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.

Brett Barakett's Tremblant Capital Boosts Liz Claiborne (LIZ) Stake

Due to activity on April 9th, 2010 Brett Barakett's hedge fund Tremblant Capital Group has updated their stake in Liz Claiborne (LIZ). They now show a 5.98% ownership stake in LIZ with 5,668,598 shares. This is an increase over their prior holdings as they previously owned only 1,200,417 shares when we looked at Tremblant's portfolio from December 31st. They've boosted their position by 372%, adding 4,468,181 shares over the past four months. Before founding his own firm, Brett previously was a portfolio manager for Louis Bacon's global macro hedge fund Moore Capital.

Taken from Google Finance, Liz Claiborne is "designs and markets a global portfolio of retail-based brands, including JUICY COUTURE, KATE SPADE, LUCKY BRAND and MEXX. The Company also has a group of department store-based brands with consumer franchises, including the LIZ CLAIBORNE and MONET families of brands, MAC & JAC, KENSIE and DANA BUCHMAN and the licensed DKNY JEANS, DKNY ACTIVE and DKNY MENS brands."

To see what other names Tremblant has gravitated towards, check out the rest of Barakett's investments.

Brett Barakett's Tremblant Capital Bets Big On Research In Motion (RIMM): 13F Filing

(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 Brett Barakett's hedge fund Tremblant Capital Group. Before founding his own firm, Brett previously was a portfolio manager for Louis Bacon's global macro hedge fund Moore Capital. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." The name Barakett might ring a bell because his brother Timothy used to run fellow hedge fund Atticus Capital (who previously announced they'd be shutting down). So while Timothy may have stepped away from the hedge fund game, Brett is still going at it. And, in his spare time he enjoys ice hockey.

The positions listed below were their long equity, note, and options holdings as of December 31st, 2009 as filed with the SEC. All holdings are common stock unless otherwise denoted.


Brand New Positions
Mastercard (MA) Calls
Macys (M) Calls
Chipotle Mexican Grill (CMG)
Macys (M)
Liberty Media Starz (LSTZA)
CVS Caremark (CVS)
Citigroup (C)
The rest of their new stakes were less than 0.5% of reported assets each: Apollo Group (APOL) Calls, Lowe Companies (LOW), AGA Medical (AGAM), DirecTV (DTV), Symmetry Medical (SMA), Union Pacific (UNP) Calls, Greatbatch (GB), Liberty Media (LINTA) Calls, America Movil (AMX), Apollo Group (APOL) Puts, Cypress Semiconductor (CY), Gannett (GCI) Calls, & Liz Claiborne (LIZ)


Increased Positions
Research in Motion (RIMM) Calls: Increased by 312%
Procter & Gamble (PG) Calls: Increased by 107%
Charles Schwab (SCHW): Increased by 37.9%
Hologic (HOLX): Increased by 20.5%
Green Mountain Coffee Roasters (GMCR): Increased by 13.6%
Integra Lifesciences (IART): Increased by 13%


Reduced Positions
Walmart (WMT): Reduced by 33%
Visa (V): Reduced by 32%
Apple (AAPL): Reduced by 26%
Mastercard (MA): Reduced by 25%
Procter & Gamble (PF): Reduced by 20%
Redhat (RHT): Reduced by 11.3%


Removed Positions (Sold out completely):
Qualcomm (QCOM) Calls
Chipotle (CMG-B)
DirecTV (DTV) Calls
Redhat (RHT) Calls
Liberty Media (LMDIA)
CBS (CBS) Puts
Viacom (VIA-B) Puts
Palm (PALM) Puts
The rest of their sold positions were less than 0.5% of assets reported on previous filings each: iShares HongKong (EWH) Puts, Intuitive Surgical (ISRG) Calls, iShares FTSE (FXI) Puts, Werner (WERN) Calls, Baidu (BIDU) Puts, Lamar Advertising (LAMR) Calls, Corporate Executive Board (EXBD) Calls, Burlington Northern (BNI), Peet Coffee (PEET), & China Biotics (CHBT)


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

1. Research in Motion (RIMM) Calls: 28%
   
2. Procter & Gamble (PG) Calls: 8.37%
   
3. Procter & Gamble (PG): 3.34%
   
4. Visa (V): 2.15%
   
5. Mastercard (MA): 2.13%
   
6. Mastercard (MA) Puts: 2.09%
   
7. Research in Motion (RIMM): 1.98%
   
8. Mastercard (MA) Calls: 1.97%
   
9. Green Mountain Coffee Roasters (GMCR): 1.91%
   
10. Hologic (HOLX): 1.91%
    
11. Macys (M) Calls: 1.86%
    
12. Baidu (BIDU): 1.67%
    
13. Walmart (WMT): 1.65%
    
14. Apple (AAPL): 1.64%
    
15. Charles Schwab (SCHW): 1.63%
    

Tremblant Capital uses options to express a lot of their positions so keep in mind that this can get tricky when trying to assess their net exposure to a specific stock. For instance, they own Mastercard (MA) common stock, but also own both calls and puts on the name. Since we don't know the strike prices or expiration dates, it's nearly impossible for us to know what their overall bet is on the name. At the same time though, we know they are bullish on Research in Motion (RIMM) because they own both the common stock and and calls. Not to mention, they added massively to their call position over the past quarter.

In terms of other additions, they doubled their stake in Procter & Gamble (PG) calls and started new call positions in both Macys and Mastercard. Of the positions they completely sold out of, Qualcomm was notable because it had previously been a sizable stake for Barakett's hedge fund. Overall though, their portfolio looks pretty similar to last quarter and they've certainly retained (and even expanded) their large exposure to Research in Motion.

There are also a few transactions we need to clarify. In regards to their Chipotle positions, you'll notice they "sold out" of Chipotle's B shares and added a 'new' stake in Chipotle's A shares. In actuality, Chipotle converted into a single shareclass of common stock in the fourth quarter. As such, Tremblant owns the regular CMG shares. In addition, Barakett's hedge fund 'sold out' of LMDIA and started 'new' stakes in DTV and LSTZA. In reality, this was just a result of a merger transaction.

Assets reported on the 13F filing were $3.8 billion this quarter compared to $3.0 billion last quarter, an increase of 28% in exposure to equities and options. Remember that these filings are not representative of the hedge fund's entire base of AUM.

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, Carl Icahn's hedge fund Icahn Partners, David Einhorn's Greenlight Capital, Stephen Mandel's Lone Pine Capital, John Griffin's Blue Ridge Capital, David Tepper's Appaloosa Management, Warren Buffett's portfolio, John Paulson's hedge fund Paulson & Co, Lee Ainslie's Maverick Capital, Dan Loeb's Third Point, Eddie Lampert's RBS Partners, David Ott's Viking Global, and Chris Shumway's hedge fund Shumway Capital Partners, Chase Coleman's Tiger Global, Philip Falcone's Harbinger Capital Partners, Roberto Mignone's Bridger Management, Thomas Steyer's Farallon Capital, and John Burbank's Passport Capital. Check back daily for our new updates.

