Luminus Management's Q3 and Q4 2022 Holdings: Insights into its Strategy and Outlook.
Ava Hoppe | 20 April, 2023
Luminus Management LLC is a well-known hedge fund that manages approximately $4.9 billion in total assets. The firm was founded in 2002 and is headquartered in New York City. Luminus Management follows a long/short equity strategy and focuses on the energy sector. The firm is known for its deep fundamental analysis and its ability to identify undervalued assets. Recently, Luminus Management released its Q3 2022 and Q4 2022 13F filings, which contained details of the fund's holdings. In this blog post, we'll take a closer look at the changes in holdings of Luminus Management LLC between Q3 and Q4 2022.
The data from the CSV file shows that the total value of Luminus Management's holdings increased from $341,982,000 in Q3 2022 to $447,169,000 in Q4 2022, an increase of approximately 31%. During this period, the fund made several changes to its portfolio, including adding new positions, increasing positions in existing holdings, and selling off some positions.
One of the most significant changes to Luminus Management's portfolio was the addition of a new position in Battalion Oil Corp (BATL). During Q4 2022, the fund acquired 61,514,480 shares of BATL, with a total value of $59,730,000. This new position made up about 13% of the fund's total holdings. We can speculate that the fund made this move due to its bullish outlook on the energy sector, which is the primary focus of Luminus Management's investment strategy.
Another notable change in Luminus Management's portfolio was the significant increase in shares of Tronox Holdings PLC-Class A (TROX). During Q4 2022, the fund added 632,973 shares of TROX, which increased its total position to 3,073,490 shares. This new position made up about 6.9% of the fund's total holdings. The reason behind this move is unclear, but it can be attributed to the potential growth prospects of the chemicals and materials sector.
Luminus Management also increased its stake in Ashland Inc (ASH) during Q4 2022. The fund added 86,570 shares of ASH, with a total value of $13,405,000. This increased the fund's total position in ASH to 412,728 shares, which made up about 6% of the fund's total holdings. Given that ASH is a leading specialty chemicals company, this increase in holdings can be seen as a signal of Luminus Management's confidence in the company's ability to deliver strong growth.
On the other hand, Luminus Management sold off some positions during Q4 2022. One such example is the sale of its entire position in H.B. Fuller Company CMN (FUL). During Q3 2022, the fund held 80,900 shares of FUL with a value of $4,862,000. However, in Q4 2022, the fund sold off all of its holdings in the company. Similarly, the fund also sold off its entire position in Lucid Diagnostics Inc (LUCD), which was its 13th largest holding during Q3 2022.
In conclusion, Luminus Management LLC made some significant changes to its holdings between Q3 2022 and Q4 2022. The fund added new positions, increased its holdings in existing companies, and sold off some positions. These changes indicate the fund's confidence in the energy, chemicals, and materials sectors, which form the core of its investment strategy. It will be interesting to see how Luminus Management's strategy will evolve in the coming months, particularly in light of the ongoing changes in the global economy and geopolitical landscape.
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