Karthik Sarma's hedge fund firm SRS Investment Management has filed an amended 13D with the SEC regarding its position in Avis Budget Group (CAR). Per the filing, SRS now owns 9.5% of CAR with 9 million shares.
The filing indicates they sold 500,000 shares on May 5th at $25.40. SRS previously owned 9.5 million shares at the end of the first quarter of 2016.
About SRS Investment Management
Prior to founding SRS, Karthik Sarma worked at Tiger Global. He started SRS in 2007 and has a large focus on international markets (particularly in India, China, etc) and typically invests in technology, media and other high-growth industries. SRS's latest 13F filing indicates they manage in excess of $2.7 billion and that doesn't include their foreign positions.
About Avis Budget Group
Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. It operates in two segments: Americas and International. The Americas segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets.."
Monday, June 6, 2016
SRS Investment Management Reduces Avis Budget Stake
Monday, July 6, 2015
SRS Investment Management Discloses eHi Car Services Stake
Karthik Sarma's hedge fund firm SRS Investment Management has filed a 13G on shares of eHi Car Services (EHIC). Per the filing, SRS now owns 15.3% of the company with over 8.33 million shares (inclusive of 333,334 class A shares held via 166,667 ADSs).
This is a newly disclosed position as it didn't show up in their last 13F as of the end of Q1. The filing was made due to activity on June 30th. As of the end of Q1, SRS had a lot of exposure to other car rental/transportation plays such as Avis Budget (CAR ~ their largest US long worth over $590 million at Q1's end) and Hertz (HTZ ~ their fifth largest US long).
Just recently, we've highlighted how Tiger Global has also increased its stake in eHi Car Services.
About SRS Investment Management
Prior to founding SRS, Karthik Sarma worked at Tiger Global. He started SRS in 2007 and has a large focus on international markets (particularly in India, China, etc) and typically invests in technology, media and other high-growth industries. SRS's latest 13F filing indicates they manage in excess of $2.5 billion and that doesn't include their foreign positions.
About eHi Car Services
Per Google Finance, eHi is "a China-based holding company, which provides car rentals and car services to both individual customers and corporate clients. The Company utilizes mobile and Internet platforms to provide online to offline (O2O) mobility solutions. The Company operates its car rentals business primarily through its People's Republic of China (PRC) subsidiaries, Shanghai eHi Car Rental Co., Ltd. (eHi Rental) and eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches."