Brett Barakett's Tremblant Capital: Large Research in Motion (RIMM) Exposure

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 Brett Barakett's hedge fund Tremblant Capital. The name Barakett might ring a bell because his brother Timothy used to run fellow hedge fund Atticus Capital (who recently announced they'd be shutting down). So while Timothy may have stepped away from the hedge fund game, Brett is still going at it. Before founding his own firm, Brett was previously a portfolio manager for Louis Bacon's hedge fund Moore Capital and in his spare time he enjoys ice hockey. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." The only major notable portfolio activity out of Tremblant has been their 13G filing on IMAX.

Keep in mind that the positions listed below were Tremblant'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:
Qualcomm (QCOM) Calls
Procter and Gamble (PG) Calls
Wynn Resorts (WYNN) Puts
Union Pacific (UNP) Puts
Monsanto (MON)
DirecTV (DTV) Calls
Apollo Group (APOL)
Viacom (VIA-B) Puts


Some Increased Positions
Positions they already owned but added shares to:
Imax Corp (IMAX): Increased position by 187.7% (we previously detailed this)
Mastercard (MA) Puts: Increased by 115.2%
Melco Crown (MPEL) Calls: Increased by 45.9%
Green Mountain Coffee Roasters (GMCR): Increased by 42%
Walmart (WMT): Increased by 38.5%
Cheesecake Factory (CAKE): Increased by 36%
Intel (INTC) Puts: Increased by 34%
Liberty Media (LINTA): Increased by 27.3%
Charles Schwab (SCHW): Increased by 24.6%


Some Reduced Positions
Stakes they sold shares in but still own:
Red Hat (RHT) Calls: Reduced by 70.2%
Apple (AAPL) Puts: Reduced by 63.7%
RedHat (RHT): Reduced by 45.7%
Google (GOOG): Reduced by 43.5%
Melco Crown (MPEL): Reduced by 35.7%
Icon (ICLR): Reduced by 35.7%
Eclipsys (ECLP): Reduced by 31.7%
Hologic (HOLX): Reduced by 29.8%
Baidu (BIDU): Reduced by 26.8%
Costco (COST): Reduced by 24.8%
Apple (AAPL): Reduced by 24.4%
Qualcomm (QCOM): Reduced by 22.2%


Removed Positions
Positions they sold out of completely:
Apple (AAPL) Calls
Amazon (AMZN) Puts
Qualcomm (QCOM) Puts
Canadian Natural Resources (CNQ)
AU Optronics (AUO) Puts
Hologic (HOLX) Puts
Catalyst Health (CHSI)
Research in Motion (RIMM) Puts
Symantec (SYMC)
Bankrate (RATE)
Weingarten Realty (WRI)
MGM Mirage (MGM) Calls
Las Vegas Sands (LVS) Calls
MEMC Electronics (WFR)
Wynn Resorts (WYNN) Calls
Gannett (GCI) Calls
Harley Davidson (HOG) Calls
Commscope (CTV)
Sequenom (SQNM)


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

1. Research in Motion (RIMM) Calls: 8.7%
2. Qualcomm (QCOM) Calls: 5.43%
3. Procter and Gamble (PG): 5.08%
4. Procter and Gamble (PG) Calls: 4.94%
5. Visa (V): 3.21%
6. Walmart (WMT): 2.9%
7. Mastercard (MA): 2.87%
8. Research in Motion (RIMM): 2.7%
9. Apple (AAPL): 2.5%
10. Hologic (HOLX): 2.29%
11. Baidu (BIDU): 2.19%
12. Mastercard (MA) Puts: 2.12%
13. Melco Crown (MPEL): 2.08%
14. Visa (V) Calls: 1.97%
15. Green Mountain Coffee Roasters (GMCR): 1.95%
    

Tremblant was out reducing technology exposure across the board as it was previously almost 49% of their long US equity holdings. While they were moving out of that sector, they were moving into consumer goods as around 18% of their longs are in that sector now. The tough thing to decipher about their portfolio is their net position in a given name. As you can see above, they hold a bevy of puts and calls in addition to the underlying common in many stocks. As such, we do not have access to the strike prices or expirations of those options so it's hard to tell if they are net bullish or net bearish on some of their positions.

By far and away their largest position though is calls in Research in Motion (RIMM) and this carries over from the second quarter where it was their largest stake then as well. Their second largest holding is a brand new position in Qualcomm (QCOM) calls which is notable. So while they were reducing tech exposure, don't get us wrong... they definitely still have tech positions.

Below are some graphical illustrations of the changes made to Tremblant Capital's portfolio courtesy of Drew Robertson at Financial Research Station:

(click to enlarge)

(click to enlarge)

Assets from the collective holdings reported to the SEC via 13F filing were $3 billion this quarter compared to $2.7 billion last quarter. 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. Also, please again note that these positions were as of September 30th so two months have elapsed and they've undoubtedly shifted around their portfolio since then.

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, Dan Loeb's Third Point LLC, David Einhorn's Greenlight Capital, John Paulson's firm Paulson & Co, Lee Ainslie's Maverick Capital, Andreas Halvorsen's Viking Global, and Chase Coleman's Tiger Global. Check back daily as we'll be covering new hedge fund portfolios.

Bret Barakett's Tremblant Capital Bullish on Research in Motion (RIMM), Bearish on Nokia (NOK): 13F Filing

This is the second quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out our series preface on hedge fund 13F filings.

Next up in our series is Bret Barakett's Tremblant Capital Group. Barakett, a former portfolio manager for Louis Bacon's Moore Capital, now runs his own hedge fund in New York and manages over $3 billion. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett's name will ring a bell for some as he is the brother of Timothy Barakett of Atticus Capital. We just got word recently that Atticus would be shutting down its main fund as Timothy steps away from the hedge fund game. Hopefully Bret doesn't get that same itch.

In terms of recent activity, we've noted that Tremblant has filed a 13G on IMAX. Additionally, we've called attention to their position in Eclipsys (ECLP). The following were Tremblant's long equity, note, and options holdings as of June 30th, 2009 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.


New Positions (Brand new stakes that they initiated in the last quarter, listed from largest to smallest):
Nokia (NOK) Puts, Sina (SINA) Puts, Broadcom (BRCM) Puts, Integra (IART), Sohu (SOHU) Puts, Ford (F) Calls, Intel (INTC) Puts, Omnicare (OCR), Amazon (AMZN) Puts, Sony (SNE) Puts, Netflix (NFLX) Puts, AU Optronics (AUO) Puts, Hologic (HOLX) Puts, CBS (CBS) Puts, Imax (IMAX), Symantec (SYMC), & Weingarten Realty (WRI).

