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TheStreet Open House

Top Hedge Funds Take Sides on GM, Ford

BOSTON ( The Street Ratings) -- General Motors (GM), which launched one of the biggest IPOs in history last year, has made a turnaround, increasing profits four-fold in the most recent quarter.

While the improvement has been impressive, investors haven't been as optimistic, pushing the shares down about 15% since the beginning of the year.

As a result, some hedge fund managers are now sensing value in GM, as the top 20 hedge fund holders added almost 15 million shares, or $450 million in market value, in the first quarter. Fir Tree Inc., the largest GM hedge fund investor on record, picked up 2.5 million shares. In comparison, the top 20 hedge fund holders of Ford (F) added 6.8 million shares, or $100 million in market value of the more profitable U.S. carmaker.

If there's a winner and a loser among Ford and GM, which is which? To gain perspective, here's what 10 other prominent hedge fund managers were doing as of March 31, according to filings with the Securities and Exchange Commission released this week.

Pennant Capital Management: Added 1.2 million shares, bringing its total position to 3.8 million shares, or a market value of $57 million.

Greenlight Capital: Was the third-largest holder on record as of March 31. The hedge fund, run by David Einhorn, initiated a new stake of 3.4 million shares.

Perry Corp.: More than doubled its stake, purchasing nearly 1.25 million shares.

Atalanta Sosnoff: Now the seventh-biggest hedge fund holder of GM, the firm initiated a new position 2.8 million shares.

Taconic Capital Advisors: Sixth-largest hedge fund investor in GM. It added 2.7 million shares, making for a total of 3.2 million shares.

Valinor Management: Added 1.25 million shares, and now holds 1.85 million shares.

Diamondback Capital: Purchased 1.1 million shares, bringing its stake to 1.5 million shares.

Oz Management: The biggest hedge fund seller of GM, the fund sold 5.8 million shares, and now holds only 1.5 million.

Peconic Partners: Initiated a new position of 1.1 million shares.

Two Sigma Investment Management: Sold 1.1 million shares, leaving its stake at just 900,000, or a market value of $28 million.

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