Patrick McCormack's Hedge Fund Tiger Consumer Starts New Position ~ market folly

Thursday, June 10, 2010

Patrick McCormack's Hedge Fund Tiger Consumer Starts New Position

Patrick McCormack's hedge fund Tiger Consumer Management just filed an a 13G with the SEC regarding shares of Red Robin Gourmet Burgers (RRGB). The filing was made due to activity on May 21st, 2010 and the hedge fund now shows a 5.16% ownership stake in RRGB with 806,534 shares. This is a brand new position for Tiger Consumer as they did not show a position as of March 31st per their last 13F filing.

This is the first time we've covered Pat McCormack's hedge fund and so some brief background: Tiger Consumer is one of the many hedge funds seeded by Julian Robertson, the founder of Tiger Management. McCormack's fund offices at the same Park Avenue address that Robertson's legendary firm once called home. As such, Tiger Consumer is one of the 'Tiger Seed' funds out there and as of March 31st, 2010 reported $919 million in assets. For those interested, you can view the whole Tiger Family Tree here. And obviously, as his hedge fund's name implies, McCormack's focus is on the consumer sector. We're starting to cover more of the Tiger Seed funds in addition to our longstanding coverage of Chase Coleman's Tiger Global.

Taken from Google Finance, Red Robin Gourmet Burgers is "together with its subsidiaries, is a casual dining restaurant chain focused on serving burgers. As of December 27, 2009, Red Robin had 21 franchisees, which were operating 133 restaurants in 21 states and 2 Canadian provinces, and it had eight exclusive franchise area development arrangements with those franchisees."

For more of the latest investment activity from prominent managers, head to our hedge fund portfolio tracking series that is updated daily.

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