The rest of their new positions are less than 0.25% of their 13F each and aren't significant this time around, but we've listed them for those curious: Liberty Media Interactive (LINTA), Wynn (WYNN) Calls, CBS (CBS) Calls, AU Optronics (AUO) Calls, Caribou Coffee (CBOU), Lamar Advertising (LAMR) Calls, Benihana (BNHNA), Benihana (BNHN) - both shares, Sequenom (SQNM), and Commscope (CTV).


Some Increased Positions (A few positions they already owned but added shares to)
Visa (V) Calls: Increased by 405.7%
Equinix (EQIX): Increased by 303%
Research in Motion (RIMM) Calls: Increased by 120.4%
Redhat (RHT) Calls: Increased by 88.5%
Eclipsys (ECLP): Increased by 75.9%
Procter & Gamble (PG): Increased by 64.8%
Hologic (HOLX): Increased by 62.2%
Hologic (HOLX) Calls: Increased by 59.8%
Charles Schwab (SCHW): Increased by 54.2%
Mastercard (MA): Increased by 48.2%
Molson Coors (TAP): Increased by 42.6%


Some Reduced Positions (Some positions they sold some shares of)
Chipotle Mexican Grill (CMG-B): Reduced by 40.6%
Baidu (BIDU): Reduced by 39.4%
Green Mountain Coffee Roasters (GMCR): Reduced by 33.7%
Apple (AAPL): Reduced by 33.2%
Research in Motion (RIMM): Reduced by 32.1%
Inverness Medical (IMA): Reduced by 27.6%
Qualcomm (QCOM): Reduced by 25.9%
Redhat (RHT): Reduced by 24.2%


Removed Positions (Positions they sold out of completely, listed from their previously largest position to smallest)
Monsanto (MON), McKesson (MCK) Calls, J Crew (JCG), Thermo Fisher Scientific (TMO), Pharmaceutical Product Development (PPDI), Omnicare (OCR) Calls, Green Mountain Coffee Roasters (GMCR) Puts, Sohu (SOHU) Calls, Sina (SINA) Calls, Fred (FRED) Calls, Redhat (RHT) Puts, CSX (CSX), Covance (CVD), Bankrate (RATE) Puts, Factset (FDS) Calls, & Cheesecake Factory (CAKE) Calls.

The rest of the positions they dumped were previously less than 0.25% of the assets on the 13F each: Amazon (AMZN) Calls, Netflix (NFLX) Calls, Quality Systems (QSII) Calls, American Superconductor (AMSC) Calls, Pacific Sunwear (PSUN), and Ntelos (NTLS).


Top 15 Holdings by percentage of assets reported on 13F filing *(see note below regarding calculations)

1. Research in Motion (RIMM) Calls: 8.78%
2. Procter & Gamble (PG): 5.35%
3. Nokia (NOK) Puts: 3.6%
4. Visa (V): 3.46%
5. Apple (AAPL) Calls: 3.42%
6. Research in Motion (RIMM): 3.4%
7. Hologic (HOLX): 3.1%
8. Apple (AAPL): 2.76%
9. Mastercard (MA): 2.68%
10. Baidu (BIDU): 2.5%
11. Red Hat (RHT) Calls: .25%
12. Google (GOOG): 2.4%
13. Qualcomm (QCOM): 2.36%
14. Melco Crown (MPEL): 2.3%
15. Walmart (WMT): 2.26%
    

Tremblant's portfolio is littered with a lot of typical 'hedge fund plays.' Apple, Visa, Qualcomm, Google, Mastercard, and Research in Motion are some of the most widely held stocks amongst hedge funds as noted in Goldman Sachs' hedge fund report. In that report, Goldman examined the top holdings across hedge fund land and Tremblant's portfolio is very emblematic of the industry.

In terms of portfolio shifts, we saw them buy a lot of new holdings via common stock and options positions, as listed in the rows above. In total, their assets invested on the long side as reported by 13F increased by over $900 million. Their most notable new position was that of Nokia (NOK) puts, which they brought all they way up to their third largest holding. While they already previously held shares of Visa (V), they boosted their current stake by over 400% and that should be duly noted. They also own the other half of true payment processing duopoly, Mastercard (MA), which they also boosted their existing position in by an additional 40%. These two positions are favorites of hedge funds far and wide as practically all the funds we track hold some amount of MA & V.

Tremblant also added to their position in Eclipsys (ECLP) which we covered on the blog before when they filed a 13G. This is the benefit of tracking all SEC filings rather than just the 13F as we already knew about their addition to ECLP back in April. Lastly, Tremblant also added to their existing position in Research in Motion (RIMM) common stock. They also own a ton of calls on RIMM and a few puts as well, most likely to hedge their long bias in the name.

In terms of notable sales, Bret Barakett's hedge fund sold 40% of one of their former prized holdings, Chipotle Mexican Grill (CMG-B). They had previously been adding to this position in February. This time around though, they were selling. Additionally, we saw Tremblant sell a third of their Green Mountain Coffee Roasters (GMCR) position. You can bet they've profited handsomely on this play as shares of GMCR are up 127% year-to-date, with a 3:2 stock split taking place back in June. On a quarter over quarter basis, GMCR was up 118%. There's definitely nothing wrong with locking in some solid profits. We've also noted very recently that Stephen Mandel's Lone Pine Capital has filed a 13G and disclosed a stake in GMCR as well. This is an interesting story because on one hand GMCR has some solid hedge fund ownership. Yet, on the other hand, it has historically had a large short interest and there was a short squeeze in the name earlier in the year.

Before ending, we wanted to bring up a slight caveat with Tremblant's portfolio. As always, 13F filings should be treated as a lagging indicator since they are essentially portfolio snapshots. However, you need to take them with even more grains of salt if the portfolios are laced with options positions. Since we cannot see strike prices or expiration dates, we can't truly gauge their position. Additionally, there's no way for us to see if they have sold options against their positions either. So, focusing on Tremblant's portfolio specifically, it's hard to see the true directional bet they've placed on some holdings. They own Apple (AAPL) common stock, but they also own puts, as well as calls on the name. So, this is just a warning to be cautious when evaluating their holdings that also have options attached to create their net position in a given name. We instead like to focus on the pure equity plays as they are much easier to accurately track. We addressed this issue previously with Eric Mindich's hedge fund Eton Park, who holds even more options positions than Tremblant.

*Note regarding portfolio percentages: Assets from the collective holdings reported to the SEC via 13F filing were $2.7 billion this quarter compared to $1.8 billion last quarter, so a substantial increase in long US equity exposure via common stock and options. 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. In reality, the percentages are more watered down in their actual hedge fund portfolio. If you were to calculate percentage weightings in the actual hedge fund, they would obviously be lower since you would divide position sizes by their total assets under management (a larger number than the one reported on the 13F.

