Tiger Global Adds to Carter's Stake ~ market folly

Thursday, October 31, 2013

Tiger Global Adds to Carter's Stake

Chase Coleman and Feroz Dewan's investment fund Tiger Global just filed an amended 13G with the SEC regarding their stake in Carter's (CRI).  Per the filing, they've disclosed an 8.2% ownership stake in CRI with 5,653,031 shares.

This marks a 41% increase in their position size since the end of second quarter.  They bought over 1.6 million shares and the event date that required the filing was October 24th, the same day CRI shares were down 8% after reporting earnings.

Prior to this filing, Tiger Global was already one of the largest institutional holders of Carter's shares, and now they own even more.

Numerous other prominent hedge funds we track have also been long CRI shares as of Q2, including Viking Global, Hound Partners, Pennant Capital, Corvex Management, and Glenview Capital.  In a few weeks, we'll see who remains long as of the end of Q3.

Per Google Finance, Carter's is "is a branded marketer of apparel for babies and young children in the United States. The Company owns two brand names in the children’s apparel industry, Carter’s and OshKosh. Its Carter’s brand provides apparel for children sizes ranging from newborn to seven. OshKosh brand provides its line of apparel for children sizes newborn to 12. Its Carter’s, OshKosh, and related brands are sold to national department stores, chain and specialty stores and discount retailers."

For more on this hedge fund, we've posted some other recent Tiger Global portfolio activity here.

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