Hedge Fund Jana Partners Sells More Convergys (CVG): Form 4

Somehow all of our posts are not being published and we do apologize for this inconvenience. Hopefully we have remedied this matter and we are going through to make sure all of the content is now live. This particular update focuses on all things Jana Partners. Barry Rosenstein's hedge fund has been quite busy with numerous SEC filings. We'll start with the most recent and then work our way back.

In a Form 4 filed with the SEC, hedge fund Jana Partners has disclosed sales of shares of Convergys (CVG) on June 11th and 12th, 2009. They sold at prices of $9.53, $9.52, and $9.25, with the bulk of their sale coming at $9.25. In total, they sold 233,967 shares and now own 10,362,185 shares. They had also filed a prior Form 4 which detailed other sales of CVG shares on May 28th & 29th, as well as June 1st, 2009. The number referenced above is the most current share count. Jana owns 10,362,185 shares of CVG currently after all the sales have been tallied. Such a massive amount of sales also triggered their filing of an amended 13D on June 1st as well. It appears as if Barry Rosenstein's firm is eager to reduce their position size here.

In terms of other recent activity, we also recently noted Jana's 13G filing on Immucor (BLUD). So, after all this time, Jana appears to be alive and well and buying stocks. This all comes after Barry Rosenstein's hedge fund had a rough 2008 and apparently received redemption requests for a significant amount of their capital (20-30%). They were forced to set aside illiquid positions in an attempt to meet all the requests. But, it appears as if they have survived. We'll be checking in on the rest of their portfolio in our hedge fund portfolio tracking series after skipping them last go-round due to the uncertainty swirling around the fund.

In the past, we had covered some of Jana's other SEC filings. Jana was founded in 2001 by Barry Rosenstein and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher. And, hopefully that strategy changes things for the better, as 2008 was a rough year for them.

Taken from Google Finance, Convergys is "engaged in relationship management. It has three segments: Customer Management, which provides agent-assisted services, automated self-service and technology solutions; Information Management, which provides business support system and operational support system (BSS/OSS) solutions, and Human Resources (HR) Management, which provides global human resource business process outsourcing (HR BPO) solutions."

Barry Rosenstein's Jana Partners Files 13G on Immucor (BLUD)

In a recent 13G filed with the SEC, hedge fund Jana Partners has disclosed a 5.5% ownership stake in Immucor (BLUD). They now own 3,865,413 shares and this is a brand new position for them, as they previously did not hold it as of March 31st, 2009 (per their last 13F filing). So, after all this time, Jana appears to be alive and well and buying stocks. This all comes after Barry Rosenstein's hedge fund had a rough 2008 and apparently received redemption requests for a significant amount of their capital (20-30%). They were forced to set aside illiquid positions in an attempt to meet all the requests. But, it appears as if they have survived. We'll be checking in on the rest of their portfolio in our hedge fund portfolio tracking series after skipping them last go-round due to the uncertainty swirling around the fund.

In the past, we had covered some of Jana's other SEC filings as well as their activist stake in Convergys. Jana was founded in 2001 by Barry Rosenstein and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher. And, hopefully that strategy changes things for the better, as 2008 was a rough year for them.

Taken from Google Finance,

Immucor "develops, manufactures and sells a complete line of reagents and automated systems used primarily by hospitals, clinical laboratories and blood banks in a number of tests performed to detect and identify certain properties of the cell and serum components of human blood prior to blood transfusion."

Hedge Fund Jana Partners Files 13D on Convergys (CVG)

Hedge fund Jana Partners ran by Barry Rosenstein has recently filed an amended 13D on Convergys (CVG). The filing was made due to activity on February 5th, 2009 and they are now showing a 14% ownership stake in Convergys (CVG). They currently own 17,035,512 shares. The amendment to the filing has allowed them to make a change to the board of directors. As per the filing,

(click to enlarge)

So, it looks as if Barry is trying to keep the ball rolling on this name they have an activist stake in. And, in a Form 4 filed with the SEC, Jana disclosed that they acquired another 9,987 shares on February 5th. We've also covered Jana's recent portfolio updates here. If you're unfamiliar with Jana, they are a hedge fund ran by Barry Rosenstein and was recently ranked 79th in Alpha's Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher. You can view Jana's portfolio in its entirety here.

