HIGHLIGHTS-Hedge funds pile into SunEdison shares ahead of plunge

Tue Feb 16, 2016 10:17am EST
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By Svea Herbst-Bayliss

NEW YORK/BOSTON Feb 16 (Reuters) - Top U.S. hedge fund management firms, including Visium Asset Management, took stakes in embattled renewable energy company SunEdison Inc during the fourth quarter.

Visium put on a new position, buying 1.3 million shares, while Sand Grove Capital Management added a new position of 272,000 shares. Adage Capital Partners bought 9.2 million shares to own 17 million at the end of the quarter.

These hedge fund investors did not catch the bottom. Shares of SunEdison are down more than 72 percent so far this year.

All told, plenty of managers also exited SunEdison, including Senvest Management, Cobalt Capital Management and the State Teachers Retirement System of Ohio.

The disclosures are backward-looking and come out 45 days after the end of each quarter. Still, the filings offer a glimpse into what hedge fund managers saw as investment opportunities.

The filings do not disclose short positions, or bets that a stock will fall. As a result, the public filings do not always present a complete picture of a management firm's stock holdings.

The following are some of the hot stocks and sectors in which hedge fund managers either took new positions or exited existing stakes in the fourth quarter.