Tiger Global Discloses On Deck Capital Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding On Deck Capital (ONDK).  Per the filing, Tiger Global now owns 9.2% of the company with over 6,333,004 shares.

This is a newly disclosed equity stake and the filing was made due to activity on December 17th as the company recently completed its initial public offering (IPO).  It priced at $20 and now trades around $22.

Per Google Finance, On Deck Capital is "an online platform for small business lending. Enabled by its technology and analytics, the Company aggregates and analyzes data points from dynamic, disparate data sources to assess the creditworthiness of small businesses. Small businesses can apply for a term loan or line of credit on its Website and, using its OnDeck Score, it can make a funding decision immediately and transfer funds the same day."

You can view other Tiger Global portfolio activity here.

Eminence Capital Reveals Darling Ingredients Stake

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G with the SEC regarding shares of Darling Ingredients (DAR).  Per the filing, Eminence now owns 5% of the company with over 8.26 million shares.

This is a newly disclosed equity position for the fund and the filing was made due to activity on December 17th.

Per Google Finance, Darling Ingredients is "a provider of rendering, cooking oil and bakery waste recycling and recovery solutions. The Company collects and recycles animal by-products, bakery residual and used cooking oil from poultry and meat processors, commercial bakeries, grocery stores, butcher shops, and food service establishments and provides grease trap cleaning services to many of the same establishments."

We've recently highlighted other portfolio activity from Eminence Capital as well.

Viking Global Starts Avis Budget Group Position

Andreas Halvorsen's hedge fund firm Viking Global has started a new position in Avis Budget Group (CAR).  Per a 13G just filed with the SEC, Viking now owns 5% of the company with over 5.34 million shares.

They did not report owning a stake at the end of the third quarter.  The filing was made due to activity on December 17th.  This is now the second major hedge fund to file with the SEC regarding CAR shares.  We highlighted last week that Glenview Capital also was buying Avis Budget shares.

Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates under brands Avis, Budget and Zipcar. The Company’s other brands include Budget Truck, Payless and Apex."

Carl Icahn Discloses Manitowoc Stake, Pushes For Company to Split Up

Activist investor Carl Icahn today filed a new 13D with the SEC concerning shares of Manitowoc (MTW).  Per the filing, Icahn now owns 7.77% of the company with over 10.5 million shares (including shares underlying call options).

This is a brand new position for him and the filing was required due to activity on December 17th.  The filing notes that Icahn wants the company to separate its Crane and Foodservice segments into two separate companies.

Per the 13D, Icahn was out buying MTW common stock in the middle of December at prices ranging from $16.83 to $19.30, along with August 2016 call options with an $18 strike.

We've recently covered some additional portfolio activity from Icahn as well.

Per Google Finance, Manitowoc is "a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products (Crane) and Foodservice Equipment (Foodservice). Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications."

Horizon Kinetics on Owner Operators

This presentation on owner operators from Horizon Kinetics is a few years old (2011) but still very much worth a read.  These types of investments have long drawn the attention of various investors and this takes a look at the history, definition, and more.

Embedded below is Horizon Kinetics' research piece on owner operators:

Glenview Capital Increases Avis Budget, Lithia Motors & PVH Corp Positions

Larry Robbins' hedge fund firm Glenview Capital has been active recently in shares of three of their holdings.


Increases Avis Budget Group Stake

Readers of the site won't be surprised by this move because we highlighted an interview with Robbins where he pointed out his fondness for car rental companies a few months ago.  Glenview has revealed they now own 5.2% of Avis Budget Group (CAR) with 5.44 million shares per a 13G filed with the SEC.

This means they've increased their stake by over 1.49 million shares since the end of the third quarter. The filing was required due to activity on December 10th.

Per Google Finance, Avis Budget Group is "a provider of vehicle rental and car sharing services. The Company operates under brands Avis, Budget and Zipcar. The Company’s other brands include Budget Truck, Payless and Apex. The Company operates in three segments: North America, which operates provides car rentals in the United States and vehicle rentals in Canada, as well as ancillary products and services, and operates the Company’s Zipcar car sharing business; International that provides and licenses its brands to third parties for vehicle rentals and ancillary products and services primarily in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand; and Truck Rental, which provides truck rentals and ancillary products and in the United States."


Boosts Lithia Motors Position

Second, Glenview Capital has also revealed a 5.92% ownership stake in Lithia Motors (LAD) with over 1.4 million shares.  They've boosted their position size by 237,364 shares since the end of the third quarter.

Per Google Finance, Lithia Motors is "an operator of automotive franchises and a retailer of new and used vehicles and services. The Company sells new and used cars and light trucks and replacement parts; provides vehicle maintenance, warranty, paint and repair services; and arranges related financing, service contracts, protection products and credit insurance."


Adds To PVH Corp Holdings

Lastly, Larry Robbins' hedge fund firm also filed a 13G with the SEC regarding their PVH Corp (PVH) stake.  They now own 5.5% of the company with over 4.53 million shares.

This is an increase of 427,071 shares since the end of the third quarter and the filing was required due to activity on December 10th.

Per Google Finance, PVH is "an apparel company. The Company’s portfolio of brands includes Calvin Klein, Tommy Hilfiger brands, Van Heusen, IZOD, Bass, ARROW and Eagle, which are owned brands, and Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, Sean John, JOE Joseph Abboud, MICHAEL Michael Kors, Michael Kors Collection, CHAPS, Donald J. Trump Signature Collection, DKNY, Elie Tahari, Nautica, Ted Baker, J. Garcia, Claiborne, Robert Graham, U.S. POLO ASSN., Axcess and Jones New York, which are licensed, as well as various other licensed and private label brands. It designs and markets branded dress shirts, neckwear, sportswear and, to a lesser extent, footwear and other related products. Additionally, it licenses its owned brands over a range of products."


