Impala Asset Management is a Connecticut-based multi-billion dollar asset manager that was launched in 2004 by Robert Bishop and got registered with the SEC in January 2006. It has grown over time, offering additional offices in Florida and New York. Before founding his own hedge fund, Robert Bishop was employed at Soros Fund Management as a CIO in charge of the Quantum Endowment Fund. His other professional experiences include the following positions: Principal at Maverick Capital, Portfolio Manager at Kingdon Capital, Managing Director of Tiger Management, and Equity Analyst at Salomon Brothers. He earned an MBA in Finance from the Wharton School of the University of Pennsylvania, and a BA in Political Science from Northwestern University.
Impala Asset Management utilizes a long/short investment strategy, mainly investing in stocks belonging to sectors such as metals, energy, automotive, and capital goods. In recent years, the fund’s performance was brilliant – and it placed it 18th on Barron’s top 100 Hedge Funds in 2018 list, as it has generated a return of 16.3% in 2017, and an averaged return of 29.7% between 2015 and 2017. In this article, we are going to present Impala Asset Management’s Q1 2019 Investment Moves.
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Insider Monkey’s flagship strategy identifies the best performing 100 hedge funds at the end of each quarter and invests in their consensus stock picks. This way it is always invested in the best ideas of the best performing hedge funds and is able to generate much higher returns than the market. Since its inception in May 2014, our flagship strategy generated a cumulative return of 103%, beating the S&P 500 ETF (SPY) by nearly 38 percentage points (see the details here). Our best performing hedge funds strategy also returned 26.4% year-to-date and outperformed the S&P 500 Index by nearly 12 percentage points. We take a closer look at hedge funds like Impala Asset Management in order to identify their best and worst ideas.
At the end of the first quarter of 2019, Impala Asset Management’s equity portfolio with 35 long positions carried a value of $1.92 billion, up by 3.78% from the previous quarter when it was valued $1.85 billion. Among the top new buys were CSX Corporation (NASDAQ:CSX), Lear Corporation (NYSE:LEA), Valero Energy Corporation (NYSE:VLO), and Landstar System, Inc. (NASDAQ:LSTR), whereas the top boosted positions included NVR, Inc. (NYSE:NVR), Hess Corporation (NYSE:HES), Mohawk Industries, Inc. (NYSE:MHK), and Knight-Swift Transportation Holdings Inc. (NYSE:KNX).
The fund also lowered some of its stakes during the quarter including those in Teck Resources Limited (NYSE:TECK), Rio Tinto Group (NYSE:RIO), Caterpillar Inc. (NYSE:CAT), and Norfolk Southern Corporation (NYSE:NSC). Among the holdings Impala Asset Management decided to drop in Q1 2019 were Take-Two Interactive Software, Inc. (NASDAQ:TTWO), Southwest Airlines Co. (NYSE:LUV), Macy's, Inc. (NYSE:M) and Trinity Industries, Inc. (NYSE:TRN).
This article is originally published at Insider Monkey.