Elm Ridge Management, LLC's Q3 and Q4 2022 Holdings: Insights into Hedge Fund's Trading Activities

Elm Ridge Management, LLC, a New York-based hedge fund, recently filed its 13F form with the Securities and Exchange Commission (SEC) reporting its Q3 2022 and Q4 2022 holdings. The 13F form is a quarterly report that institutional investors with more than $100 million in assets under management submit to the SEC, summarizing their investment holdings for the previous quarter. The report provides insights into the trading activities of these large investors and can help market participants make more informed investment decisions.

According to the 13F form, Elm Ridge Management, LLC made changes to its holdings in several companies between Q3 2022 and Q4 2022. The largest change was in Yellow Corp (YELL), where the fund reduced its holdings by 17%, selling 394,763 shares and reducing the value of its position from $2.963 million to $2.457 million. YELL is a trucking and logistics company that has been struggling with a shortage of drivers and increased competition from other transportation companies. The stock has declined by more than 50% over the past year, and it seems that Elm Ridge Management, LLC has lost confidence in the company's ability to turn things around.

Another notable change was in APA Corp (APA), where Elm Ridge Management, LLC increased its holdings by 634.3%. The fund bought 73,242 shares, increasing the value of its position from $572,000 to $4.2 million. APA is an oil and gas exploration and production company with operations in the United States, Canada, and Egypt. The stock has been volatile over the past year, but Elm Ridge Management, LLC seems to be betting on a rebound in the energy sector.

Elm Ridge Management, LLC also made significant changes to its holdings in Citizens Financial Group (CFG). The fund increased its holdings by 248.1%, buying 66,555 shares and increasing the value of its position from $1.122 million to $3.905 million. CFG is a financial services company that provides consumer and commercial banking services throughout the United States. The stock has been on a steady uptrend over the past year, and Elm Ridge Management, LLC seems to believe that the company has more room to run.

Another company that caught Elm Ridge Management, LLC's attention was ConocoPhillips (COP). The fund increased its holdings in the oil and gas exploration and production company by 16.6%, buying 420 shares and increasing the value of its position from $3.715 million to $4.333 million. COP has been performing well over the past year, benefiting from higher oil prices and increased demand for energy.

On the other hand, Elm Ridge Management, LLC reduced its holdings in EQT Corp (EQT) by 17%. The fund sold all of its 83,276 shares, reducing the value of its position from $3.393 million to $2.817 million. EQT is another oil and gas exploration and production company that has been affected by the volatility in the energy sector.

In the tech sector, Elm Ridge Management, LLC made some interesting moves. The fund sold all of its shares in Dow Inc (DOW), a chemical manufacturing company, reducing the value of its position from $1.668 million to $0. According to the 13F form, the fund held 37,977 shares of DOW in Q3 2022 but sold them all in Q4 2022. It's unclear why the fund decided to liquidate its position in DOW.

Elm Ridge Management, LLC also sold all of its shares in OneMain Holdings Inc (OMF) in Q4 2022, according to the 13F form. The fund did not hold any shares of OMF in Q3 2022 but bought 56,872 shares in Q4 2022 before selling them all. OMF is a consumer finance company that provides personal and auto loans to borrowers with less-than-perfect credit. It's unclear why the fund decided to buy and then sell all of its shares in OMF within the same quarter.

In summary, Elm Ridge Management, LLC made some significant changes to its holdings between Q3 2022 and Q4 2022. The fund reduced its exposure to Yellow Corp and EQT Corp while increasing its holdings in APA Corp and Citizens Financial Group. It also liquidated its positions in Dow Inc and OneMain Holdings Inc. These changes indicate the fund's outlook on the companies and its strategy going forward. It will be interesting to see how these moves will affect Elm Ridge Management, LLC's returns in the coming quarters.