Lee Ainslie's Maverick Capital Sells Cardiovascular Systems (CSII) Warrants ~ market folly

Friday, December 3, 2010

Lee Ainslie's Maverick Capital Sells Cardiovascular Systems (CSII) Warrants

Lee Ainslie's hedge fund firm Maverick Capital just filed a Form 4 with the SEC regarding Cardiovascular Systems (CSII). Per the filing, we see that the hedge fund sold CSII warrants on November 30th. They sold warrants expiring in September 2013 with an exercise price of $9.28 that represented 134,790 shares. Additionally, they sold February 2014 warrants representing 519,798 shares and a conversion price of $8.83.

As detailed in their most recent 13F filing, Maverick Capital also owned 1,366,817 CSII common shares as of September 30th. So while it's a little unclear if they still hold these shares, they no longer own warrants. (The rest of Maverick's portfolio is analyzed in our latest issue of Hedge Fund Wisdom).

Maverick has returned 14% annualized since inception in 1995 and we posted up their third quarter letter here. Ainslie currently thinks technology stocks are cheap and Maverick has its highest net long technology exposure ever.

Per Google Finance, Cardiovascular Systems is "a medical device company focused on developing and commercializing minimally invasive treatment solutions for vascular disease. The Company’s primary products, the Diamondback 360 PAD System (Diamondback 360) and the Diamondback Predator 360 PAD System (Predator 360), are catheter-based platforms capable of treating a range of plaque types in leg arteries both above and below the knee and address many of the limitations associated with existing treatment alternatives."

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