Tiger Veda Starts EADS, Osram Licht Stakes: Q3 Letter

Manish Chopra's hedge fund Tiger Veda initiated a few new positions in the third quarter according to their Q3 letter.  Tiger Veda bought Osram Licht, EADS, and KAR Auctions Services.

Readers might already be familiar with Osram Licht because David Einhorn's hedge fund purchased it as well and mentioned it in Greenlight Capital's Q3 letter which we previously posted.  This lighting manufacturer was spun-off from Siemens and is a restructuring play.

Of their new EADS stake, Tiger Veda writes,

"EADS in France, the manufacturer of Airbus aircraft and various defense businesses, that we expect will grow earnings materially over the next 5 years, due to losses from old products going away, well executed high incremental margin product introductions hitting the tarmac, and a restructuring of the defense businesses post ridding the company (Board) of government supervisors (Directors), as they sold down their equity stakes to undergo an attempt at a transformation towards the profit margins of Boeing."

Chopra also purchased shares of KAR Auctions Services (KAR), a used car auctioneer.  

During the third quarter, Tiger Veda had average gross exposure of 114% and average net exposure of 68%.  Their top five holdings at the end of Q3 were Tribune, Macquarie Infrastructure, Royal Caribbean, Gencorp, and Air Lease.


For more Q3 hedge fund letters, head to:

- Dan Loeb & Third Point's Q3 letter

- David Einhorn & Greenlight Capital's Q3 letter

- Bill Ackman's  (Pershing Square) Q3 letter

- Cobalt Capital thesis on EOG Resources

- Hoplite Capital's Q3 letter

- Corsair Capital's thesis on News Corp

- Ruffer's Q3 letter

Eliav Assouline's Hedge Fund Axial Capital Management Adds to a Position

This is the first time we've covered Eliav Assouline and Marc Andersen's hedge fund Axial Capital Management so we'll cover some brief background before diving into the latest portfolio update. Assouline founded the fund in 2005 and is known as a 'Tiger Seed' because Axial was seeded by legendary hedge fund manager Julian Robertson. Axial offices along with other Tiger Seeds at the historic 101 Park Avenue address and joins the proverbial Tiger Management family tree.

Now, turning to the latest portfolio activity out of Axial, we see that they have filed a 13G with the SEC in regards to shares of Macquarie Infrastructure Company (MIC). The filing was made due to activity on April 5th, 2010 and they now own 5.03% of the company (MIC) with 2,283,210 shares. This is an increase in their position as they previously owned 1,428,734 shares on December 31st, 2009. This means that Axial boosted their stake by 59.8%, adding 854,476 more shares over the past four months.

Year to date for 2010, shares of Macquarie are up over 31%. Also, we see that another Tiger Seed hedge fund has a large stake in shares of MIC: Manish Chopra's Tiger Veda Management. Taken from Google Finance, Macquarie Infrastructure Company LLC (MIC) "owns, operates and invests in a diversified group of infrastructure businesses in the United States. The Company operates in two segments: the Energy-Related Businesses and the Aviation-Related Business."

To see what other top investment managers are up to, head to our latest hedge fund portfolio tracking.