Taken from Google Finance,

Convergys is "a global player in relationship management. The Company provides its clients with solutions to support their customers (Customer Solutions) and employees (human resource (HR) Solutions). It has three segments: Customer Management, which provides outsourced customer care solutions, as well as professional and consulting services to in-house customer care operations; Information Management, which provides convergent rating, charging and billing solutions for the global communications industry, and Human Resources Management, which provides human resource business process outsourcing (HR BPO) solutions and learning solutions."

Jana Partners (Barry Rosenstein) Portfolio Update: 13D & 13G Filings

Jana Partners, the hedge fund ran by Barry Rosenstein, has filed an amended 13D with the SEC and has disclosed a 4.6% ownership stake in Copart (CPRT). The 13D was filed due to their activity on December 5th, 2008. They have decreased their position to 3,864,494 shares. Previously, they owned 6,934,187 shares as of their last 13F filing (which shows positions as of September 30th, 2008). *2nd Update: And since filing this latest amended 13D, Jana has also filed a Form 4 with the SEC disclosing that they have sold an additional 13,150 shares of CPRT at a price of $26.89 on January 13th.

Jana has also filed an amended 13G with the SEC and has disclosed an 8.11% ownership stake in American Italian Pasta (AIPC). The 13G was filed due to their activity on November 30th, 2008. They have decreased their position to 1,575,000 shares. They previously had owned 3,026,223 shares back on September 30th, 2008. You can view the rest of Jana Partners' portfolio holdings here.

Ran by Barry Rosenstein, Jana was recently ranked 79th in Alpha's Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher.

Taken from Google Finance,

American Italian Pasta Company is "a producer and marketer of dry pasta in North America."

Copart is a "provider of vehicle remarketing services in United States, Canada and United Kingdom. The Company provides vehicle sellers with a range of remarketing services to process and sell vehicles over the Internet through the Company’s Virtual Bidding Second Generation Internet auction-style sales technology, which it refers to as VB2. The Company sells principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers and exporters and, at certain locations, it sells directly to the general public."

Barry Rosenstein's Jana Partners: Hedge Fund Tracking - 13 F Filing Q3 2008

This is the 3rd Quarter 2008 edition of our ongoing hedge fund tracking series. Before reading this update, make sure you check out the preface to the series we're doing on Hedge Fund 13F's here.


Next up is Jana Partners. Ran by Barry Rosenstein, Jana was recently ranked 79th in Alpha's Hedge Fund Rankings. Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to force change at companies, which in turn can send shares higher. A few months back in our hedge fund performance numbers update, we noted that Jana's piranha fund was -19.2% for October and was -21.7% for the year at that time. Additionally, their Nirvana fund fell 13.2% in October and was down 21.9% ytd at that time. Lastly, the Jana Partners fund had a much better October than their other funds, being down 6.6% for that month, but was still down 20.4% for the year at that time. As you can see, a big chunk of their losses came solely from the month of October. As we posted earlier, Jana has hit a rough patch this year and is on track for its first yearly loss ever. We've also recently covered some of Jana's big moves, including taking a 13.52% ownership stake in Convergys (CVG) and a 5.7% ownership stake in Hayes Lemmerz (HAYZ).