This is just one of the 40+ prominent funds that we'll be covering in our Q2 2009 hedge fund portfolio series. So far, we've already covered the holdings of Bill Ackman's Pershing Square Capital Management, David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, Dan Loeb's Third Point LLC, and Stephen Mandel's Lone Pine Capital, George Soros (Soros Fund Management), Lee Ainslie's Maverick Capital, Philip Falcone's Harbinger Capital Partners, David Stemerman's Conatus Capital, Eric Mindich's Eton Park Capital, John Griffin's Blue Ridge Capital, Thomas Steyer's Farallon Capital, Boone Pickens' BP Capital Management, and Ken Griffin's Citadel Investment Group. Check back each day as we cover prominent hedge fund portfolios.

Bret Barakett's Tremblant Capital Group Files 13G On IMAX

In a 13G filed with the SEC, Bret Barakett's hedge fund Tremblant Capital Group has disclosed a 6.78% ownership stake in IMAX (IMAX). The 13G was filed due to activity on August 12th, 2009, and they now own 3,744,749 shares. In their most recent 13F filing which details positions as of June 30th, 2009 we see that Tremblant owned 1,499,343 shares of IMAX. In the time elapsed from July 'til now, Tremblant has purchased 2,245,406 more shares.

This comes after we recently learned that Bret's brother Timothy Barakett would be closing down his Atticus Capital hedge fund. Hopefully Bret isn't feeling the need to step away from 'the game' anytime soon. Look for us to cover Tremblant very soon in our hedge fund portfolio tracking series as well where we will update their long portfolio in its entirety for the second quarter of 2009. In the mean time though, we've covered the 13G they filed on Eclipsys (ECLP).

Bret Barakett founded Tremblant after running portfolios for Louis Bacon's famed macro hedge fund, Moore Capital Management. Tremblant runs $3 billion these days and their objective is, "to achieve superior risk adjusted returns for our investors through our focused and disciplined investment process."

Taken from Google Finance, IMAX "together with its wholly owned subsidiaries, is an entertainment technology company specializing in motion picture technologies and large-format film presentations. Its principal business is the design and manufacture of large-format digital and film-based theater systems, sale or lease of such systems, and the conversion of two-dimensional (2D) and three-dimensional (3D) Hollywood feature films for exhibition on such systems worldwide."

Bret Barakett's Tremblant Capital Group Bets On Technology: 13F Filing Q1 2009

This is the 1st Quarter 2009 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings series preface.

Next up, we have Tremblant Capital Group. Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough 2008.

In recent action, Tremblant filed a 13G on Eclipsys (ECLP) in mid April. Over the course of last year, they disclosed a 5.2% stake in Advanced Medical Optics (EYE). Additionally, they previously filed a 13G filing on Chipotle (CMG), where they had been adding to their large position. We'll check out how their portfolio looks nowadays below.

The following were Tremblant's long equity, note, and options holdings as of March 31st, 2009 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
Procter & Gamble (PG), Apple (AAPL) Calls, Visa (V) Puts, Apple (AAPL) Puts, Mastercard (MA) Puts, Qualcomm (QCOM) Puts, J Crew (JCG), Icon (ICLR), Canadian Natural Resources (CNQ). Amerisource Bergen (ABC), Charles Schwab (SCHW), Research in Motion (RIMM) Puts, Omnicare (OCR) Calls, Intuitive Surgical (ISRG) Calls, Las Vegas Sands (LVS) Calls, Visa (V) Calls, Green Mountain Coffee (GMCR) Puts, Sohu (SOHU) Calls, Sina (SINA) Calls, Fred (FRED) Calls, Red Hat (RHT) Puts, Baidu (BIDU) Puts, Covance (CVD), Bankrate (RATE), Bankrate (RATE) Puts, Factset (FDS) Calls, Cheesecake Factory (CAKE) Calls, Equinix (EQIX), MGM Mirage (MGM) Calls, Liberty Media (LMDIA)


Some Increased Positions (A few positions they already owned but added shares to)
Pharmaceutical Product Development (PPDI): Increased by 2,358% - position was tiny before and still is small relative to their overall portfolio
Google (GOOG): Increased by 338%
Union Pacific (UNP): Increased by 231%
Hologic (HOLX): Increased by 145%
DirecTV (DTV): Increased by 127%
Hologic (HOLX) Calls: Increased by 100%
Costco (COST): Increased by 95.7%
ThermoFisher Scientific (TMO): Increased by 83%
Mckesson (MCK) Calls: Increased by 78%
Research in Motion (RIMM) Calls: Increased by 65.9%
Molson Coors (TAP): Increased by 63%
Cheesecake Factory (CAKE): Increased by 63%
Eclipsys (ECLP): Increased by 41%
Chipotle (CMG-B): Increased by 33.8%
Walmart (WMT): Increased by 28.7%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Green Mountain Coffee Roasters (GMCR): Reduced by 60%
Apple (AAPL): Reduced by 35%
Mastercard (MA): Reduced by 28%
CVS Caremark (CVS) Calls: Reduced by 24%
Red Hat (RHT): Reduced by 23%
Visa (V): Reduced by 22%
Research in Motion (RIMM): Reduced by 18%


Removed Positions (Positions they sold out of completely)
Qualcomm (QCOM) Calls, Mckesson (MCK), Corning (GLW) Calls, NYSE Euronext (NYX) Calls, Life Tech (LIFE), Energizer (ENR) Calls, TW Telecom (TWTC), Calls, Advanced Medical Optics (EYE) Calls, Dell (DELL), United Health (UNH) Calls, CVS Caremark (CVS), Pharmanet (PDGI)


Top 15 Holdings (by % of portfolio)

1. Visa (V): 5.11% of portfolio
2. Apple (AAPL): 4.59% of portfolio
3. Research in Motion (RIMM): 4.57% of portfolio
4. Procter & Gamble (PG): 4.51% of portfolio
5. Qualcomm (QCOM): 4.13% of portfolio
6. Red Hat (RHT): 3.95% of portfolio
7. Baidu (BIDU): 3.64% of portfolio
8. Research in Motion (RIM) Calls: 3.64% of portfolio
9. Chipotle (CMG-B): 3.42% of portfolio
10. Apple (AAPL) Calls: 3.32% of portfolio
11. Walmart (WMT): 3.23% of portfolio
12. Mastercard (MA): 2.73% of portfolio
13. Melco Crown (MPEL): 2.69% of portfolio
14. Google (GOOG): 2.66% of portfolio
15. Hologic (HOLX): 2.63% of portfolio

If we had to give this portfolio a label, we'd call it the quintessential hedge fund portfolio. Why, you ask? Well, because it has numerous commonly held hedge fund positions all in their top 15 holdings. Tremblant has the radically popular Visa as their largest stake and has large stakes in the three tech titans: Apple, Research in Motion, and Google. Not to mention, they also hold other tech plays Baidu, Redhat, and long-time hedge fund darling Qualcomm. It seems like people never sell out of QCOM and it is always in the portfolios of numerous hedge funds we track. So, Tremblant's portfolio is the quintessential hedge fund portfolio because they have all of the hedge-fund-favorite names.

