The Form 13-F is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). Section 13(f) securities generally include equity securities that trade on an exchange (including the Nasdaq National Market System), certain equity options and warrants, shares of closed-end investment companies and certain convertible debt securities. The shares of open-end investment companies (i.e., mutual funds) are not Section 13(f) securities.
The filing revealed that at the end of last year, Soros Fund Management reduced its stake in YPF S.A. (YPF, Financial) by 12.57% (1,674,587 shares) and it now holds 11,650,176 ADRs; worth $301.7 million as of the end of the year.
A more drastic decision was made by Daniel Loeb’s Third Point. The hedge fund sold all its YPF ADRs, as well as Kyle Bass (Trades, Portfolio), the managing member and principal of Hayman Capital Management’s general partner.
As we can see in the next table, Third Point bought its YPF stake in the first quarter of 2014 but then it cuts the position.
| Period | Bought/Sold | Qtr. End Shares | Avrg. Price | Gain (%) |
| 2014Q1 | +2,650,000 | 2,650,000 | $28.02 | -7.6% |
| 2014Q2 | +3,600,000 | 6,250,000 | $30.56 | -15.2% |
| 2014Q3 | -2,500,000 | 3,750,000 | $34.98 | -26% |
| 2014Q4 | -3,750,000 | 0 | $30.95 | -16.3% |
Kyle Bass (Trades, Portfolio) divested its stake in YPF after selling 2.14 million, as we can see next:
| Period | Bought/Sold | Qtr. End Shares | Avrg. Price | Gain (%) |
| 2014Q3 | 2.141.700 | 2.141.700 | $34.98 | -26% |
| 2014Q4 | -2.141.700- | - | $30.95 | -16.3% |
Hedge funds reduced their positions on the stock as the shares plunged 28% in the U.S. This was the biggest quarterly losses since the company’s 2012 nationalization.
On the other hand, other gurus like Jeremy Grantham (Trades, Portfolio) and Richard Perry (Trades, Portfolio) have added the stock, as well as RS Investment Management (Trades, Portfolio).
Richard Perry (Trades, Portfolio)’s Perry Capital added 279,931 ADRsinthe fourth quarter, bringing its stake to 5.1 million ADRs valued at $134.8 million at the end of the quarter.
| Period | Bought/Sold | Qtr. End Shares | Avrg. Price | Gain (%) |
| 2011Q1 | 707,547 | 707,547 | $49.58 | -47.8% |
| 2011Q2 | -358,419 | 349,128 | $43.76 | -40.8% |
| 2011Q3 | -349,128 | 0 | $39.67 | -34.7% |
| 2013Q2 | +2,012,199 | 2,012,199 | $13.88 | 86.6% |
| 2013Q3 | 770,301 | 2,782,500 | $17.11 | 51.4% |
| 2013Q4 | -782,5 | 2,000,000 | $25.79 | 0.4% |
| 2014Q1 | -200 | 1,800,000 | $28.02 | -7.6% |
| 2014Q2 | +5,512,114 | 7,312,114 | $30.56 | -15.2% |
| 2014Q3 | -2,500,000 | 4,812,114 | $34.98 | -0,26 |
| 2014Q4 | 279,931 | 5,092,045 | $30.95 | -16.3% |
| Shares Bought: | 8,574,545 | Average Price: $25.45/share | Ă‚ | 0,02 |
| Shares Sold: | -3,482,500 | Average Price: $32.52/share | Ă‚ | -0,2 |
Jeremy Grantham (Trades, Portfolio) added 38.000 ADRs in the fourth quarter.
| Period | Bought/Sold | Qtr. End Shares | Avrg. Price | Gain (%) |
| 2012Q1 | 117 | 117 | $32.73 | -20.9% |
| 2012Q2 | +1,811,843 | 1,928,843 | $14.7 | 76.2% |
| 2012Q3 | 69,7 | 1,998,543 | $12.41 | 108.7% |
| 2012Q4 | -294,32 | 1,704,223 | $12.11 | 113.9% |
| 2013Q1 | -28,829 | 1,675,394 | $15.43 | 67.9% |
| 2013Q2 | 93,4 | 1,768,794 | $13.88 | 86.6% |
| 2013Q3 | -678,1 | 1,090,694 | $17.11 | 51.4% |
| 2013Q4 | -1,047,500 | 43,194 | $25.79 | 0.4% |
| 2014Q1 | -14,2 | 28,994 | $28.02 | -7.6% |
| 2014Q2 | -20,4 | 8,594 | $30.56 | -15.2% |
| 2014Q3 | -8,594 | 0 | $34.98 | -0,26 |
| 2014Q4 | 38.000 | 38.000 | $30.95 | -16.3% |
| Shares Bought: | 38.000 | Average Price: $30.95/share | Ă‚ | -0,16 |
RS Investment Management (Trades, Portfolio) also added to its YPF holding.
| Period | Bought/Sold | Qtr. End Shares | Avrg. Price | Gain (%) |
| 2014Q2 | 101,269 | 101,269 | $30.56 | -15.2% |
| 2014Q3 | -6,106 | 95,163 | $34.98 | -0,26 |
| 2014Q4 | 44,094 | 139,257 | $30.95 | -16.3% |
| Shares Bought: | 145,363 | Average Price: $30.68/share | Ă‚ | -0,16 |
| Shares Sold: | -6,106 | Average Price: $34.98/share | Ă‚ | -0,26 |
Final comment
YPF SociedadAnĂłnima is an energy company, which is engaged in the exploration, development, and production of crude oil, natural gas, and liquefied petroleum gas (LPG) in Argentina. George Soros (Trades, Portfolio) and Dan Loeb were among investors that reduced or cut their stakes in YPF when shares of Argentina's state energy company fell.
Disclosure: Omar Venerio holds no position in any stocks mentioned
