & Co, and Chase Coleman's Tiger Global. Be sure to check back daily for new hedge fund updates.

Original post

Disclosure: No positions

Source: Roberto Mignone's Bridger Management Adds Financials and Exits 'Hedge Fund Favorite' Names