As we've covered previously, tons of the 'Tiger Cub' hedge funds are in the Mastercard (MA) and Visa (V) trade, and Tremblant is no different. But, while Tremblant has a large play on the payment processing duopoly, their bigger bet lies in the positions mentioned in the paragraph above. Collectively, it looks like Tremblant is betting on tech to be the sector that outperforms on the long side.

One other holding that we wanted to point out in particular is that of Green Mountain Coffee Roasters (GMCR). This is their 16th largest position at 2.66% of their portfolio and undoubtedly has generated huge gains for Tremblant, even after they sold 60% of their position. After all, shares of GMCR are up 165% over the last 6 months. Over on Twitter, we called this big move as we posted updates on this short squeeze play. 30-40% of the float was short going into an earnings release and GMCR knocked the cover off the ball. All of our channel checks had indicated strong numbers. And, when you combined that with the technical setup on the chart and the short float numbers, it was an easy play. So, if you're not already, definitely follow us on Twitter for unique insight in addition to what we post on the blog.

Assets from the collective holdings reported to the SEC via 13F filing were $1.8 billion this quarter compared to $1.6 billion last quarter, so a slight uptick in their long positions. This is just one of the 40+ prominent funds that we'll be covering in our hedge fund Q1 2009 portfolio series. Check back each day as we cover new fund portfolios. We've already covered Andreas Halvorsen's Viking Global, John Paulson's hedge fund Paulson & Co, Stephen Mandel's Lone Pine Capital, Eric Mindich's Eton Park Capital, John Griffin's Blue Ridge Capital, and David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, Timothy Barakett's Atticus Capital, Lee Ainslie's Maverick Capital, Raj Rajaratnam's Galleon Group, and Shumway Capital Partners (Chris Shumway).

Bret Barakett's Tremblant Capital Files 13G on Eclipsys (ECLP)

In a new 13G filed with the SEC after the close yesterday, Bret Barakett's hedge fund Tremblant Capital has added massively to their position and has disclosed a 6.01% ownership stake in Eclipsys (ECLP) with an aggregate amount of shares beneficially owned listed as 3,376,969. The filing was made due to activity on April 1st, 2009. In their 13F filing which lists their holdings from December 31st, 2008, Tremblant only owned 1,031,382 shares of common stock and 666,400 by way of call options. So, they have definitely ratcheted up their position in this name by a large degree. You can view the rest of Tremblant's holdings here.

If you're unfamiliar with this hedge fund, Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name Barakett sounds familiar, it's because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough year. In terms of additional recent activity, they've filed a 13G on Chipotle, where they have been adding to their large position.

Taken from Google Finance,

Eclipsys is a "provider of advanced integrated clinical, revenue cycle and performance management software, and professional services that help healthcare organizations improve clinical, financial, and operational outcomes. It has developed and licensed software and content that is designed for use in connection with many of the key clinical, financial and operational functions that healthcare organizations require. It also provides professional services related to its software."

Bret Barakett's Tremblant Capital Files Amended 13G on PharmaNet Development Group (PDGI)

In an amended 13G filing with the SEC, hedge fund Tremblant Capital has disclosed a 0% ownership stake in Pharmanet Development Group (PDGI) due to activity on February 19th, 2009. Back on their latest 13F filing, they owned 1,123,365 shares as of December 31st, 2008 as we noted when we covered Tremblant's portfolio holdings. So, they have now sold entirely out of their position. If you missed the news, private equity firm JLL Partners has issued a tender offer for all PDGI shares.

Tremblant Capital is a $3 billion hedge fund based in New York ran by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough year. Over the course of last year, they disclosed a 5.2% stake in Advanced Medical Optics (EYE) and a stake in PharmaNet (PDGI). And, obviously now, they no longer hold that stake in PDGI. But, more recently, they've made a 13G filing on Chipotle, where they have been adding to their large position.

Taken from Google Finance, PDGI is "a global drug development services company providing clinical development services, including consulting, Phase I and bioequivalency clinical studies, and Phase II, III and IV clinical development programs to pharmaceutical, biotechnology, generic drug and medical device companies around the world."

Bret Barakett's Hedge Fund Tremblant Capital 13F Filing: Q4 2008

This is the 4th Quarter 2008 edition of our ongoing hedge fund portfolio tracking series. Before reading this update, make sure you check out the Hedge Fund 13F filings preface.

Next up, we have Bret Barakett's Tremblant Capital. Tremblant is a $3 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). If the last name of 'Barakett' sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whose portfolio we recently covered. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Barakett has worked with some of the best in the macro game and obviously is quite knowledgeable himself. But, as we noted back in September, Tremblant had a rough year. Over the course of last year, they disclosed a 5.2% stake in Advanced Medical Optics (EYE) and a stake in PharmaNet (PDGI). But, more recently, they've made a 13G filing on Chipotle, where they have been adding to their large position. We'll check out what else they've been up to below.

The following were their long equity, note, and options holdings as of December 31st, 2008 as filed with the SEC. We have not detailed the changes to every single position in this update, but we have covered all the major moves. All holdings are common stock unless otherwise denoted.


Some New Positions (Brand new positions that they initiated in the last quarter):
Monsanto (MON)
Costco (COST)
Molson Coors (TAP)
Life Technologies (LIFE)
Energizer (ENR) Calls
Catalyst Health (CHSI)
Cheesecake Factory (CAKE)
Kellogg (K)
Thermo Fisher Scientific (TMO)
DirecTV (DTV)
Dell (DELL)
Pharmaceutical Product Dev (PPDI)


Some Increased Positions (A few positions they already owned but added shares to)
Walmart (WMT): Increased position by 1,843%
Advanced Medical Optics (EYE) Calls: Increased position by 658%
Google (GOOG): Increased position by 523%
Research in Motion (RIMM) Calls: Increased position by 110.6%
Mastercard (MA): Increased position by 86.8%
McKesson (MCK): Increased position by 71.5%
Red Hat (RHT): Increased position by 66.8%
Baidu (BIDU): Increased position by 49.8%
Chipotle Mexican (CMG-B): Increased position by 47%
Research in Motion (RIMM): Increased position by 21.4%
Apple (AAPL): Increased position by 16.7%


Some Reduced Positions (Some positions they sold some shares of - note not all sales listed)
Hologic (HOLX) Calls: Reduced position by 77.6%
CVS Caremark (CVS) Calls: Reduced position by 74.9%
Hologic (HOLX): Reduced position by 69.5%
Eclipsys (ECLP): Reduced position by 63%
Ntelos (NTLS): Reduced position by 59.9%
Red Hat (RHT) Calls: Reduced position by 24.7%
Visa (V): Reduced position by 18.9%
Burlington Northern (BNI): Reduced position by 18.9%


