David Einhorn Buys Seagate Technology (STX), Sells Various Stocks

ZeroHedge posted up David Einhorn & Greenlight Capital's Q2 investor letter which reveals that the hedge fund was down 2.5% for the quarter and is now down 5% for the year.

Greenlight noted that the US economy has continued to soften as energy and food prices eroded consumer purchasing power. At the same time, Greenlight points to strong corporate earnings as a positive.

Bought Seagate Technology (STX)

During the quarter, Einhorn's hedge fund saw notable portfolio turnover. Greenlight built a "medium sized long position" in Seagate Technology (STX) with an average purchase price of $16.06 a share (STX currently trades around $16.90). The current issue of our Hedge Fund Wisdom newsletter features an analysis of STX for those interested.

Sold Positions

Greenlight also sold completely out of its position in Cardinal Health (CAH). At the same time, they continue to hold a large position in CAH's spin-off, CareFusion (CFN). You can also see the investment thesis on CFN in a free sample of our newsletter.

Einhorn's fund also sold out of CIT Group (CIT), Yahoo! (YHOO), Vicat SA (France: VCT), MI Developments (MIM), MDC Holdings (MDC), and Xerox (XRX). They also covered their short position in LED-maker Cree (CREE).

While Einhorn sold out of CIT Group, we noted last week that Dan Loeb's Third Point continues to hold CIT as one of their largest positions.

Given that Greenlight sold so many positions, it will be interested to see if they've put that capital to work elsewhere or have merely raised cash levels as a form of protection. We've highlighted one buy as Greenlight purchased Playtech (LON:PTEC) shares. Embedded below is Greenlight's Q2 letter:



If the embedded doc doesn't work, you can view/download it here.

For more from Einhorn, be sure to check out his presentation from the Ira Sohn Conference.

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David Einhorn Buys Sprint Nextel (S), Discusses His Other Positions: Interview

David Einhorn of $7 billion hedge fund firm Greenlight Capital was a guest host on CNBC's Squawk Box yesterday morning and provided us with updates on his long positions, short positions, macro views, and more. Einhorn has also been out promoting the new paperback version of his book, Fooling Some of the People All of the Time. It includes a foreword by Joel Greenblatt and a new epilogue with final details of the story's completion.

In his interview, Einhorn reveals that Greenlight Capital recently initiated a position in Sprint Nextel (S). The company has had a tumultuous past and he thinks it is poised for a turnaround, citing improved churn, reputation, handset offerings, and customer service. He also makes it a point to highlight Sprint's vast spectrum as he thinks Sprint can gain market share from such a vast network. Other than that though, Einhorn has found slim pickings in the market as he says things have been "pretty slow."

In terms of his other positions, Einhorn brings up his stake in CareFusion (CFN) that he's owned for a while as it spun-off from Cardinal Health (CAH). He sees CFN experiencing margin expansion in the future and as a play on growth in market share in the company's segment of medical devices. We penned an in-depth research report on CareFusion in our new issue of Hedge Fund Wisdom for those interested.

Einhorn has returned north of 21% annualized (net) and still likes his position in Apple (AAPL) but acknowledges that the company is by no means in the early stages of its growth as the stock has done remarkably well for some time. Regarding his stake in Pfizer (PFE), the Greenlight Capital manager is curious to see what direction the new CEO takes the company in but he still likes it as an investment due to its extremely low multiple.

Lastly, he reiterates that gold (physical, not the ETF) is his fund's largest position but still has yet to disclose just how much of the precious metal he owns. Much of what Einhorn revealed on CNBC, he largely already spoke about in his recent interview with Consuelo Mack which we also detailed.

However, the hedge fund manager did provide us with a few new tidbits yesterday. Turning to Greenlight Capital's latest exposure levels, Einhorn notes that he is typically pretty fully invested and doesn't necessarily hold a lot of cash on hand. At the present, he's about 30-35% net long which is just slightly below the long/short equity hedge fund historical averages of 35-40%.

