Tremblant Capital Reduces Rightmove Position

This is the second major hedge fund to reduce a position in UK-traded Rightmove (LON: RMV) in the past month. Brett Barakett's Tremblant Capital Group have reduced its previous 3.97% ownership stake in RMV below the 3% disclosure threshold.

Tremblant actually owned as much as 14.22% of the company back in September 2008 but has steadily reduced its position size since that peak. Before founding Tremblant, Barakett was a portfolio manager for Louis Bacon's global macro hedge fund Moore Capital. Also, Brett's brother, Timothy, used to run fellow hedge fund Atticus Capital.

Just last month, we highlighted that Lee Ainslie's hedge fund Maverick Capital had reduced its position in Rightmove below the 3% ownership stake as well.

Both hedge funds could either retain a small position in the name (<3% of shares each) or they could have sold out of the name completely; it's impossible to discern. We won't know anything further regarding these positions unless they breach the 3% threshold again.

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, rightmove.co.uk, 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."

Scroll through all our coverage of hedge fund activity in UK companies here.

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, rightmove.co.uk, 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.