Removed Positions (Positions they sold out of completely)
Charter Communications (CHTR) Calls
Charter Communications (CHTR)
Focus Media (FMCN) Calls
MEMC Electronics (WFR) Calls
Virgin Media (VMED)
Nuance Communications (NUAN)
IPCS (IPCS)
Exide (XIDE)
Airmedia Group (AMCN)
Navisite (NAVI)
Colfax (CFX)
Geoeye (GEOY)
Williams (WMB)
KBW Regional Banking ETF (KRE)
SXC Health (SCI)
Discovery Holding (DSY)
American Public Education (APEI)
Homebuilders ETF (XHB)
Hughes Communication (HUGH)
Monster (MNST)
Financials ETF (XLF)
Paetec Holding (PAET)
Focus Media (FMCN)
Gafisa (GFA)
Centennial Communications (CYCL)
Advanced Medical Optics (EYE)
Commscope (CTV)
Corning (GLW)
NYSE Euronext (NYX)


Top 20 Holdings (by % of portfolio)

1. Qualcomm (QCOM) Calls: 11.43% of portfolio
2. Visa (V): 7% of portfolio
3. Apple (AAPL): 6.5% of portfolio
4. Research in Motion (RIMM): 5.9% of portfolio
5. Green Mountain Coffee Roasters (GMCR): 5% of portfolio
6. Qualcomm (QCOM): 4.6% of portfolio
7. McKesson (MCK): 4.5% of portfolio
8. Red Hat (RHT): 4.3% of portfolio
9. Mastercard (MA): 3.7% of portfolio
10. Baidu (BIDU): 3.6% of portfolio
11. Walmart (WMT): 3.1% of portfolio
12. Melco Entertainment (MPEL): 2.9% of portfolio
13. Chipotle (CMG-B): 2.9% of portfolio
14. Corning (GLW) Calls: 2.55% of portfolio
15. Research in Motion (RIMM) Calls: 2.34% of portfolio
16. Red hat (RHT) Calls: 2.2% of portfolio
17. CVS Caremark (CVS) Calls: 1.76% of portfolio
18. Monsanto (MON): 1.57% of portfolio
19. NYSE Euronext (NYX) Calls: 1.45% of portfolio
20. Costco (COST): 1.43% of portfolio

Very interesting to see some similarities between his and his brother's portfolio (Atticus). Many of these positions are and have been on Goldman Sachs list of most common hedge fund holdings. Assets from the collective long US equity, options, and note holdings were $2.1 billion last quarter and were $ 1.6 billion this quarter. This is just one of many funds in our hedge fund portfolio tracking series in which we're tracking 35+ prominent funds. We've already covered Paulson & Co (John Paulson), Carl Icahn, Warren Buffett, Stephen Mandel's Lone Pine Capital, George Soros, Bill Ackman's Pershing Square, Andreas Halvorsen's Viking Global, Timothy Barakett's Atticus Capital, David Einhorn's Greenlight Capital, Seth Klarman's Baupost Group, and Peter Thiel's Clarium Capital. Look for our updates as we will be covering a new fund each day.

Tremblant Capital Group Adds to Chipotle (CMG) Position

Bret Barakett's Tremblant Capital Group has filed an amended 13G with the SEC due to their activity on January 28th, 2009. In it, they have disclosed a 5.71% stake in Chipotle (CMG) with 1,052,735 shares, up from their previous 558,000+ shares they showed back in their last 13F filing disclosing their entire portfolio. Chipotle shares have fallen a lot recently, and Tremblant obviously sees opportunity there. Keep in mind that this hedge fund typically doesn't take larger than 5% stakes in companies (which requires a 13G filing), so they definitely like this name, as this is the first major filing from them in quite some time.

If you're unfamiliar with Tremblant, here's what you need to know: This hedge fund is ran by Bret Barakett. If his last name sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whom we also track. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). So, as you can see, despite having a great mind of his own, Barakett has worked with some of the best in the macro game. But, as we noted in September, Tremblant has had a rough year. In the past, Tremblant has also disclosed a 5.2% stake in Advanced Medical Optics (EYE) and a stake in PharmaNet (PDGI).

Taken from Google Finance,

Chipotle Mexican Grill, Inc. (Chipotle) "operates fast casual, fresh Mexican food restaurants serving burritos, tacos, bowls and salads. As of December 31, 2007, the Company had 704 restaurants in 33 states throughout the United States and in the District of Columbia."

Hedge Fund Tracking: Bret Barakett's Tremblant Capital - 13F Filing 3rd Quarter 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. We're aiming to cover 35 or so prominent funds this time around and we'll be releasing the 13f analysis of each individual fund here in the coming weeks. We've already covered Whitney Tilson's T2 Partners, Peter Thiel's Clarium Capital, Bill Ackman's Pershing Square, Stephen Mandel's Lone Pine Capital, Lee Ainslie's Maverick Capital, Timothy Barakett's Atticus Capital, and John Griffin's Blue Ridge Capital. Next up, we have Bret Barakett's Tremblant Capital. If his last name sounds familiar, its because his brother, Timothy Barakett, manages fellow hedge fund Atticus Capital, whom we also track. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom we also track). So, as you can see, despite having a great mind of his own, Barakett has worked with some of the best in the macro game. But, as we noted in September, Tremblant has had a rough year. Tremblant recently disclosed a 5.2% stake in Advanced Medical Optics (EYE). Also, they added a stake in PharmaNet (PDGI). In addition to these stakes, you can view Tremblant's entire portfolio from the 2nd quarter here.

The following were Tremblant's long equity and options holdings as of September 30th, 2008 as filed with the SEC.


New Positions (Brand new positions that they initiated in the last quarter):
Chipotle (CMG/B)
Select Sector Financial (XLF)
SPDR Homebuilder ETF (XHB)
MEMC Electronic (WFR)
Discovery Holding Co (DSY)
KBW Regional Banks ETF (KRE)
Williams Cos (WMB)
Geoeye (GEOY)
Colfax (CFX)
IPCS (IPCS)
Google (GOOG)
Research in Motion (RIMM) Calls
MEMC Electronic (WFR) Calls
Charter Communications (CHTR)
TW Telecom (TWTC) Calls


Some Reduced Positions (Positions they sold some shares of - note not all sales listed)
Visa (V): Reduced by 17%
Apple (AAPL): Reduced by 16%
NYSE Euronext (NYX): Reduced by 6%
Qualcomm (QCOM): Reduced by 46%
Baidu (BIDU)): Reduced by 26%
Redhat (RHC) Calls: Reduced by 49%
Commscope (CTV): Reduced by 43%
Ntelos Holdings (NTLS): Reduced by 37%
CVS Caremark (CVS): Reduced by 36%
Inverness Medical (IMA): Reduced by 44%
Advanced Medical Optics (EYE): Reduced by 33%
Gafisa (GFA): Reduced by 47%
Focus Media (FMCN): Reduced by 68%
American Public Education (APEI): Reduced by 49%
Nuance Communications (NUAN): Reduced by 64%
Virgin Media (VMED): Reduced by 57%
Qualcomm (QCOM) Calls: Reduced by 45%
Focus Media (FMCN) Calls: Reduced by 91%