The following were their long equity, note, and options holdings as of September 30th, 2008 as filed with the SEC. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
Aetna (AET)
Wells Fargo (WFC)
Pfizer (PFE)
Marathon Oil (MRO)
Bank of America (BAC)
Ace (ACe)
Regional Bank Holdrs (RKH)
Cigna (CI)
Telephone & Data (TDS)
KBW Regional Banking ETF (KRE)
Select Sector Financial ETF (XLF) Calls
Quanex Building (NX)
Microsoft (MSFT) Calls
Medarex (MEDX)
Teletech Holdings (TTEC)
John Bean Tech (JBT)
T Rowe Price (TROW)
Holly (HOC)
McDonalds (MCD)
JDA Software (JDAS)
X-rite (XRIT)
Lehman Brothers (LEHMQ)


Some Increased Positions (A few positions they already owned but added shares to)
Hanover Insurance (THG): Increased position by 117%
Medicis Pharma (MRX): Increased position by 76%
Invitrogen (IVGN): Increased position by 62%
Williams Companies (WMB): Increased position by 33%
Commscope (CTV): Increased position by 32%
Graphic Packaging (GPK): Increased position by 28%
Convergys (CVG): Increased position by 50%
Health Net (HNT): Increased position by 29%
Corel (CREL): Increased position by 19.5%
Hayes Lemmerz (HAYZ): Increased position by 12%
Agilysys (AGYS): Increased position by 10%
Maximus (MMS): Increased position by 9%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)

Focus Media (FMCN): Reduced position by 73%
KBR (KBR): Reduced position by 68%
AK Steel (AKS): Reduced position by 62%
Shire (SHPGY): Reduced position by 61%
Xerium Tech (XRM): Reduced position by 51%
M&F Worldwide (MFW): Reduced position by 42%
Chubb (CB): Reduced position by 23%
MF Global (MF): Reduced position by 20%
HCC Insurance (HCC): Reduced position by 9%



Removed Positions (Positions they sold out of completely)
Comstock Resources (CRK)
Cisco Systems (CSCO)
Anadarko Petroleum (APC) Calls
Taiwan Semi (TSM)
Conoco Phillips (COP) Puts
United Health (UNH)
Forest Oil (FST)
Nokia (NOK)
Devon Energy (DVN)
Hess (HES) Calls
National Oilwell Varco (NOV)
Equitable Resources (EQT)
First American (FAF)
Genentech (DNA)
Century Aluminum (CENX)
Oracle (ORCL)
Omnicare (OCR)
Sandridge Energy (SD)
Microsoft (MSFT)
Transocean (RIG)
Peabody Energy (BTU)
Consol Energy (CNX)
Anadarko Petroleum (APC)
Commercial Metals (CMC)
Cnet - inactive
Talisman Energy (TLM)
Hess (HES)
Calpine (CPN)
Select Sector Energy (XLE) Puts
iShares Russell 2000 index (IWM) Puts


Top 20 Holdings (by % of portfolio)

1. Copart (CPRT): 12.3% of portfolio
2. Convergys (CVG): 10.8% of portfolio
3. Health net (HNT): 7.5% of portfolio
4. HCC Insurance (HCC): 5.1% of portfolio
5. Invitrogen (IVGN): 4.8% of portfolio
6. Commscope (CTV): 4.6% of portfolio
7. Williams Companies (WMB): 4% of portfolio
8. Aetna (AET): 3.9% of portfolio
9. Chubb (CB): 3% of portfolio
10. Wells Fargo (WFC): 2.8% of portfolio
11. American Italian Pasta (AITP): 2.3% of portfolio
12. Pfizer (PFE): 1.9% of portfolio
13. Ak Steel (AKS): 1.9% of portfolio
14. Marathon Oil (MRO): 1.9% of portfolio
15. Bank of America (BAC): 1.8% of portfolio
16. MF Global (MF): 1.8% of portfolio
17. Ace (ACE): 1.8% of portfolio
18. Regional Bank Holdrs (RKH): 1.8% of portfolio
19. NBTY (NTY): 1.7% of portfolio
20. Maximus (MMS): 1.6% of portfolio

