Sirius XM Holdings Inc (SIRI)

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The Hottest Hedge Fund Stock Of All? FOX business news

November 12, 2010 12:27 PM
by Brian Sullivan

It's that time again.  
The season when hedge funds are forced to file their holdings sheets (known as 13-Fs) to the SEC.   The funds don't want to do it .. they love their secrecy, after all .. but as of a few years ago the largest funds were forced to do it by regulators.
The filings are lengthy, dry and, frankly, a pain in the you-know-what to go through, but it's perhaps the only insight we have into what these hedge funds and their superstar managers are really doing with their money.
This morning I manually dug through the 13-Fs for two big funds; Apollo Management and Renaissance Technologies.
Among their biggest holdings (by share count) a few things caught my eye, but nothing more so than the fact that both funds had one stock as their single largest holding: Sirius XM Radio (SIRI).

The up-and-down story of Sirius XM is well known, and the stock is well off its highs of a few years ago, but it's interesting that both Apollo and Renaissance apparently feel, or felt, there was much hidden value here.   Indeed the stock has nearly tripled from its lows of the past year.

Keep in mind that these SEC filings are from last quarter and so the holdings of these funds could have changed over the past six weeks (perhaps why SIRI is off its highs).   But regardless, interesting insight into a once-loved stock that is now very loved by two huge players.
For the next few shows I'm going to pore through these filings and pluck out more stocks that are hot with hedge funds.   Tune in!

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