Here's the video of Einhorn's interview and email readers will need to come to the site to view it:



Part 2 of Einhorn's interview follows with his thoughts on macro issues:



Part 3 details the Greenlight Capital manager's ability to spot red flags such as Lehman Brothers in November 2007 which he correctly identified, shorted, and profited from:



That wraps up another rare David Einhorn television interview. For an in-depth look at the rest of Einhorn's US equity longs, head to our newsletter. We've also posted up a plethora of resources related to Greenlight Capital detailed below:

- The short case on St. Joe (JOE)
- Einhorn's thesis on Vodafone (VOD)
- Greenlight's Q3 letter to investors

David Einhorn Talks Gold, Apple (AAPL), Pfizer (PFE), CareFusion (CFN), St. Joe (JOE) & Moody's (MCO)

David Einhorn, manager of hedge fund Greenlight Capital, recently sat down for a rare interview with Consuelo Mack on WealthTrack. The interview encompasses topics ranging from quantitative easing 2, his worries about the financial system, as well as many of his current positions including gold, Pfizer (PFE), Apple (AAPL), CareFusion (CFN) and his shorts of St. Joe (JOE) and Moody's (MCO). Einhorn has returned 22% annualized so it's always worth paying attention to what he has to say.

CareFusion (CFN)

We'll first start with a position that Einhorn hasn't talked much about previously: CareFusion (CFN). This medical device maker was spun-off from Cardinal Health (CAH) and is essentially a mix of various high multiple, high growth, high margin businesses. CFN has an infusion business which Einhorn thinks will benefit due to a competitor (Baxter ~ BAX) having to recall equipment. The Greenlight manager likes that CFN has an opportunity to take market share and a year later receive recurring revenue.

Einhorn says that, "so we think there's an opportunity here for them to expand their revenues, to expand their margins, obviously expand their earnings, and we don't believe that this has been fully adopted by Wall Street, which is very focused on medical devices and health care reform, and all the problems that go within that sector." Interestingly enough, we published an in-depth research report on CareFusion in our new issue of Hedge Fund Wisdom for those of you interested in the full investment thesis.

Apple (AAPL)

Another new position for Einhorn is Apple and we wanted to highlight his comments since he's only briefly mentioned it in a past investor letter. He's admired the company for a while, but has always had a hard time grasping the valuation. Over the summer when shares dipped (he purchased around $248 per share), he was comfortable with the value and pulled the trigger. Overall, he likes the company's growth profile as it has a multiple in the low teens and is unlevered.

Of his AAPL position Einhorn says, "Looking at Apple today, the stock is about $310, or $320 a share. There's about $45 a share in cash. So you're paying about $265 for the business. I think they're going to earn well over $20 a share in the next year, so you're looking at a PE net of the cash in the low teens, which is below a market multiple."

Pfizer (PFE)

This has been a longstanding position for Greenlight Capital so it's always intriguing to re-visit his thesis on this name. He highlights that everyone knows PFE's main issue is that its biggest drug, Lipitor, is coming off of patent. Einhorn feels that after this event the company will still see a lot of earnings. He feels that the company will be able to "sort of cost cut themselves to maintain the profitability that they're promising people, and then when people see that there's still more than two dollars a share of earnings, even without patented Lipitor driving the results, I think there'll be an opportunity for the multiple to improve on those earnings."

St. Joe (JOE)

And lastly, Einhorn revisits his short of St. Joe (JOE). Readers will recall that Einhorn laid out the bear case for JOE at the Value Investing Congress that sent shares spiraling downward. This has been an interesting saga mainly because another guru we track on the site, Bruce Berkowitz of Fairholme Capital, has taken the other side of the trade and is long JOE in size. Einhorn feels that the company trades well above the value of its land.

Embedded below is the video of David Einhorn's entire WealthTrack interview with Consuelo Mack (RSS & email readers will need to come to the site to watch it):



Interesting thoughts from Einhorn all around and it's good to hear elaborations on the theses of some of his investments. You can see what else Einhorn is investing in via our Hedge Fund Wisdom newsletter (new issue just released!) And for more thoughts from this talented hedge fund manager, check out his book: Fooling Some of the People All of the Time.

David Einhorn's Greenlight Capital Bets on CIT Group & Pfizer: 13F Filing (Q1 2010)

(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund filings.)

Next up is David Einhorn's hedge fund Greenlight Capital. Greenlight is a value oriented investment firm with a focus on spin-offs, mergers and other catalytic situations. Einhorn graduated Summa cum laude from Cornell and launched his long/short hedge fund with $1 million back in 1996 and nowadays is a multi-billion dollar fund. For 2009, Greenlight's various hedge funds were up between 30.6% and 36.9% as noted in our hedge fund performances list.