Assets from the collective holdings were $5.89 billion last quarter and were $2.14 billion this quarter. So, they definitely decreased their long US equity exposure by a good amount, like many other hedge funds we've covered. And, for the most part, they were selling entire positions rather than partial positions. Please note that we have not detailed changes to every single position in this update, but we have covered all the major moves. Also, keep in mind that these filings only include long equity, notes, and options holdings. They do not reflect their cash, short portions, or holdings in other markets (currency, commodities, debt, foreign markets, etc). This is just one of many funds in our hedge fund tracking series in which we're tracking 35+ prominent funds. The other funds we've already covered include:

• Timothy Barakett's Atticus Capital
• Whitney Tilson's T2 Partners
• Peter Thiel's Clarium Capital
• Bill Ackman's Pershing Square
• Bret Barakett's Tremblant Capital
• John Paulson's Paulson & Co
• David Einhorn's Greenlight Capital
• Dan Loeb's Third Point
• Paul Tudor Jones' Tudor Investment Corp
• Louis Bacon's Moore Capital Management
• Bruce Kovner's Caxton Associates
• George Soros Soros Fund Management
• Chase Coleman's Tiger Global
• Stephen Mandel's Lone Pine Capital
• Lee Ainslie's Maverick Capital
• John Griffin's Blue Ridge Capital
• Andreas Halvorsen's Viking Global
• Chris Shumway's Shumway Capital Partners
• Touradji Capital (Paul Touradji)
• Eric Mindich's Eton Park Capital
  

Overall, its been one of the worst years ever for hedge funds, as we noted in our new November hedge fund performance number update. Thus, the recent moves they've made in their portfolios become all the more interesting given the way the market has played out.


More on Rosenstein / Jana Partners:
- Jana has hit a rough patch this year
- Jana takes 13.52% ownership stake in Convergys (CVG)
- Jana discloses 5.7% ownership stake in Hayes Lemmerz (HAYZ)
- Hedge Fund Rankings
- November hedge fund performance numbers
- October hedge fund performance numbers

Clarium Capital, Jana Partners, and Passport Capital Performance Update

Well, the numbers just keep rolling in. In a never ending battle with the market, hedge funds continued to slump in the month of October. Firstly, we'll discuss Clarium Capital, the $5.2 billion fund ran by Peter Thiel. We've covered Thiel and his macro fund extensively on the blog before. Thiel had a rough August. But, we noted that Clarium was faring pretty well as of the beginning of October; that is, until they shifted to equities.

The month of October meant pain yet again for Clarium. Year-to-date, the fund is now -3%. They lost nearly 18% in October mainly due to losses in bonds and undoubtedly the equity exposure they added. They had bet that yields would widen, but instead, they contracted. In their most recent investor letter, Clarium was borrowing $3.90 for every $1 in equity they had as of the week of October 24th. Yet, a week later, they increased their leverage and borrowed $4.40 for every $1. After being up 27% for the year a few months prior, they now have come full circle like the rest of the market and are now down for the year. You can check out Clarium's portfolio holdings here and if want more info on Peter Thiel then head here.

Next, turning to Jana Partners, we see that things haven't gotten much easier for them. Just last week, we wrote about how Jana had hit a rough patch. And, it seems that the pain continued through October. Jana's Piranha fund was -19.2% for the month of October and is now -21.7% for the year. This past month really turned things upside-down for that fund. Their Nirvana fund was -13.2% for the month of October and finds itself -21.9% for the year. Lastly, the Jana Partners fund had a much better October than their other funds, being down 6.6%, but its still down 20.4% for the year. Recently, we noted that Jana had taken a 13.52% stake in Convergys (CVG) and a 5.7% stake in Hayes Lemmerz (HAYZ).

Lastly, according to their most recent investor letter, $3 billion Passport Management LLC lost an astounding 38% for the month of October due to commodity stocks and now finds themselves down 44% for the year. The fund was started in 2000 and has a very respectable track record of gaining 27% annually.

You can check out the most recent batch of hedge fund investor letters here and some prior ones here. For more hedge fund performance numbers, check out our last hedge fund performance update.

