Maverick Capital Reduces Rightmove Position (LON: RMV) ~ market folly

Thursday, March 24, 2011

Maverick Capital Reduces Rightmove Position (LON: RMV)

Lee Ainslie's hedge fund Maverick Capital recently reduced its position in UK traded Rightmove (LON: RMV). Due to trading on March 17th, Maverick's position has gone below the 3% ownership stake that requires regulatory disclosure.

The hedge fund could either still hold a small position (<3% of shares) or could have sold out of it completely; it's impossible to discern. We won't know anything further unless they breach the 3% threshold again.

Hedge Funds Gradually Reducing RMV Positions

Rightmove is intriguing because it has garnered interest from many prominent hedge funds. However, these funds have all been reducing their position over time. Steve Mandel's Lone Pine Capital, as of last disclosure, owns 4.99% of RMV's stock. At one point back in December 2008, they held over 10% of shares. We've also detailed some of Lone Pine's recent portfolio activity here.

Additionally, Brett Barakett's Tremblant Capital Group currently own around 3.97% of Rightmove's outstanding shares. While they still own it, they have steadily reduced their position since a peak ownership stake of 14.22% in September 2008. For the rest of our coverage of hedge fund positions in UK markets, check out Eton Park Capital's recent activity.

Per Google Finance, Rightmove is "a United Kingdom-based company that operates in a residential property industry, connecting people to properties. The Company is principally engaged in the operation of the Rightmove Website,, which is the residential property portal. Its customers include estate agents, rental agents and home developers, who pay fees for the right to display properties on the Rightmove Website, which provide home hunters with property details to search."

For more from Ainslie's fund, check out Maverick Capital's year-end letter discussing the impact of fund size on returns.

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