Bret Barakett's Tremblant Capital Files 13G on Eclipsys (ECLP) ~ market folly

Tuesday, April 14, 2009

Bret Barakett's Tremblant Capital Files 13G on Eclipsys (ECLP)

In a new 13G filed with the SEC after the close yesterday, Bret Barakett's hedge fund Tremblant Capital has added massively to their position and has disclosed a 6.01% ownership stake in Eclipsys (ECLP) with an aggregate amount of shares beneficially owned listed as 3,376,969. The filing was made due to activity on April 1st, 2009. In their 13F filing which lists their holdings from December 31st, 2008, Tremblant only owned 1,031,382 shares of common stock and 666,400 by way of call options. So, they have definitely ratcheted up their position in this name by a large degree. You can view the rest of Tremblant's holdings here.

If you're unfamiliar with this hedge fund, Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name Barakett sounds familiar, it's because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough year. In terms of additional recent activity, they've filed a 13G on Chipotle, where they have been adding to their large position.

Taken from Google Finance,

Eclipsys is a "provider of advanced integrated clinical, revenue cycle and performance management software, and professional services that help healthcare organizations improve clinical, financial, and operational outcomes. It has developed and licensed software and content that is designed for use in connection with many of the key clinical, financial and operational functions that healthcare organizations require. It also provides professional services related to its software."

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