Elliott Associates Discloses General Growth Properties (GGP) Stake

Paul Singer's hedge fund Elliott Associates has filed a 13G with the SEC in regards to shares of General Growth Properties (GGP). The disclosure was made due to activity on March 9th and they now show a 5.3% ownership stake in the company with 16,738,695 shares. This aggregate beneficial ownership includes various investment entities and subsidiaries of Elliott. The overwhelming majority of their position is via common stock while 103,695 shares are via convertible notes.

Elliott Management was founded by Paul Singer back in 1977 and managers over $12 billion today, typically focusing on distressed assets. Our additional coverage of Elliott Management's Paul Singer includes his recent insight at a hedge fund panel and his previous thoughts at the Ira Sohn conference.

Elliott's entrance into GGP means that yet another prominent investor is bullish on the company's prospects as it emerges from bankruptcy. Other notable investors that have sizable stakes in General Growth Properties (GGP) include Bill Ackman's hedge fund Pershing Square, Whitney Tilson's T2 Partners, and Bruce Berkowitz's Fairholme Fund.

Taken from Google Finance, General Growth Properties is "a self-managed real estate investment trust (REIT). The Company has ownership interest in, or management responsibility for, over 200 regional shopping malls in 43 states, as well as ownership in master planned communities and commercial office buildings. GGP’s business is focused in two main areas: Retail and Other."

To see what other stocks hedge funds are taking large positions in, head to Goldman Sachs' VIP list and the hedge fund generals list.

Hedge Fund Elliott Management's Market Commentary (Investor Letter)

*Update: Letter removed per request of representatives from Elliott. Read on at the bottom of this entry if you want another way to view it.

Very in-depth and analytical commentary out of Elliott Management in their recent second quarter 2009 letter to investors. The hedge fund has penned a 24 page letter covering topics of risk management, the automotive industry, regulation, distressed assets, arbitrage opportunities and much, much more. We highly recommend taking the time to peruse through this lengthy and informative hedge fund investor letter.

Elliott Management was founded by Paul Singer back in 1977 and managers over $12 billion today. They typically focus on distressed investments and back in their first quarter letter mentioned that all the government spending and bailout activity could potentially make the economy worse. RSS & Email readers will need to come to the blog to view the embedded letter.


You can try to download the .pdf directly here if the link still works. Do note that the document is hosted by Scribd, not MarketFolly. If you really want to read the letter it is most likely floating around somewhere on Scribd's site.