Greenlight has also returned an impressive 22% annualized since inception if you needed another reason to track them. In terms of recent portfolio activity, we posted up two of Greenlight's position changes. To learn more about Einhorn's investment process, we highly recommend reading his book: Fooling Some of the People All of the Time.

The positions listed below were Greenlight's long equity, note, and options holdings as of March 31st, 2010 as filed with the SEC. All holdings are common stock unless otherwise denoted:


Brand New Positions
Xerox (XRX)
NVR (NVR)
Flagstar Bancorp (FBC)
Symetra Financial (SYA)
Coinstar (CSTR)
Iconix Brand Group (ICON)


Increased Positions
Energy Partners (EPL): Increased position by 2,226.7%
Foster Wheeler (FWLT): Increased by 401%
CIT Group (CIT): Increased by 67.55%
Ralcorp (RAH): Increased by 50%
EMC (EMC): Increased by 24.5%
Pfizer (PFE): Increased by 22.63%


Reduced Positions
URS (URS): Reduced position by 50%
Health Management (HMA): Reduced by 28.5%


Positions They Sold Out of Completely
Boston Scientific (BSX)
McDermott (MDR)
BJ Services (BJS)
Patterson UTI-Energy (PTEN)
Ticketmaster (TKTM - merged with LiveNation (LYV), a position Einhorn sold)
Endurance Specialty Holdings (ENH)
MEMC Electronics (WFR)
Barrick Gold (ABX)
Huntsman (HUN)
Nike (NKE)
Sinclair Broadcast (SBGI)


Top 15 Holdings (by percentage of assets reported on 13F filing)

1. CIT Group (CIT): 14.07%
   
2. Pfizer (PFE): 10.62%
   
3. Cardinal Health (CAH): 8.05%
   
4. CareFusion (CFN): 7.86%
   
5. EMC (EMC): 5.48%
   
6. Einstein Noah Restaurant Group (BAGL): 4.45%
   
7. Aspen Insurance (AHL): 4.07%
   
8. Travelers (TRV): 3.92%
   
9. Microsoft (MSFT): 3.40%
   
10. Foster Wheeler (FWLT): 3.36%
    
11. Ralcorp (RAH): 3.12%
    
12. URS (URS): 3.05%
    
13. Health Net (HNT): 2.97%
    
14. Everest Re (RE): 2.71%
15. MI Developments (MIM)
    

We already knew from Greenlight Capital's investor letter that their portfolio activity was pretty muted for the first quarter and the 13F filing confirms that. That said, there are a few transactions we wanted to highlight. They added significantly to their position in CIT Group (CIT) which is intriguing because it is their top US equity long. We just noted yesterday that Seth Klarman's Baupost Group sold completely out of CIT so the divergence here is intriguing. Greenlight's exit from shares of Boston Scientific was also notable, but we already knew about that from their letter.

If you hadn't noticed, there are clearly two portfolio themes at play here: health and insurance. Einhorn has owned many of these positions for multiple quarters now and it's clear he thinks the market is undervaluing these companies' prospects. While Einhorn specifically holds a decent sized stake in Travelers (TRV), we learned yesterday that Warren Buffett sold out of TRV. So yet again, we have a divergence of opinion from two great investors.

Other notable activity out of Einhorn's hedge fund includes adding to their position in Pfizer (PFE), which is now their second largest holding. Additionally, they added heftily to their position in infrastructure play Foster Wheeler (FWLT). While Greenlight increased their position in Energy Partners (EPL) substantially on a percentage basis, the position is still relatively small in the context of their overall portfolio.

In the past, we'd also detailed Einhorn's thesis on Vodafone (VOD) but prudent observers will notice this position is not listed in the 13F filing. This is most likely because Greenlight has invested in the VOD shares traded directly in London, a security that does not require disclosure here in the US with the SEC. As we saw in Greenlight's first quarter letter, Einhorn still owns Vodafone and as a matter of fact it's one of their top positions. Additionally, they also still hold a large position in physical gold which obviously does not appear in disclosures either. Einhorn has selected physical gold as it was cheaper to maintain than paying expense ratios on exchange traded funds like GLD. To learn more about Greenlight, head to Einhorn's book entitled, Fooling Some of the People All of the Time.

