EnTrust Global Partners Offshore LP Q1 2020 vs. Q2 2020 13F Holdings Comparison

EnTrust Global Partners, a hedge fund with over $19.5 billion in assets under management, operates through multiple entities, including EnTrust Global Partners Offshore LP. As an SEC-registered investment advisor, this hedge fund is required to file a Form 13F every quarter to report its equity holdings, among other things.

The Q1 2020 and Q2 2020 13F filings of EnTrust Global Partners Offshore LP provide key insights into the changes in its equity holdings, which are summarized in the following table.

+------+-------------------------+-------------+------------------+------------------+-------------------+-------------------+-------+

| Sym | Issuer Name | Option Type | Q1 2020 (SHARES) | Q2 2020 (SHARES) | Q1 2020 VALUE ($000) | Q2 2020 VALUE ($000) | Chg % |

+------+-------------------------+-------------+------------------+------------------+-----------------------+-----------------------+-------+

| LYFT | LYFT INC | | 1065259 | 1065259 | 28602 | 35164 | 22.9 |

| ADNT | ADIENT PLC | | 0 | 1732351 | 0 | 28445 | |

| SPLP | STEEL PARTNERS HLDGS L P | | 1701256 | 1701256 | 9227 | 8966 | -2.8 |

| EGLE | EAGLE BULK SHIPPING INC | | 298336 | 298336 | 552 | 653 | 18.3 |

| TGI | TRIUMPH GROUP INC NEW | | 874335 | 0 | 5911 | 0 | -100 |

+------+-------------------------+-------------+------------------+------------------+-----------------------+-----------------------+-------+

As the table shows, EnTrust Global Partners Offshore LP made significant changes to its equity holdings during the first two quarters of 2020. In particular, the hedge fund sold out of its stake in Triumph Group Inc (TGI), which was valued at $5.9 million in Q1 2020.

EnTrust Global Partners Offshore LP also added to its stakes in LYFT Inc (LYFT) and Eagle Bulk Shipping Inc (EGLE) during the same period. The hedge fund increased its position in LYFT by 22.9%, as the ride-hailing company's stock rebounded from its March lows. Meanwhile, EnTrust Global Partners Offshore LP boosted its holding in Eagle Bulk Shipping Inc by 18.3%, likely betting on the prospects of the dry bulk shipping market.

Another key change in EnTrust Global Partners Offshore LP's portfolio is the addition of Adient plc (ADNT). The hedge fund did not hold any shares of this automotive parts supplier in Q1 2020 but accumulated 1.73 million shares worth $28.45 million in Q2 2020. This indicates a bullish outlook on Adient's future prospects, as the company's shares have been beaten down amid the COVID-19 pandemic.

Lastly, EnTrust Global Partners Offshore LP maintained its investment in Steel Partners Holdings LP (SPLP) at the same level as the previous quarter. However, the value of this position decreased by 2.8% as the company's stock price declined.

In conclusion, the Q1 2020 and Q2 2020 13F filings of EnTrust Global Partners Offshore LP highlight the hedge fund's strategy of actively managing its equity holdings. As is evident from the changes in its portfolio, EnTrust Global Partners Offshore LP is willing to sell out of underperforming positions and invest in companies with strong growth potential. This approach has allowed the hedge fund to deliver solid returns for its investors over the years and should continue to do so in the future.