Farallon Capital Management (Thomas Steyer) Portfolio Update: 13D & 13G Filings ~ market folly

Monday, February 2, 2009

Farallon Capital Management (Thomas Steyer) Portfolio Update: 13D & 13G Filings

Farallon Capital Management, the $30 billion hedge fund firm ran by Thomas Steyer has filed a bunch of amended 13G's. Firstly, we'll cover the positions they sold out of completely. Farallon no longer shows a stake in these companies, having previously held a position. They no longer own:

  • Airtran Holdings (AAI)
  • TreeHouse Foods (THS)
  • Energy Partners Limited (EPL)
  • Sealy Corp (ZZ)
  • The Medicines Company (MDCO)
  • Exco Resources (XCO)
  • Beacon Roofing Supply (BECN)

Now, on to the companies they have disclosed amended ownership stakes in. They have disclosed a 4.6% ownership in FreightCar America (RAIL) with 542,115 shares. You can view the rest of Farallon's portfolio holdings here.

They also filed a 13D with the SEC and disclosed a 15% ownership stake in CapitalSource (CSE). The 13D was filed due to their activity on January 1st, 2009 and they currently own 42,270,274 shares.

Next, Farallon has filed a 13G with the SEC and has disclosed a 4.8% ownership stake in GeoEye (GEOY). The 13G was filed due to their activity on December 22nd, 2008. They have decreased their position in GEOY and currently own 887,752 shares. This is down from their previous 13F filing which detailed their position as of September 30th, 2008, when they owned 1,041,500 shares.

Additionally, they filed an amended 13D on MI Developments (MIM) and has disclosed a 7.9% ownership stake in the company. Farallon now owns 3,413,787 shares of MIM, down slightly from their previous 3,939,400 shares. The filing was required due to multiple days of activity, including acquiring shares on January 1st, 2009 and then selling various amounts of shares on January 5th, 6th, 7th, and 12th.

Lastly, Farallon also filed an amended 13G on Knology (KNOL) and shows a 14.0% ownership stake in the company. Farallon owns 4,970,375 shares. The filing was required due to activity on January 1st, 2009.

Farallon invests in both public and private debt, equities, private investments, and real estate. For the year of 2008, Farallon was ranked 3rd in Alpha's hedge fund rankings. Farallon is a $30 billion firm and has recently suspended withdrawals from their largest fund after receiving redemption requests for around 25% of the fund's capital. The fund won't be charging typical management and performance fees, but instead will charge accounting fees. Farallon's recent portfolio performance is available here. Additionally, you can also read one of their recent investor letters.

Taken from Google Finance,

FreightCar America is "a manufacturer of aluminum-bodied railcars in North America, based on the number of railcars delivered. The Company specializes in the production of aluminum-bodied coal-carrying railcars."

CapitalSource is "a commercial finance, investment and asset management company focused on the middle market. The Company operates as a real estate investment trust (REIT), and provides senior and subordinate commercial loans, invest in real estate and residential mortgage assets, and engage in asset management and servicing activities."

GeoEye is "a provider of global space-based, and aerial imagery and geospatial information. The Company operates the IKONOS high resolution and OrbView-2 low-resolution satellites."

MI Developments Inc. "is a real estate operating company engaged in the ownership, management, leasing, development and acquisition of industrial and commercial real estate properties. The Company also own land for industrial development and own and acquire land that would be developed for mixed-use and residential projects."

Knology is "an integrated provider of video, voice, data and advanced communications services to residential and business customers in nine markets in the Southeastern United States and two markets in the Midwestern United States. The Company provides its services over its wholly owned, fully upgraded minimum 750 megahertz interactive broadband network."

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