Coatue Management & Maverick Capital Short Ashtead Group ~ market folly

Monday, October 5, 2015

Coatue Management & Maverick Capital Short Ashtead Group

Philippe Laffont's hedge fund firm Coatue Management has recently filed a disclosure with the UK's regulatory body regarding a short position.  They are now short 1.02% of Ashtead Group's (LON:AHT) shares as of September 30th.  This is up from the 0.91% of shares they were short just two days prior.  This is also an increase from the 0.52% they were short back on August 6th.

Lee Ainslie's hedge fund Maverick Capital has also filed similar disclosures.  Per their filing, Maverick now is short 0.74% of Ashtead Group as of September 24th.  However, Maverick's position has decreased in size recently from the 0.85% of shares they were short on September 23rd.

Given the volatility in markets as of late, we're providing updates on various hedge fund short positions.  You can scroll through them all by clicking here: hedge fund short positions.

The UK regulatory rules for short position disclosures state that hedge funds must file when their net short position eclipses 0.2% of the issued share capital of a company.  Notification is also required again at each 0.1% increment after that.  This applies to both increases and decreases in the position.  Public disclosure is required when net short positions reach 0.5% of issued share capital.  Additionally, disclosure is required when the position subsequently falls below 0.5%.

Per Google Finance, Ashtead Group is "a United Kingdom-based equipment rental company with networks in the United States and the United Kingdom. The Company operates through two business units: Sunbelt, which provides pump and power, climate control and scaffolding service, and A-Plant business, which operates through Eve Trakway Limited (Eve), which constructs temporary roadways and barriers; PSS, which offers trenchless technology and fusion services, and FLG (lifting) services. Both the units are also engaged in general equipment and related businesses. The Company rents a range of construction and industrial equipment across a range of applications. Its equipment can be used to lift, power, generate, move, dig, compact, drill, support, scrub, pump, direct, heat and ventilate. Its subsidiaries include Ashtead Holdings PLC, Sunbelt Rentals, Inc., Sunbelt Rentals Industrial Services LLC, Ashtead Plant Hire Company Limited, Ashtead Capital, Inc. and Ashtead Financing Limited."

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