Assets reported on the 13F filing were $2.93 billion this quarter. Data from the SEC is aggregated and sorted automatically by Alphaclone, our source for sorting through all the hedge fund portfolio maneuvers and backtesting the performance (Market Folly readers can receive a special free 30 day trial). Remember that these filings are not representative of the hedge fund's entire base of AUM.

This post is part of our daily hedge fund portfolio tracking series. We've already detailed activity from numerous managers so click the links below to be taken to the respective portfolio updates: Seth Klarman's Baupost Group, Warren Buffett's Berkshire Hathaway, Stephen Mandel's Lone Pine Capital, and Bill Ackman's Pershing Square Capital Management. Be sure to check back daily for new hedge fund updates.

David Einhorn's Greenlight Capital Betting On Boston Scientific (BSX): 13F Analysis

(This post is part of our series on tracking hedge fund portfolios. If you're unfamiliar with tracking investments they disclose via SEC filings, check out our series preface on hedge fund 13F filings.)

Next up is value investor David Einhorn and his hedge fund Greenlight Capital. As we learned in Einhorn's recent investor letter, Greenlight Capital has returned 22% annualized since inception, a truly solid track record. Their emphasis is typically on spin-offs, mergers, and other value unlocking events. For 2009, Greenlight's various hedge funds were up 36.9%, 33.7%, and 30.6% as mentioned in our 2009 hedge fund performance numbers post.

The positions listed below were Greenlight's long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. Note that we are only covering the major portfolio maneuvers. All holdings are common stock unless otherwise denoted.


Brand New Positions
Boston Scientific (BSX ~ we already knew about this position from Einhorn's letter)
CIT Group (CIT)
Ralcorp Holdings (RAH)
Becton Dickinson (BDX)
Energy Partners (EPL ~ this one was a very small position)


Increased Positions
Foster Wheeler (FWLT): Increased by 92.9%
Pfizer (PFE): Increased by 23.5%
URS Corp (URS): Increased by 4.81%
Automatic Data Processing (ADP): Increased by 3.2%


Reduced Positions
Barrick Gold (ABX): Reduced by 94.7%
Huntsman (HUN): Reduced by 89.66%
Sinclair Broadcast (SBGI): Reduced by 80.7%
Teradata (TDC): Reduced by 66.2%
Patterson UTI (PTEN): Reduced by 62.3%
MEMC Electronics (WFR): Reduced by 60%
Nike (NKE): Reduced by 53.9%
Endurance Specialty Holdings (ENH): Reduced by 29%
BJ Services (BJS): Reduced by 26.7%
Ticketmaster (TKTM): Reduced by 25.9%


Removed Positions (Sold out completely):
EchoStar (SATS)
Danaos (DAC)
Teekay (TK)
Anixter (AXE)
Belden (BDC)
Crosstex Energy (XTXI)
Novatel Wireless (NVTL)
Duke Realty (DRE)
Smithfield Foods (SFD)
Aircastle (AYR)
Colonial Propeerties (CLP)
General Cable (BGC)
Liberty Media (LINTA)
Oshkosh (OSK)
Amkor (AMKR)
AerCap (AER)
Wyeth (WYE)


Top 15 Holdings (by percentage of assets reported on 13F filing)

1. Boston Scientific (BSX): 10.54%
2. Pfizer (PFE): 9.65%
3. Carefusion (CFN): 7.81%
4. Cardinal Health (CAH): 7.57%
   
5. CIT Group (CIT): 6.25%
6. URS (URS): 5.76%
7. EMC (EMC): 4.48%
8. Travelers Companies (TRV): 3.81%
9. Aspen Insurance (AHL): 3.78%
10. Einstein Noah Restaurants (BAGL): 3.78%
11. Microsoft (MSFT): 3.71%
12. Everest Re (RE): 3.01%
13. HealthNet (HNT): 2.92%
14. McDermott (MDR): 2.81%
15. MI Developments (MIM): 2.49%
    

As you can see, the theme of health plays prominently in Greenlight Capital's long US equity portfolio. By far the largest activity out of Einhorn's fund in the fourth quarter was their brand new position in Boston Scientific (BSX). They also show a new stake in CIT Group (CIT), but keep in mind that this is most likely a result of the debt to equity conversion. Not to mention, we already knew of these positions since Einhorn disclosed them in his recent investor letter. However, we did not quite know the size of their BSX stake as it is now their top US equity long holding. Pfizer comes in a close second, a position which they again added to in the fourth quarter.

