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Nancy Havens’ Havens Advisors’ Return, AUM, and Holdings (Part II)

Nina Zdinjak

Read the beginning of this article here.

Among the biggest Havens Advisors fourth quarter holdings that weren’t sold out in the meantime was Red Hat Inc (NYSE:RHT), a software company which offers a variety of open-source products, such as high performing Linux, container, cloud, and Kubernetes technologies. The fund purchased 70,324 Red Hat’s shares, establishing in that manner a position in the company that was worth $12.35 million, amassing 11.46% of its 13F portfolio. Year-to-date, Red Hat’s stock gained 4.49%, and on April 22nd it had a closing price of $182.01. The company has a market cap of $32.26 billion, and it is trading at a price-to-earnings ratio of 78.33. Two months ago, Red Hat announced that Rakuten Mobile Network will use its open source technologies in Rakuten's new mobile network, which is suppose to be launched in October 2019.

Another large position in the fund’s portfolio was in a San Jose, California-based American corporation, which produces a variety of mixed-signal semiconductor solutions for the advanced communications and computing industries, Integrated Device Technology Inc ( previously NASDAQ:IDTI). During the quarter, Havens Advisors boosted its stake in the company by 317% to 175,000 shares, with a value of $8.46 million. In its last report for the fiscal third quarter 2019 (which ended December 30, 2018), Integrated Device Technology reported revenues of $240.59 million and diluted net income per share of $0.16, compared to revenues of $217.08 million and diluted net loss per share of $0.51 for the corresponding quarter one year earlier. Recently, the company reported about its latest generation wireless charging technologies being used in the new line of Samsung smartphones. With Samsung being one of the best smartphone manufacturers in the world, this is great recognition for Integrated Device Technology. At the end of March, Renesas Electronic completed its acquisition of Integrated Device Technology (IDTI).

Another strong addition to the fund's portfolio in the last quarter of 2018 was in ARRIS International plc (previously NASDAQ:ARRS), a manufacturer of telecommunications equipment. The company is based in the US and incorporated in England and Wales, with a market cap of $5.51 billion.  According to the company’s preliminary and unaudited fourth quarter 2018 results, it had a revenue of $1.79 billion and diluted EPS of $0.25, compared to revenue of $1.74 billion and diluted EPS $0.07 in the same quarter of the prior year.  Recently, one of ARRIS’ companies, namely Ruckus Networks, received Federal Information Processing Standard Publication 140-2 (FIPS PUB 140-2) certification for its wireless access points, thanks to which it has upgraded its portfolio of professional and secure connectivity solutions it offers. During the fourth quarter of 2018, Havens Advisors purchased 115,000 ARRIS’ shares with a value of $3.53 million. At the beginning of February, ARRIS' stockholders approved acquisition by CommScope.

Among other valuable positions Havens Advisors acquired during the fourth quarter of 2018 that weren’t sold in the meantime were Pacific Biosciences of California (NASDAQ:PACB)Esterline Technologies Corporation (NYSE:ESL), and Aspen Insurance Holdings Limited (NYSE:AHL).

Pacific Biosciences is a $1.1 billion market cap biotechnology company that produces various systems for gene sequencing, in order to help resolve genetically complicated problems. The fund obtained $4.63 million worth a position in the company, on the account of 626,000 shares outstanding. Over the last six months, Pacific Biosciences’ shares gained 68.82%, and the stock was trading at $7.31 on April 22nd. For the fourth quarter of 2018, the company disclosed total revenue of $19.52 million and basic and diluted net loss per share of $0.21, compared to total revenue of $24.94 million and basic and diluted net loss per share of $0.18 in the last quarter of 2017.

In Esterline Technologies Corporation (NYSE:ESL), a company that produces various products for defense and aerospace industries, Havens Advisors established a position that was worth $2.31 million, on the basis of 19,000 shares outstanding. While in Aspen Insurance Holdings Limited (NYSE:AHL), the fund obtained $1.51 million worth a position, on the account of 36,000 shares.

Disclosure: None.

This article is originally published at Insider Monkey.