Lone Pine Capital Selling Intertek Group (ITRK) ~ market folly

Thursday, September 30, 2010

Lone Pine Capital Selling Intertek Group (ITRK)

Stephen Mandel's hedge fund Lone Pine Capital have steadily reduced their position in Intertek Group (LON: ITRK). Due to trading on September 24th, 2010, they now own 3.96% of the company's outstanding shares. This is down from a 5.9% ownership stake they held in July of this year. At its peak, Mandel's hedge fund owned 12.13% of the company in November of 2008 and we had previously detailed their Intertek position here.

While Intertek is a UK holding, it was substantial in Lone Pine's overall portfolio during 2008 and 2009. In fact, shares of ITRK have roughly doubled since Mandel first purchased them back in July of 2008 for £990. Today, shares trade for £1,840. Lone Pine has been steadily selling shares since May of this year. Overall, this looks to have been quite a successful investment for the hedge fund and those of you interested in Lone Pine's US equity positions can find them in our newsletter: Hedge Fund Wisdom.

Taken from Google Finance, Intertek Group is "engaged in testing, inspection and certification of products and commodities. The Company’s services cover the whole supply chain, including the sourcing of raw materials, product design, manufacturing processes, compliance certifications and performance testing of the end product. It has six divisions: oil, chemical and agri; consumer goods; commercial and electrical; analytical services; industrial services, and minerals."

To see what other UK positions hedge funds are buying and selling, click here.

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