Farallon Capital Discloses KLX Position (Spin-Off From B/E Aerospace)

Andrew Spokes' hedge fund firm Farallon Capital has filed a 13G with the SEC regarding shares of KLX Inc (KLXI).  Per the filing, Farallon now owns 7% of the company with 3,675,000 shares.

This is a newly disclosed equity position for the firm and the filing was made due to activity on January 16th.  KLX was recently spun-off from B/E Aerospace (BEAV) and BEAV shareholders received 1 KLXI share for every 2 BEAV shares held.

Given that Farallon didn't own BEAV as of the end of the third quarter, they either bought BEAV in the fourth quarter and then received KLXI shares in the spin-off, or they just purchased KLXI straight up once it was separated.

Per Google Finance, KLX is "the distributor and service provider of aerospace fasteners and consumables. The Company offers ranges of aerospace hardware and consumables, and inventory management services across the world. The Company operates in two segments: Aerospace Solutions Group (ASG) segment and Energy Services Group (ESG) segment. Its customers include oil and gas companies that are engaged in the exploration, and production and development of oil and gas properties. The Company through its network and information technology systems offer services to commercial airliners, business jet and defense original equipment manufacturer (OEMs) and its subcontractors, airlines, and maintenance, repair and overhaul (MRO) operators. The Company provides access to over one million stock keeping unit (SKUs). Its systems support both internal distribution processes, along with customer services, including just-in-time deliveries and kitting solutions."

Lone Pine Capital Adds to B/E Aerospace, Dollar General & DSW

Steve Mandel's hedge fund firm Lone Pine Capital has filed 3 separate 13G's with the SEC.  Here's the breakdown:


B/E Aerospace (BEAV)

First, Lone Pine has disclosed a 5% ownership stake in B/E Aerospace (BEAV) with 5,285,850 shares.  The 13G filed with the SEC was required due to portfolio activity on August 16th and represents a 22% increase in their position size since the end of Q2.

BEAV was analyzed in our premium Hedge Fund Wisdom newsletter last November and is up over 58% since then. Lone Pine originally started their BEAV position back in the first quarter of 2012.

Per Google Finance, B/E Aerospace is "a manufacturer of cabin interior products for commercial aircraft and business jets and distributor of aerospace fasteners and consumables. The Company sells its products directly to the airlines and aerospace manufacturers. It also designs, engineers and manufactures customized fully integrated thermal and power management solutions for participants in the defense industry, aerospace original equipment manufacturers (OEMs) and the airlines. In addition, it provides aircraft cabin interior reconfiguration, program management and certification services. The Company operates in three segments: commercial aircraft, consumables management and business jet."


Dollar General (DG)

Second, Mandel's hedge fund also revealed a 5.4% ownership stake in Dollar General (DG) with 17,684,604 shares.  The 13G was filed with the SEC due to trading activity on August 14th.  Their position size has increased almost 30% since the end of Q2.

Per Google Finance, Dollar General is "a discount retailer in the United States primarily in the southern, southwestern, midwestern and eastern United States. The Company offers a selection of merchandise, including consumables, seasonal, home products and apparel. The Company's merchandise includes national brands from manufacturers, as well as private brand selections with prices at substantial discounts to national brands. It offers its merchandise at everyday low prices through its convenient small-box (approximately 7,200 square feet) locations"


DSW (DSW)

Lastly, Lone Pine has disclosed a 5.6% ownership stake in DSW (DSW) with 2,045,064 shares.  This means they've over doubled their exposure to this name since the end of the second quarter.

The 13G Lone Pine filed with the SEC signifies portfolio activity on August 16th.

Per Google Finance, DSW is "a United States branded footwear and accessories specialty retailer.  DSW has two segments: the DSW segment, which includes the DSW stores and dsw.com sales channels, and the leased business division segment"

For more on this hedge fund, we've also highlighted some of Lone Pine's other activity here.

Lone Pine Capital Starts VeriSign Stake, Adds to BE Aerospace Position

Steve Mandel's hedge fund firm Lone Pine Capital just filed two 13G's with the SEC:

VeriSign (VRSN)

First, Lone Pine has started a brand new position in VeriSign (VRSN).  The hedge fund now owns 5.5% of the company with just over 8.6 million shares.  They did not own any VRSN at the close of the second quarter and the SEC filing was made due to portfolio activity on August 17th.

VeriSign (VRSN), a provider of internet infrastructure services, was purchased by numerous hedge funds in the second quarter and the company is analyzed in the brand new issue of our premium newsletter that was just released.  So definitely check it out to see the bull and bear case on the name.


BE Aerospace (BEAV)

Second, Mandel's firm has boosted its stake in BE Aerospace (BEAV).  Per the 13G filing, Lone Pine now owns 5.7% of the company with 5,955,262 shares.  This marks an increase of 31% in their position size since the end of June.

Back in July, the company reaffirmed EPS guidance for FY 2012 and raised revenue guidance for FY 2012.  Lone Pine filed the disclosure due to portfolio activity on August 17th.

Per Google Finance, BE Aerospace is "a manufacturer of cabin interior products for commercial aircraft and business jets and distributor of aerospace fasteners and consumables. The Company sells its products directly to the airlines and aerospace manufacturers. It also designs, engineers and manufactures customized fully integrated thermal and power management solutions for participants in the defense industry, aerospace original equipment manufacturers (OEMs) and the airlines."


To see the rest of Lone Pine's US stock portfolio, their portfolio changes are broken down in our Hedge Fund Wisdom newsletter.