Brian Taylor’s Pine River Capital Slashes Stake in Anworth Mortgage
Pine River Capital, Brian Taylor, Anworth Mortgage: In an amended 13D just filed with the SEC, Brian Taylor's Pine River Capital disclosed a 3.6% stake in Anworth Mortgage Asset Corporation (NYSE:ANH). This is a cut in the size of Taylor's position by about half from his last quarterly 13F.
Within Taylor's equity portfolio, about one fourth of his holdings are in the financial sector, so it's not exactly surprising that he's cycling in and out of the REIT industries. The decision to trim shares of Anworth Mortgage, which specializes in agency mortgage-backed securities, is interesting as they're down nearly 25% year-to-date.
Investors banking on Anworth's massive dividend yield north of 10% have still been in the red, and it appears that Taylor doesn't think things are set to turn around any time soon. At the end of the second quarter, the hedge fund manager also held shares of REITs like American Capital, American Capital Mortgage and Annaly Capital (call options), so he's still betting on other areas of this marketplace.