Another notable increase was that they almost doubled their stake in Foster Wheeler, though the position is still sized smaller relative to their overall portfolio. On the selling side, Greenlight was out in full force as they unloaded a ton of names and heavily reduced others such as Huntsman, Teradata, and Barrick Gold. Don't forget that Einhorn also has a large physical gold position that obviously doesn't show up in these filings, so that could partially explain the sale of that last position.

Keep in mind also that Greenlight also has numerous European equity positions that don't show up in a 13F filing and we know they have a large position in Vodafone Group and we also detailed their new position in F&C Asset Management. Assessing their entire portfolio, Greenlight's six largest disclosed long positions are Arkema, Boston Scientific, CIT Group, Ford Motor Company debt, gold, and Vodafone Group.

If you wanted to better understand how Greenlight hypothesizes and researches their investment themes, we highly recommend checking out Einhorn's book Fooling Some of the People All of the Time: A Long Short Story. Typically, Greenlight approaches things by identifying mispricings in the markets and then proceeding from there. Their performance track record speaks volumes as to their success.

Assets from the holdings reported to the SEC via 13F filing were $2.79 billion this quarter compared to $2.66 billion last quarter. Remember that these filings are not representative of the hedge fund's entire base of assets under management. Therefore, the figures above represent the percentage of their reported 13F assets, not their entire portfolio.

We'll be tracking 40+ prominent funds in our fourth quarter 2009 hedge fund portfolio tracking series. We've already covered Seth Klarman's Baupost Group, Mohnish Pabrai's Investment Fund and Carl Icahn's hedge fund Icahn Partners so check back daily for our updates.

David Einhorn's Greenlight Capital Likes Health Plays: 13F Filing

This is the third quarter 2009 edition of our hedge fund portfolio tracking series. If you're unfamiliar with tracking hedge fund movements or SEC filings, check out our series preface on hedge fund 13F filings.

Next up in our series is David Einhorn's hedge fund Greenlight Capital. Around the end of October, Einhorn's fund was up 30% year-to-date and had recouped all losses from last year. Greenlight is a $6 billion hedge fund that focuses on value investing with a focus on spin-offs. They have seen solid annual returns of over 20% and are a great fund to track. To get a better idea as to how Greenlight constructs and researches their investment themes, we highly recommend checking out Einhorn's book Fooling Some of the People All of the Time: A Long Short Story. Greenlight typically approaches things by identifying mispricings in the markets and then proceeding from there. We cover Einhorn's hedge fund extensively on the blog and have detailed their recent movements, so make sure you also check out Einhorn's presentation at the Value Investing Congress, as well as his insight from the Great Investors Best Ideas conference.

Keep in mind that the positions listed below were Greenlight's long equity, note, and options holdings as of September 30th, 2009 as filed with the SEC. We don't cover every single portfolio maneuver, as we instead focus on all the big moves. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated last quarter):
Listed with their largest new stakes first and descending down
Carefusion (CFN)
Travelers (TRV)
Automatic Data Processing (ADP)
Validus Holdings (VR)
Barrick Gold (ABX)
Novatel Wireless (NVTL)


Some Increased Positions (Stakes they already owned but added shares to)
HealthNet (HNT): Increased stake by 433%
Microsoft (MSFT): Increased by 240%
Cardinal Health (CAH): Increased by 67.5%
Everest Re Group (RE): Increased by 51.3%
URS Corp (URS): Increased by 7.8%


Some Reduced Positions (Names they sold shares in)
Echostar (SATS): Reduced stake by 97.2%
Ticketmaster (TKTM): Reduced by 75.6%
MEMC Electronics (WFR): Reduced by 71.4%
Health Management Associates (HMA): Reduced by 35%
ATP Oil & Gas (ATPG): Reduced by 23.9%


Removed Positions (Positions they sold out of completely)
Allegheny Energy (AYE) - we saw this in their investor letter already earlier
IPC Holdings (PCR)
Harman (HAR)
Helix Energy (HLX)
Dana (DAN)
Max Capital (MXGL)
Guaranty Financial (GFGFQ)
KKR Financial (KFN)
Energy Partners (EPL)
Liz Claiborne (LIZ)


