Patrick McCormack's Tiger Consumer Starts Skechers (SKX) Stake ~ market folly

Monday, November 8, 2010

Patrick McCormack's Tiger Consumer Starts Skechers (SKX) Stake

Patrick McCormack's hedge fund Tiger Consumer Management has just filed a 13G with the SEC regarding Skechers USA (SKX). Due to portfolio activity on October 28th, Tiger Consumer has revealed a 5.69% ownership stake with 2,060,317 shares. This is a brand new position for the hedge fund as they did not own shares as of their last SEC disclosure on June 30th. Other activity out of McCormack's fund includes an increase in their Medifast (MED) position a few months ago.

What's interesting about McCormack's Skechers stake is that it's not the first time he's owned it. Tiger Consumer showed a position in SKX back in the first quarter of 2010. But then in the second quarter, disclosures revealed they had sold completely out of the position. But now in the fourth quarter, they own SKX again so we'll have to see how long they own it this time around.

Tiger Consumer is one of the many firms seeded by Tiger Management founder, Julian Robertson. And as its fund name implies, Tiger Consumer focuses primarily on the consumer sector.

Taken from Google Finance, Skechers "design and market Skechers-branded contemporary footwear for men, women and children under several lines. addition to Skechers-branded lines, the Company also offers several designer, fashion and street-focused footwear lines for men, women and children. These lines are branded and marketed separately from Skechers and appeal to specific audiences. Its brands are sold through department stores, specialty stores, athletic retailers, and boutiques as well as catalog and Internet retailers."

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