Positions with no change
none


Removed Positions (Positions they sold out of completely)
EMC (EMC) Calls
Chipotle (CMG/A)
Time Warner (TWX)
Cogent Comm (CCOI)
Baidu (BIDU) Calls
Thermo Fisher Scientific (TMO)
Time Warner (TWX) Calls
Suntech Power (STP)
Pharmaceutical Prod Dev (PPDI)
Apple (AAPL) Calls
Lehman Bros (LEH) Puts
Anadigics (ANAD)
Bare Escentuals (BARE)
Lululemon (LULU) Puts
Wyeth (WYE)
Central European Media (CETV)
Shenandoah Telecom (SHEN)
Cabelas (CAB) Puts
Petrochina (PTR)
China Petroleum (SNP)
LCAVision (LCAV)


Top 20 Holdings (by % of portfolio)

1. Visa (V): 7.68% of portfolio
2. Research in Motion (RIMM): 6.24% of portfolio
3. CVS Caremark (CVS) Calls: 6.2% of portfolio
4. Apple (AAPL): 5.6% of portfolio
5. NYSE Euronext (NYX): 5.3% of portfolio
6. Hologic (HOLX): 4.47% of portfolio
7. Hologic (HOLX) Calls: 4% of portfolio
8. Qualcomm (QCOM): 3.9% of portfolio
9. Green Mountain Coffee (GMCR): 3.9% of portfolio
10. Baidu (BIDU): 3.5% of portfolio
11. Corning (GLW): 3.5% of portfolio
12. Corning (GLW) Calls: 3.2% of portfolio
13. Melco Entertainment (MPEL): 2.9% of portfolio
14. Mckesson (MCK): 2.8% of portfolio
15. Eclipsys (ECLP): 2.7% of portfolio
16. RedHat (RHT) Calls: 2.5% of portfolio
17. Commscope (CTV): 2.4% of portfolio
18. RedHat (RHT): 2.2% of portfolio
19. Ntelos (NTLS): 2.1% of portfolio
20. Healthextras: 2% of portfolio

Assets listed in the long portfolio this quarter were a little over $2.1 billion compared to around $4.1 billion last quarter. Tremblant's portfolio definitely has some names that have seen abnormal amounts of selling pressure, so they were out reducing positions and raising cash levels it looks like. Please note that we have not detailed every single change 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 and options holdings and do not reflect the cash or short portions of their portfolio. This is the ninth hedge fund we've covered in our 3rd quarter 2008 edition of our hedge fund tracking series in which we're tracking 35+ prominent funds. We've already covered Whitney Tilson's T2 Partners, Peter Thiel's Clarium Capital, Bill Ackman's Pershing Square, Stephen Mandel's Lone Pine Capital, Lee Ainslie's Maverick Capital, Timothy Barakett's Atticus Capital, and John Griffin's Blue Ridge Capital. Overall, its been one of the worst years ever for hedge funds, as we noted in our recent October hedge fund performance 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 Barakett & Tremblant:
- Tremblant's stake in PharmaNet (PDGI)
- Also, their stake in Advanced Medical Optics (EYE)
- Tremblant's performance numbers
- Tremblant's 2nd quarter '08 portfolio

Tremblant Capital Discloses 5.2% Stake in Advanced Medical Optics (EYE) in 13G Filing

In a 13G filing made with the SEC on October 17th, Tremblant Capital has disclosed a 5.2% Ownership Stake in Advanced Medical Optics (EYE). Tremblant is a $4.1 billion hedge fund ran by Bret Barakett. This adjustment to the position was made on October 7th and they have disclosed that they now own 3,152,157 shares of EYE. In their most recent 13F filing disclosing positions as of June 30th, they had previously held 2,703,709 shares of EYE as well as 329,400 shares worth of calls on EYE. So, they have since increased their common share position in EYE by 448,448 shares. You can view all of Tremblant's portfolio holdings here. Additionally, Tremblant recently disclosed an ownership stake in PharmaNet Development (PDGI), which you can read about here. And, lastly, you can find Tremblant's year-to-date performance (along with numerous other hedge fund numbers) here.

Taken from Google Finance, Advanced Medical Optics (EYE) is "engaged in the development, manufacture and marketing of medical devices for the eye. The Company has three product lines: cataract / implant, laser vision correction, and eye care. In the cataract and implant market, it focuses on four products required for cataract surgery: foldable intraocular lenses (IOLs), implantation systems, phacoemulsification systems and viscoelastics. In the laser vision correction market, the Company markets excimer and femtosecond laser systems, related treatment cards and disposable patient interfaces, and diagnostic devices. The Company’s eye care product line provides a range of contact lens care products for use with most types of contact lenses."

You can view the 13G as filed with the SEC here.

Hedge Fund Tremblant Capital Group Discloses 9% Stake in PharmaNet Development Group (PDGI) in 13G Filing

In a 13G filing with the SEC, Tremblant Capital Group on Tuesday disclosed they own 1,758,311 shares of PDGI - PharmaNet Development Group, (formerly SFBC International). This represents a 9.0% ownership stake in the company. A 13G filing indicates passive ownership. This is a brand new position, as it was nowhere to be found in their most recent 13F filing where they disclosed their complete equity portfolio holdings as of June 30th, 2008. And, if you missed it, you can check out the rest of Tremblant's holdings from that most recent 13F which I analyzed in full here.

Tremblant Capital Group is managed by Bret Barakett. If his last name sounds familiar, its because his brother, Timothy Barakett, manages fellow macro fund Atticus Capital, whom I also track. Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom I've also tracked here). So, as you can see, despite having a great mind of his own, Barakett has worked with some of the best in the macro game. And, that's why he's worth tracking. But, this year has proven difficult for Bret Barakett (and many other fund managers for that matter). As I noted in one of my hedge fund performance updates, Tremblant was down 8.96% as of the beginning of August.

Taken from Google Finance, PharmaNet Development Group Inc. (PDGI), formerly SFBC International, Inc., "is a global drug development services company providing clinical development services, including consulting, Phase I and bioequivalency clinical studies, and Phase II, III and IV clinical development programs to pharmaceutical, biotechnology, generic drug and medical device companies around the world. The Company conducts its operations in two segments: early stage and late stage clinical development."

You can view the 13G filing at the SEC.