Jana Partners Hits Rough Patch

Hedge Fund Jana Partners has seen some rough times recently, just like everyone else. Their $4 billion flagship fund has fallen 14.7% year-to-date as of September 30th. And, if they can't turn things around in the next few months, Jana is on track for its first yearly loss ever. That scenario looks highly likely, given that Hedge Funds as a whole are headed for their worst year since 1990. Jana has "survived" thus far by not employing leverage and positioning their portfolios in a defensive manner. However, they were not able to fend off the massive drop in the price of crude oil, which slammed Jana's energy positions, which happen to be some of their top holdings. Additionally, Jana owns a 9/1% stake in MF Global (MF) which has caused them pain, as shares have dropped 90%. In a letter to shareholders, Jana said that, "This stock has been an utter disaster so far and is headed for the Jana hall of shame."

Jana's Piranha fund is down 3.1% year to date. This fund targets companies with market caps of $2 billion or less. Additionally, Jana's Nirvana fund is down 8.9% year to date. This fund focuses on Jana's best investment ideas and returned 17% since it was started in April of 2007.

Managed by Barry Rosenstein, Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Jana has returned 20.9% each year annualized from 2001 til 2007. Rosenstein sees Jana's future in a strategy that uses management adjustments to strike changes in companies, which in turn can send shares higher. Alpha magazine ranks Jana #79 in their hedge fund rankings. Jana Partners was -9% for the month of September, and find themselves -14.7% for the year, as I noted in my hedge fund performance update.

Taken from Bloomberg,

"Activism Jana-style is disciplined value investing -- with attitude. The firm relies on deep-diving research by its more than 20 analysts to pick companies whose stock is undervalued. Jana Master devotes as much as 15 percent of its portfolio to activist investing.

Rosenstein says Jana is always on the lookout for a catalyst -- say, a possible merger -- that will lift a beaten-down stock. When he buys, he looks for what Benjamin Graham, the father of value investing, called a margin of safety -- that is, a fat discount to an investment's fair market value.

Rosenstein says the market crash didn't affect his method of finding fair value: by looking at fundamentals and discounting future cash flows. He accumulates his stakes in target companies over time, so buying shares in those companies got cheaper in September. Finding a catalyst to drive up the price, he says, is just as important as ever."

Also, as we've detailed here on Market Folly, Jana Partners recently disclosed a 13.52% stake in Convergys (CVG) and also disclosed a 5.7% stake in Hayes Lemmerz (HAYZ).



Source: Bloomberg

Jana Partners Discloses 13.52% Stake in Convergys (CVG) in 13D Filing

In a 13D filing made with the SEC on October 21st, hedge fund Jana Partners disclosed that they have a 13.52% stake in Convergys (CVG). They now own 16,468,399 shares of CVG. This is an increase from their 10.5 million shares they disclosed in the previous filing which detailed positions as of June 30, 2008. The 13D filing notes that the purchase of these shares was spread out on various days from September 17th, 2008 to October 16th, 2008, at prices ranging from $15.50 to $10.73.

Managed by Barry Rosenstein, Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Alpha magazine ranks Jana #79 in their hedge fund rankings. Jana Partners was -9% for the month of September, and find themselves -14.7% for the year, as I noted in my hedge fund performance update. Also, we recently noted that Jana has taken a 5.7% stake in Hayes Lemmerz (HAYZ).

Taken from Google Finance, CVG is "a global player in relationship management. The Company provides its clients with solutions to support their customers (Customer Solutions) and employees (human resource (HR) Solutions). It has three segments: Customer Management, which provides outsourced customer care solutions, as well as professional and consulting services to in-house customer care operations; Information Management, which provides convergent rating, charging and billing solutions for the global communications industry, and Human Resources Management, which provides human resource business process outsourcing (HR BPO) solutions and learning solutions."

