The stocks powering Odey’s funds in Q1

US airlines and housebuilders were among the stocks on Crispin Odey’s buy list in the first quarter as the hedge fund star looks to tap into the US economic recovery.

New additions to Odey Asset Management’s portfolios in Q1 included Delta Airlines, United Continental Holdings, Navistar International Corporation and Ryland Group, according to an SEC filing.

The new holdings have already begun to pay off; for example, Delta Airlines has seen its share price rise from $12 at the start of the year to trade at $19.

Odey (pictured) has also boosted positions in Bank of America, Avis Budget Group, First America Financial Corporation and Swift Transportation.

Shares which were sold included Logitech International, Deutsche Bank and United Health Group, while holdings in firms such as Dell, Citigroup, JPMorgan Chase and Microsoft Corporation were significantly reduced.

The top 10 stocks now account for around 48% of the total portfolio.

The firm has seen the market value of its portfolio increase by nearly 70% in Q1 2013 compared to the previous quarter.

The value of the portfolio jumped to $2.89bn in Q1 2013, up from $1.7bn the previous quarter, according to the quarterly report filed with the Securities and Exchange Commission.

The first quarter of the year saw significant stock turnover, with the number of holdings increasing from 72 in the previous quarter to 82.

Over the reporting period, the investment managers bought 23 new stocks and boosted positions in a further 30 stocks, while 14 positions were sold and 11 reduced.

 

This article was first published on Investment Week

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