Northern Right Capital Management, L.P. 13F annual report

Northern Right Capital Management, L.P. is an investment fund managing more than $271 billion ran by Richard Billig. There are currently 27 companies in Mr. Billig’s portfolio. The largest investments include News Corp and Apollo Global Mgmt Inc, together worth $58.1 billion.

$271 billion Assets Under Management (AUM)

As of 7th August 2024, Northern Right Capital Management, L.P.’s top holding is 1,172,769 shares of News Corp currently worth over $32.4 billion and making up 12.0% of the portfolio value. Relative to the number of outstanding shares of News Corp, Northern Right Capital Management, L.P. owns more than approximately 0.1% of the company. In addition, the fund holds 217,679 shares of Apollo Global Mgmt Inc worth $25.7 billion. The third-largest holding is IAC Inc worth $22.4 billion and the next is Madison Square Grdn Sprt Cor worth $19 billion, with 100,831 shares owned.

Currently, Northern Right Capital Management, L.P.'s portfolio is worth at least $271 billion. The total portfolio value may be much higher due to cash assets that are not publicly disclosed such as fixed income, real estate, or cash equivalents.

Careers at Northern Right Capital Management, L.P.

The Northern Right Capital Management, L.P. office and employees reside in Darien, Connecticut. According to the last 13-F report filed with the SEC, Richard Billig serves as the Chief Compliance Officer & Chief Operating Officer at Northern Right Capital Management, L.P..

Recent trades

In the most recent 13F filing, Northern Right Capital Management, L.P. revealed that it had opened a new position in KBR Inc and bought 195,085 shares worth $12.5 billion. This means they effectively own approximately 0.1% of the company. KBR Inc makes up 29.4% of the fund's Industrials sector allocation and has grown its share price by 5.5% in the past year.

The investment fund also strengthened its position in IAC Inc by buying 77,500 additional shares. This makes their stake in IAC Inc total 478,273 shares worth $22.4 billion. IAC Inc dropped 12.4% in the past year.

On the other hand, there are companies that Northern Right Capital Management, L.P. is getting rid of from its portfolio. Northern Right Capital Management, L.P. closed its position in Ermenegildo Zegna N V on 14th August 2024. It sold the previously owned 750,684 shares for $11 billion. Richard Billig also disclosed a decreased stake in News Corp by approximately 0.1%. This leaves the value of the investment at $32.4 billion and 1,172,769 shares.

One of the smaller hedge funds

The two most similar investment funds to Northern Right Capital Management, L.P. are Blue Zone Wealth Advisors and Rfp. They manage $271 billion and $270 billion respectively.

Richard Billig investment strategy

Northern Right Capital Management, L.P.’s portfolio is diversified across 8 sectors. Currently, their heaviest sector is Industrials — making up 15.7% of the total portfolio value. The fund focuses on investments in the United States as 55.6% of the portfolio companies are based in the United States.

The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks with a size of more than $10 billion in market cap make up 22% of the total holdings value. On the other hand, small-cap stocks make up only 7.4% of the portfolio. The average market cap of the portfolio companies is close to $10.8 billion.

The complete list of Northern Right Capital Management, L.P. trades based on 13F SEC filings

These positions were updated on August 14th based on the fund’s latest 13F filing. Quickly find out what the most recently closed or increased positions are.

Security	Shares Owned	Value	Allocation
News Corp	2.39% 1,172,769	$32,436,118,000	11.99%
Apollo Global Mgmt Inc	0.91% 217,679	$25,701,360,000	9.50%
IAC Inc	19.34% 478,273	$22,407,090,000	8.28%
Madison Square Grdn Sprt Cor	10.40% 100,831	$18,969,336,000	7.01%
Madison Square Garden Entmt	1.28% 516,868	$17,692,392,000	6.54%
Ares Management Corp	12.66% 130,906	$17,447,152,000	6.45%
Rithm Capital Corp	30.81% 1,450,626	$15,826,330,000	5.85%
FTAI Aviation Ltd	2.21% 134,845	$13,920,049,000	5.14%
KBR Inc	Opened 195,085	$12,512,752,000	4.62%
Howard Hughes Corporation	Opened 192,873	$12,502,028,000	4.62%
Ermenegildo Zegna N V	Closed 750,684	$10,997,521,000
Maplebear Inc	Closed 245,000	$9,136,050,000
TransUnion	7.83% 116,534	$8,642,161,000	3.19%
Great Elm Cap Corp	No change 798,471	$8,523,678,000	3.15%
Great Elm Group Inc	1.19% 4,243,168	$7,637,702,000	2.82%
WEX Inc	245.94% 41,959	$7,432,617,000	2.75%
Jack In The Box, Inc.	Closed 102,672	$7,030,979,000
Yum Brands Inc.	Closed 50,000	$6,932,500,000
Midcap Financial Invstmnt Co	1.56% 435,536	$6,594,015,000	2.44%
Sphere Entertainment Co	Closed 128,269	$6,295,443,000
MGM Resorts International	3.75% 124,578	$5,536,246,000	2.05%
Ag Mtg Invt Tr Inc	0.62% 828,816	$5,503,338,000	2.03%
Boyd Gaming Corp.	6.96% 98,466	$5,425,477,000	2.01%
Hut 8 Corp	Opened 300,000	$4,497,000,000	1.66%
Energy Transfer L P	20.61% 269,738	$4,375,150,000	1.62%
Uber Technologies Inc	17.92% 58,941	$4,283,832,000	1.58%
Blade Air Mobility Inc	3.69% 1,156,600	$4,024,968,000	1.49%
Veradigm Inc	Closed 450,000	$3,465,000,000
Identiv Inc	23.28% 667,977	$2,872,301,000	1.06%
Applied Digital Corp	Opened 475,000	$2,826,250,000	1.04%
Ast Spacemobile Inc	Closed 921,748	$2,673,069,000
MPLX LP	Opened 31,320	$1,333,919,000	0.49%
Digitalbridge Group Inc	Opened 76,925	$1,053,873,000	0.39%
Regis Corp.	Opened 26,571	$611,133,000	0.23%
Buzzfeed Inc	Closed 1,110,309	$518,625,000
No transactions found
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