Hedge Fund Tracking: Tremblant Capital's 13F (Bret Barakett)

(Note: Before reading this update, make sure you check out the preface to the series I'm doing on Hedge Fund 13F's here)

Now we're really starting to see the 13F filings trickle in. Next up, we have Tremblant Capital Group, managed by Bret Barakett. (If his last name sounds familiar, its because his brother, Timothy Barakett, manages fellow macro fund Atticus Capital, whom I also track). Taken from their site, Tremblant Capital Group's objective is "to achieve superior risk adjust returns for our investors through our focused and disciplined investment process." Tremblant is a $4.1 billion hedge fund based in New York and is run by Bret Barakett, who is a former portfolio manager at Moore Capital Management (the hedge fund run by the great Louis Bacon, whom I also track). So, as you can see, despite having a great mind of his own, Barakett has worked with some of the best in the macro game. And, that's why he's worth following.

The following are Tremblant Capital's current holdings as of June 30th 2008, as released in their most recent 13F filing with the SEC. I've compared the positions in this most recent 13F to last quarter's 13F and here are the changes they made to their portfolio:

New Positions: (in no particular order)
Virgin Media (VMED) 528,856 shares
Shenandoah Telecom (SHEN) 184,124 shares
Petrochina (PTR) 7,016 shares
Mastercard (MA) 137,205 shares
Exide Technologies (XIDE) 211,757 shares
Chipotle Mexican Grill (CMG) 963,509 shares
China Petroleum and Chemical (SNP) 9,419 shares
Bare Escentuals (BARE) 322,555 shares


Added to:
Centennial Communications Corp (CYCL). Increased their position by 301%
Hologic (HOLX). Increased their position by 250%
Gafisa (GFA). Increased their position by 120%
Union Pacific (UNP). Increased their position by 100%
American Pub Ed Inc (APEI). Increased their position by 76%
Time Warner (TWX). Increased their position by 74%
Focus Media Holdings (FMCN). Increased their position by 56.6%
Nuance Communications (NUAN). Increased their position by 54%
Visa (V). Increased their position by 40%
Green Mountain Coffee Roasters (GMCR). Increased their position by 40%
Anadigics (ANAD). Increased their position by 38%
Mckesson Corp (MCK). Increased their position by 24%
Cogent Communications (CCOI). Increased their position by 15%
Hughes Communications (HUGH). Increased their position by 14%
NYSE Euronext (NYX). Increased their position by 10%
Melco Pbl Entertainment (MPEL). Increased their position by 7%
Walmart (WMT). Increased their position by 5%
Heathextras (HLEX). Increased their position by 3%


Reduced Positions:
LCA Vision (LCAV). Reduced their position by 95%
Research in Motion (RIMM). Reduced their position by 35%
Apple (AAPL). Reduced their position by 29%
ThermoFisher Scientific (TMO). Reduced their position by 28%
Pharmaceutical Prod Dev (PPDI). Reduced their position by 22%
Inverness Med (IMA). Reduced their position by 21%
CVS Caremark (CVS). Reduced their position by 18%
RedHat (RHT). Reduced their position by 15%
Monster Worldwide (MNST). Reduced their position by 11%
Suntech Power (STP). Reduced their position by 11%
Corning (GLW). Reduced their position by 8%
Qualcomm (QCOM). Reduced their position by 6%
Ntelos Holdings (NTLS). Reduced their position by 1.7%
Commscope (CTV). Reduced their position by 1.5%
Paetec Holding (PAET). Reduced their position by 1%
Pharmanet Dev Group (PDGI). Reduced their position by 0.71%


Removed Positions (Positions Tremblant sold out of completely):
Allscripts Healthcare (MDRX)
America Movil (AMX)
Cenveo (CVO)
Cirrus Logic (CRUS)
Costco (COST)
Digital Realty Trust Inc (DLR)
Mercadolibre (MELI)
Priceline (PCLN)
UST Inc (UST)


Positions with no change:
Wyeth (WYE)
SXC Health Solutions (SXCI)
Navisite (NAVI)
Eclipsys Corp (ECLP)
CSX Corp (CSX)
Burlington Northern (BNI)
Advanced Med Optics (EYE)


Top 10 holdings by % of portfolio:
1. Qualcomm (QCOM)
2. Visa (V)
3. Apple (AAPL)
4. CVS Caremark (CVS)
5. RedHat (RHT)
6. Hologic (HOLX)
7. NYSE Euronext (NYX)
8. Corning (GLW)
9. Research in Motion (RIMM)
10. Baidu (BIDU)


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Breakdown: Tremblant's portfolio is big on tech, and rightly so. From March until June (the period of time that passed between the filing of past & present 13F's), tech was on a rampage. So, for them to be taking some profits in those names seems natural. They cut back their AAPL and RIMM by about a third of a position, which classifies as healthy profit taking from a big move in my book. I wouldn't be surprised to see them adding back at cheaper prices what they sold. Noticeably absent from their tech portfolio is GOOG. They have BIDU instead, and a pretty large position at that (its their 10th largest holding). Hedge fund favorites AAPL, RIMM, & QCOM also make up a large part of Tremblant's portfolio overall. All 3 are top 10 portfolio holdings. What else is new?

Speaking of hedge fund favorites, we notice that MA and V make an appearance, with MA just being added this past quarter. They already had a large V stake and appear to be assembling a MA position to go along with it. Many funds seem to prefer MA to V, but not Tremblant. We'll see next quarter if their MA position catches up in size to the massive stake they have in Visa (their 2nd largest holding).

Interesting to see the Brothers Barakett (Bret at Tremblant and Timothy at Atticus) both in the house of pain with NYX. Tremblant added more this quarter and look to be averaging down again and again. I can't blame them though. NYX is a solid company that 'appears' cheap on valuation. But, in this market, nobody seems to care about that. The exchanges should be perfect plays to bet on a market with increased volatility. But, apparently they are not. Instead, they are downward spiraling deathtraps. One other commonality between the Brothers Barakett portfolios is their affection for the rails. UNP BNI and CSX all appear in Tremblants portfolio. UNP is their largest rail holding currently, as they doubled down on their stake this past quarter.

Overall, technology, communications & media, the rails, and medical plays seem to be the name of the game for Tremblant this time around.

Lastly, just wanted to note that they have abandoned America Movil (AMX). This name has been in a steady downtrend in recent months, and it looks like they gave up on the name. Last quarter and in the past in general, AMX was easily one of the most common holdings among the hedge funds I track. As the 13F's continue to come out, we'll have to see if others joined Tremblant in dumping their shares.

Tremblant Capitals' most interesting move(s)? Beefing up their general media & communications technology holdings. They added a variety of names such as CYCL, CCOI, FMCN, TWX, NUAN,VMED.

You can view Tremblant Capital's 13F as filed with the SEC here.

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Check back in during the coming weeks as I analyze the portfolio changes to numerous big name hedge funds such as Lone Pine Capital (Steve Mandel), Moore Capital Management (Louis Bacon), Tudor Investment Corp (Paul Tudor Jones), Blue Ridge Capital (John Griffin), & many many more.