Steven Cohen's SAC Capital Jumps Aboard Genco Shipping (GNK) ~ market folly

Thursday, September 9, 2010

Steven Cohen's SAC Capital Jumps Aboard Genco Shipping (GNK)

Steven Cohen's hedge fund firm SAC Capital recently filed a 13G with the SEC regarding shares of Genco Shipping (GNK). Per the filing, Cohen's hedge fund has disclosed a 6% ownership stake in the company with 2,124,643 shares due to portfolio activity on August 25th, 2010. This marks a 11,888% increase in their position size because they only owned 17,722 shares back on June 30th. As such, over the past couple of months Cohen's firm has ramped up their stake.

Keep in mind that since SAC is a trading oriented hedge fund, it's harder to read into these sorts of filings as they typically hold positions for a much shorter time period than other funds we track. A perfect example of this is the fact that SAC revealed a position in XenoPort (XNPT) back in late May and by June 30th they had already completely sold out of the position. Tracking hedge funds with longer term timeframes is key and we focus on top hedge fund portfolios in our brand new quarterly newsletter: hedge fund wisdom.

Taken from Google Finance, Genco Shipping is "engaged in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. The Company’s fleet consists of 35 drybulk carriers."

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