Elm Ridge Management, LLC Quarter Q1 2024
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Elm Ridge Management, LLC reported 25 stock positions worth $88.7 million . Its top holding was Aercap (AER) at 7.0% of the portfolio, followed by Sylvamo (SLVM, 6.6% ) and Citigroup (C, 6.6% ). Compared with Q4 2023, it opened 1 new position, sold out of 1, added to 5 and reduced 10. The biggest buy was Magnolia Oil & Gas Class A (MGY, shares +18% ) and the biggest sale an exit from Conocophillips (COP).
Location BRIARCLIFF MANOR, NY
CIK 0001483276
Portfolio Value $88.7M (Q1 2024)
Holdings 25 stocks · $88.7M Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2023 AER Aercap Holdings NV 71,954 $6.3M Reduce -17.2% SLVM Sylvamo Corp. 94,562 $5.8M Reduce -4.0% C Citigroup Inc. 91,925 $5.8M No change OMF Onemain Holdings Inc. 109,776 $5.6M Add +0.0% LYB Lyondellbasell Indu Class A 52,300 $5.3M No change MT Arcelormittal-NY Registered 156,189 $4.3M No change MGY Magnolia Oil & Gas Corp. Class A 152,503 $4.0M Add +18.0% AA Alcoa Corp. 115,022 $3.9M Reduce -11.2% ARCB Arcbest Corp. 26,403 $3.8M Reduce -22.6% AR Antero Resources Corp. 127,517 $3.7M Reduce -12.6% SYF Synchrony Financial 80,398 $3.5M No change EQT Eqt Corp. 90,188 $3.3M Add +17.1% VAL Valaris Ltd. 43,464 $3.3M Reduce -23.7% DVN Devon Energy Corp. 65,065 $3.3M Reduce -20.2% APA Apa Corp. 92,104 $3.2M Reduce -13.6% CNQ Canadian Natural Resources 41,326 $3.2M No change NOV Nov Inc. 160,402 $3.1M Reduce -12.7% LEA Lear Corp. 20,713 $3.0M No change ADNT Adient PLC 83,969 $2.8M Reduce -13.5% CC The Chemours Co. 102,641 $2.7M No change NBR Nabors Industries Ltd. 30,374 $2.6M No change RRC Range Resources Corp. 73,283 $2.5M No change DAN Dana Inc. 192,099 $2.4M Add +28.5% NWL Newell Brands Inc. 142,897 $1.1M Add +27.9% NTGR Netgear Inc. 16,480 $260K New
Options reported separately and not counted above: HLNE puts ($58K), SOXX puts ($19K).
Portfolio Sells Q4 2023 → Q1 2024 Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▲ COP Conocophillips Sold out 0.00% −3.76 ADNT Adient PLC Reduce -13.5% 3.12% −0.80 APA Apa Corp. Reduce -13.6% 3.57% −0.67 VAL Valaris Ltd. Reduce -23.7% 3.69% −0.64 NOV Nov Inc. Reduce -12.7% 3.53% −0.60 AA Alcoa Corp. Reduce -11.2% 4.38% −0.50 DVN Devon Energy Corp. Reduce -20.2% 3.68% −0.41 ARCB Arcbest Corp. Reduce -22.6% 4.24% −0.30 AER Aercap Holdings NV Reduce -17.2% 7.05% −0.11 AR Antero Resources Corp. Reduce -12.6% 4.17% +0.50 SLVM Sylvamo Corp. Reduce -4.0% 6.58% +1.22
Portfolio Buys Q4 2023 → Q1 2024 Stock Change vs Q4 2023 % Of Portfolio Change To Portfolio ▼ MGY Magnolia Oil & Gas Corp. Class A Add +18.0% 4.46% +1.41 EQT Eqt Corp. Add +17.1% 3.77% +0.47 OMF Onemain Holdings Inc. Add +0.0% 6.32% +0.34 DAN Dana Inc. Add +28.5% 2.75% +0.33 NTGR Netgear Inc. New 0.29% +0.29 NWL Newell Brands Inc. Add +27.9% 1.29% +0.22
Options Activity Q4 2023 → Q1 2024 Security Type Change vs Q4 2023 Underlying Shares Value ▼ HLNE Hamilton Lane Inc. Class A put New 10,000 $58K SOXX iShares Semiconductor ETF put New 12,000 $19K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q1 2024 25 $88.7M AER, SLVM, C, OMF, LYB