Electron Capital Partners’ Latest 13F Shows Strong Focus on Utilities
New York-based Electron Capital Partners is an equity long/short global utility and infrastructure hedge fund that was founded by James Shaver and his team in March 2013, with $90 million in assets under management. Previously, Mr. Shaver and his team worked together at Steve Cohen's SAC Capital Advisors LP, managing its long/short global utility and infrastructure portfolio. Mr. Shaver has covered the global utility sector for more than 21 years. He also led the project finance debt group and the utility investment banking group at UBS in Asia. Shaver earned his BA from Colgate University and his MBA from Columbia Business School.
In the latest round of 13 filings, Electron Capital Partners has released its first 13F. The fund has revealed a total of 22 positions, worth in aggregate over $110 million. The utilities stocks represent over a half of the portfolio.
We have selected the top five holdings in term of value from the fund’s equity portfolio. On the top position is NRG Yield Inc (NYSE:NYLD), in which Electron Capital Partners revealed ownership of 479,400 shares, with a reported value of nearly $20 million. On Feb. 4, the company said it plans to commence an offering of $300 million of its convertible senior notes due 2019. The company also expects to grant the underwriters a 30 day option to purchase up to an additional $45 million of notes.
NextEra Energy Inc. (NYSE:NEE) is the second-largest holding, in which the fund owns 157,500 shares, worth more than $13 million. NextEra Energy Inc. (NYSE:NEE) is a clean energy company with consolidated revenues of about $15.1 billion, about 42,500 megawatts of generating capacity, and about 13,900 employees in 26 states and Canada as of year-end 2013.
The third position is held by NiSource Inc. (NYSE:NI), which is engaged in natural gas transmission, storage and distribution, as well as electric generation, transmission and distribution. In the company, Electron Capital Partners disclosed owning of 274,500 shares, with a reported value of over $9 million.
On the fourth spot is The AES Corporation (NYSE:AES), in which the fund holds 597,700 shares, worth close to $9 million. The AES Corporation (NYSE:AES) provides affordable, sustainable energy to 21 countries through its diverse portfolio of distribution businesses as well as thermal and renewable generation facilities.
Hawaiian Electric Industries Inc. (NYSE:HE), comes in fifth, Electron Capital Partners holding 304,800 shares, with a reported value of around $8 million. Hawaiian Electric Industries Inc. (NYSE:HE), through its subsidiaries, is engaged in electric utility and banking businesses operating primarily in the State of Hawaii.