Top 15 Holdings by percentage of assets reported on their 13F filing

1. Pfizer (PFE): 7.64%
2. CareFusion (CFN): 7.32%
3. Cardinal Health (CAH): 6.86%
4. Teradata (TDC): 6.56%
5. URS (URS): 5.78%
6. Gold Miners ETF (GDX): 5.58%
7. Wyeth (WYE): 5.35%
8. Einstein Noah Restaurant (BAGL): 4.97%
9. EMC (EMC): 4.75%
10. Aspen Insurance (AHL): 4.22%
11. Travelers (TRV): 4.04%
12. Microsoft (MSFT): 3.39%
13. Everest Re (RE): 3.22%
14. McDermott (MDR): 3.17%
15. MI Developments (MIM): 2.93%
    

Please note that the portfolio percentages listed directly above for their 15 largest US equity holdings do not take into consideration their positions in other markets, cash holdings, or short positions. Greenlight is notable for often holding large overseas stakes in addition to their US equities listed above and we just wanted to remind everyone that the longs listed in this article are not representative of their entire hedge fund portfolio. SEC filings only require them to disclose long positions held in American markets.

Turning to the data we just examined, we see that Greenlight Capital actually left a lot of their portfolio positions unchanged as they neither bought nor sold shares in many names. Not to mention, a lot of their portfolio changes were already detailed in their recent investor letter. However, we do have a few changes to touch on based on their latest 13F filing. Firstly, they boosted their stake in Cardinal Health (CAH) to a much higher portfolio allocation. Additionally, they added in size to their HealthNet (HNT) position. This one is interesting because we recently saw hedge fund colleague Dan Loeb and his Third Point add HNT shares to their portfolio as well. Couple all of this with the fact that they started a brand new position in CareFusion (CFN) which was recently spun off from Cardinal Health. Greenlight is playing the healthcare and medicine theme quite heavily here. Not to mention, their largest holding is Pfizer (PFE) which means their top 3 holdings are all related to medicine in one form or another.

Stakes they sold completely out of that were notable include Allegheny Energy, Harman, and Helix Energy. They also took some profits and sold some shares in ATP Oil & Gas (ATPG) as this name has been on a tear, up over 170% year-to-date for 2009. In terms of positions Greenlight already owned but added heavily to, we see that they boosted their stake in Microsoft (MSFT) significantly.

Keep in mind that while Einhorn has disclosed his position in the gold miners via GDX, we cannot see his massive gold position because he moved away from the gold trust ETF ticker GLD a while ago and he is now storing physical gold. Einhorn recently sung the praises of gold in his presentation at the Value Investing Congress as well as in his remarks from the Great Investors' Best Ideas symposium. In addition to his position in the gold miner exchange traded fund, Einhorn also started a brand new stake in specific miner Barrick Gold (ABX). We just want to make sure everyone is still aware that physical gold is by far and away one of Greenlight's largest portfolio positions even though we cannot see it in the filings.

Turning to companies Einhorn is negative on, we got a glimpse at one of his prized short positions when he detailed why he is short the ratings agencies. Additionally, in a recent investor letter we saw that Greenlight's short portfolio contains 'credit-sensitive financial institutions and REITs'. Specifically citing the REITs, Einhorn says that most of their shorts in this space have cap rates of around 6% and have dividend yields under 5%. Time to start taking guesses as to which financials and REITs he's short.

In terms of overseas positions, we know that Einhorn had been selling shares of Punch Taverns (LON: PUB) as well. Assets from the collective holdings reported to the SEC via 13F filing were $2.6 billion this quarter compared to $2.8 billion last quarter, so a slight downtick in assets invested in long US equities. Please keep in mind that when we state "percentage of portfolio," we are referring to the percentage of assets reported on the 13F filing. Since these filings only report longs (and not shorts or cash positions), the percentages are skewed. Realistically, the position percentages are more watered down in their actual hedge fund portfolio.

This is just one of the 40+ prominent funds that we'll be covering in our Q3 2009 hedge fund portfolio series. We've already covered Seth Klarman's Baupost Group Bill Ackman's Pershing Square, Stephen Mandel's Lone Pine Capital, and Dan Loeb's Third Point LLC so check back daily as we'll be posting up a new hedge fund each morning.