Jana Partners Files 13G and Shows 5.7% Stake in Hayes Lemmerz (HAYZ)

In a 13G filing made with the SEC on Wednesday October 8th, hedge fund Jana Partners disclosed that they have a 5.7% stake in Hayes Lemmerz (HAYZ). They now own 5,793,070 shares of HAYZ. This is an increase from their 4,509,248 shares disclosed in the previous filing which had disclosed positions as of June 30, 2008. Managed by Barry Rosenstein, Jana was founded in 2001 and typically employs activist, market neutral, and long/short equity strategies in public equity markets. Rosenstein received his BS from Lehigh University and his MBA from the Wharton School of Business at the University of Pennsylvania. Alpha magazine ranks Jana #79 in their hedge fund rankings. Jana Partners was -9% for the month of September, and find themselves -14.7% for the year, as I noted in my hedge fund performance update.

Taken from Google Finance, Hayes Lammerz is "a producer of aluminum and steel wheels for passenger cars and light trucks and of steel wheels for commercial trucks and trailers. It also supplies automotive powertrain components."

Hedge Fund Activity / 13F

(Just FYI: This post marks the first of a series I will be doing this week that details what the "smart money" has been up to lately.)

Four times a year, hedge funds & asset managers with > $100 million AUM (assets under management) are required to report to the SEC their holdings from the previous quarter. I check these 13F filings quarterly just to get a sense as to where these funds are putting their money sector wise. If you just sit down and do some simple number crunching between last quarter's 13F and this quarter's 13F, you can see exactly where these funds have been moving their money.

Now, these 13F's should be treated as a lagging indicator simply because the 13F's that were just released May 15th 2008 show the funds' holdings as of March 31st 2008. So, in the past month and a half, they could have completely changed their portfolio. But, at the same time, its easy to see which sectors they are flocking to.

I like to specifically follow value based hedge funds in the hope that they won't experience ridiculously high turnover and thus allowing me to track their sector rotations. Specifically, I follow the Tiger Cubs (otherwise known as the proteges of former Tiger Management legend Julian Robertson). Many of these former proteges/right hand men have started their own funds and here are the ones I've been following:

- Blue Ridge Capital (John Griffin)
- Lone Pine Capital (Steve Mandel)
- Maverick Capital (Lee Ainslie)
- Viking Global (Andreas Halvorsen)

Additionally, I also like to follow the Commodities Corporation "offspring" which typically employ a global macro strategy.

- Tudor Investment Corp (Paul Tudor Jones)
- Moore Capital (Louis Bacon)
- Caxton Associates (Bruce Kovner)

So, I follow a core of value funds in depth and then I also follow a core of global macro funds in depth. Over the next week, I will be going into detail as to what those specific funds were up to this past quarter. Additionally, I like to follow other "whales" and funds that are not necessarily value based, but are still top performers on Wall Street. I won't be going into detail on some of these names, but I will provide some very useful links that give a broad overview of what some of these whales have been buying/selling. Because, after all, you've got to at least keep tabs on what these guys are doing:

- Warren Buffett (obviously)
- Carl Icahn (rabblerousing at its best)
- RBS Partners (Eddie Lampert)

Then, of course, there are some just straight up beastly funds which you have to keep an eye on due to their awesome returns over the years:

- Atticus Capital (Timothy Barakett)
- BP Capital (Boone Pickens)
- Greenlight Capital (David Einhorn)
- Paulson & Co (John Paulson)
- D.E. Shaw & Co (David E. Shaw)
- Jana Partners (Barry Rosenstein)

And, lastly, a few deep value & activist funds.

- Third Point (Daniel Loeb)
- Pershing Square (Bill Ackman)
- Okumus Capital (Ahmet Okumus)
- T2 Partners (Whitney Tilson)
- Tontine Partners (Jeffrey Gendell)

So, over the coming week I'll touch on some important position moves some of these funds/whales have made (new positions, removed positions, etc). And, specifically, I'll be looking in depth at some of my favorite funds on a quarter by quarter comparison. Here are the links to my in-depth analyses of said funds.

- Blue Ridge Capital
- Lone Pine Capital
- Maverick Capital
- BP Capital
- Atticus Capital