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Raleigh, North Carolina-based Belltower LLC, headed by Mark Corigliano, has $145 million in assets under managed invested in the firm’s flagship long / short equity commodities-focused strategy Belltower Master Fund Ltd. In addition, they also manage $130 million for an undisclosed foundation that the firm manages in a separate account to be invested in the stocks of 40 to 70 companies under the same long / short strategy as their flagship fund.
The fund has generated positive returns every year since fund inception in 2007. The firm’s mandate is to put investor cash into U.S. and foreign stocks in the areas of energy, metals, mining, industrials, basic materials and utilities, and the targeted annual return is 15 percent.
The following Table summarizes their new and increased positions in the latest reported 13-F filing for the March 2011 quarter:
  • Metals Mining Companies such as North American Palladium (PAL), a Canadian Company engaged in the production of palladium and other base metals in two mines in Ontario and Quebec, Canada; Teck Resources Ltd. (TCK), a Canadian miner of coal, copper, zinc, molybdenum, gold and lead mainly in Canada, the U.S., Chile and Peru; Cliffs Natural Resources (CLF), a producer of iron ore pellets with six iron ore mines in MI, MN, and eastern Canada.
  • Patriot Coal Corp. (PCX), engaged in the exploration and production of coal in Appalachia and the Illinois basin in the U.S.
  • Oil and Gas Exploration and Production Companies such as Southwestern Energy Co (SWN), engaged in the exploration and production of oil and natural gas primarily in AK, OK, TX and PA; Unit Corp. (UNT), engaged in the exploration and production of oil and natural gas in the U.S.
  • Oil and gas Machinery and Equipment Companies such as Cameron International Corp. (CAM), a manufacturer of oil and gas pressure control and separation equipment for production in on-shore, off-shore and sub-sea applications; and Dril Quip Inc. (DRQ), a manufacturer of highly engineered off-shore drilling and production equipment for use in deepwater and harsh environments.
  • Holly Corporation (HOC), engaged in the production of high value light petroleum products such as gasoline, diesel fuel and jet fuel.
  • Oil States International (OIS), a provider of specialty products and services to oil and gas drilling and production companies worldwide.
  • Chemicals manufacturers such as Lyondellbasell Industries A NV (LYB), a Dutch manufacturer of polypropylene compounds, propylene oxide, polyethylene, ethylene and propylene; Celanese Corp. (CE), a manufacturer of chemical products including acetyl products and high performance engineered polymers sold worldwide.
Table
Company
Ticker
New or Increased Position
Market Value
Oil States International Inc.
Increased
$ 17.1 million
Lyondellbasell Industries NV
Increased
$ 14.2 million
Cameron International Corp.
Increased
$ 10.0 million
Celanese Corp.
Increased
$ 8.7 million
Dril-Quip Inc.
Increased
$ 8.7 million
Southwestern Energy Co.
New
$ 8.2 million
Teck Resources Ltd.
New
$ 7.8 million
Unit Corp.
New
$ 7.2 million
North American Palladium Ltd.
Increased
$ 6.8 million
Cliffs Natural Resources Inc.
New
$ 6.4 million
Patriot Coal Corp.
PCX
New
$ 5.7 million
Holly Corp.
HOC
New
$ 5.6 million
Source: Top Picks of Commodities Focused Hedge Fund Belltower Advisors LLC