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Market Overview

Kyle Bass Exits Facebook, Ups General Motors Holdings


Kyle Bass' Hayman Capital Management LP added to his position in General Motors Company (NYSE: GM) and exited Facebook Inc (NASDAQ: FB) in the third quarter.

Bass, who made a fortune betting against mortgage-backed bonds in the 2008 crash, said in a quarterly regulatory filing that his hedge fund's value grew to $989.67 million in the recent quarter, from $732.41 million listed for the second quarter.

During the period ended September 30, Bass increased his holdings in General Motors by more than 50 percent to 8.46 million shares, including 3.2 million calls options, from about 5.6 million shares, including 32,000 call options as of June 30.

Bass has been bullish on General Motors for at least a year. As recently as October 22, Bass told CNBC television that "it's going great" for GM except for a recall issue that Bass said will be resolved "at some point in time in the next few months.”

General Motos is off nearly 22 percent year-to-date, and in Friday's session was little changed recently at $31.96 per share.

Bass's General Motors holdings are valued at $271.1 million, and amount to the funds largest position.

Its second-most valuable holding is a newly established position of 2.2 million shares acquired for $241.6 million in the iShares Russell 2000 Index (NYSE: IWM) exchange-traded fund.

During the third quarter, Bass also increased his stake in Energy XXI Limited (NASDAQ: EXXI) by nearly 60 percent to 4.77 million shares, from 3 million and trimmed Nationstar Mortgage Holdings Inc (NYSE: NSM) to 4.1 million shares from 4.7 million.

In the period ended September 30, Bass also established position of 483,000 shares, in Peregrine Semiconductor Corp (NASDAQ: PSMI), and 114,500 shares in the grocery distributor SYSCO Corporation (NYSE: SYY).

Bass also opened a position of 2.14 million shares in the Argentina-based integrated oil and gas company YPF SA (NYSE: YPF) and cut his holdings in Diamondback Energy Inc (NASDAQ: FANG) by 58 percent to 179,600 shares.

During the quarter, Bass sold 46,400 Facebook shares, closing out his position, and also parted ways with Apollo Global Management LLC (NYSE: APO) selling 2.29 million shares.


Related Articles (GM + FB)

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Posted-In: Hayman Capital Kyle BassNews Hedge Funds Insider Trades General

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