Caxton Associates Boosts Stake in Ferro (FOE) ~ market folly

Thursday, October 9, 2008

Caxton Associates Boosts Stake in Ferro (FOE)

In a recent 13G filing made with the SEC, Bruce Kovner's Caxton Associates revealed their 5.2% ownership stake in Ferro (FOE). As of the date of the filing, they owned 2,276,526 shares. Previously, in their most recent 13F filing, they only owned 245,944 shares. So, as you can see, Caxton has significantly upped their stake in the company. You can view Caxton's most recent portfolio holdings here.

Caxton Associates is ran by Bruce Kovner. Kovner's bio is as follows: "Kovner's first trade was for $3,000, borrowed against his MasterCard, in soybean futures contracts. Realizing growth to $40,000, he then watched the contract drop to $23,000 before selling. He later claimed that this first, nerve-racking trade taught him the importance of risk management. In his eventual role as a trader under the legendary Michael Marcus at Commodities Corporation (now part of Goldman Sachs), he purportedly made millions and gained widespread respect as an objective and sober trader. This ultimately led to the establishment of his current company, Caxton Associates, in 1983, which today manages over $10 billion in capital and has been closed to new investors since 1992." (Wikipedia)

Year-to-date, Caxton Associates was up 5% as of mid September, as I wrote in my hedge fund year-to-date performance update. And, I've recently updated with a comprehensive post detailing how many affluent hedge funds' performance suffered in September.

Taken from Google Finance, Ferro (FOE) is "a producer of specialty materials and chemicals that are sold to a range of manufacturers who, in turn, make products for end-use markets. In approximately 50 manufacturing sites around the world, the Company produces products, such as Inorganic specialty products, which include glazes, frits, enamels, pigments, dinnerware decorations and other performance materials."

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