This isn't the only activity out of Glenview recently either.  Robbins' firm also bought shares of two more companies.

ValueAct Capital Trims Adobe Systems Stake

Jeff Ubben's activist hedge fund firm ValueAct Capital has filed a Form 4 with the SEC regarding their stake in Adobe Systems (ADBE).

Per the filing, they've sold over 5 million shares of ADBE since the end of the third quarter.  These sales came at prices of $75.02, $74.72, and $74.57 on December 18th, 19th, and 22nd respectively.

After these recent sales, they're left with 16,700,000 shares.

Per Google Finance, Adobe Systems is "a diversified software company. The Company offers a line of software and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring and engaging with content and experiences across multiple operating systems, devices and media."


For more from this manager, be sure to check out Ubben's presentation from the Sohn Conference San Francisco.

Eminence Capital Adds To Xoom, Men's Wearhouse Stakes

Ricky Sandler's hedge fund firm Eminence Capital has filed a 13G and a 13D with the SEC regarding two of their positions.


Adds To Xoom Stake

First, Eminence has revealed a 6.4% ownership stake in Xoom (XOOM) with over 2.44 million shares. 

This means they've boosted their stake by over 1.57 million shares since the end of the second quarter.  The filing was required due to activity on December 9th.

Per Google Finance, Xoom is "engaged in online international money transfer service. Its customers use Xoom to send money to family and friends in 30 countries. The Company generates revenue from transaction fees charged to customers and from foreign exchange spreads on transactions where the payout currency is other than United States dollars."


Increases Men's Wearhouse Position

Second, Sandler's hedge fund also disclosed a 11.9% ownership stake in Men's Wearhouse (MW) with over 5.7 million shares in an amended 13D filing with the SEC.

Their position size is now larger to the tune of 1.15 million more shares.  The filing was required due to activity on December 16th.

The filing also notes that Eminence's standstill clause (which capped their ownership at 10%) has been amended to 12%.

Per Google Finance, Men's Wearhouse is "a specialty retailer of men's suits and a provider of tuxedo rental product in the United States and Canada. It operates in two segments: retail and corporate apparel."

For more from this manager, you can see what stocks Sandler recommended at the Robin Hood Investors Conference.

Howard Marks' Latest Memo: The Lessons of Oil

Oaktree Capital's chairman Howard Marks is out with his latest memo.  His commentary is considered some of the best out there and even Warren Buffett reads it.  Marks' latest missive is entitled "The Lessons of Oil" and it is embedded below.



You can download a .pdf copy here.

For more from Marks, we'd highly recommend also checking out his book, The Most Important Thing.

NYU Stern Evaluation Investment Newsletter: December 2014 Edition

The latest issue of NYU Stern's newsletter Evaluation is now available.  It highlights public finance and infrastructure investing.  Additionally, it features student investment pitches including  long Polaris Industries (PII), long RPX Corp (RPXC), long LVMH, short Alliant Techsystems (ATK), and long the Indian Rupee.

The December 2014 Evaluation newsletter is embedded below:



If you missed it, be sure to check out a past issue of Evaluation featuring an interview with Avenue Capital's Marc Lasry.

What We're Reading ~ Hedge Fund Links 12/19/14

Year of man versus machine for hedge funds [FT]

Ray Dalio at the Dealbook Conference: it's a good environment, but... [CNBC]

Paul Singer at the Dealbook Conference : the 'unfair' recovery is the Fed's fault [CNBC]

What some hedge fund professionals are betting on in 2015 [FINalternatives]

No wonder they call hedge funds 'smart money' [Business Insider]

Greenwich's rise as a hedge fund capital [CTPost]

Big hedge funds win again on PetSmart, Riverbed [CNBC]

Greenlight Capital Adds To Cairn Energy Holdings

David Einhorn's hedge fund Greenlight Capital has added to its stake in London listed Cairn Energy (LON:CNE).  Due to trading on December 12th, Einhorn's fund increased its holding from 4.2% to 6.2% of voting rights. 

Most of the position is via common stock but around 12% is held via a total return swap.  Their latest shares were bought around the 160p mark.

Greenlight first disclosed a 3% in Cairn back in Mach 2012 when shares traded at around 350p.  Since then, they have gone above and below the 3% disclosure threshold a few times and then in January of this year they added shares that cost around 260p each to take the stake to 4.2%. 

For more from this manager, head to David Einhorn's most recent interview.

Per Google Finance, Cairn Energy is "an independent oil and gas exploration and development company. The Company’s operations are organised based on geographical regions. Its geographical segments include North West Europe- North Sea, Atlantic Margin-Greenland, Atlantic Margin-Morocco and the Mediterranean. The Cairn Energy Group’s operations focuses on new exploration activities in Greenland and the Mediterranean. The Company’s operating subsidiaries include Capricorn Oil Limited, Cairn UK Holdings Limited, Capricorn Energy Limited, Cairn Energy Dhangari Limited, Cairn Energy Karnali Limited, Cairn Energy Lumbini Limited, Cairn Energy Malangawa Limited, Cairn Energy Birganj Limited, Capricorn Albania Limited, Capricorn Spain Limited, Capricorn Greenland Exploration 1 Limited and Capricorn Lady Franklin Limited."

Balyasny Starts Laredo Petroleum Position, Boosts Penn National Gaming Stake

Dmitry Balyasny's hedge fund firm Balyasny Asset Management has just filed two separate 13G's with the SEC today. 

Starts Laredo Petroleum Position

First, Balyasny has filed on shares of Laredo Petroleum (LPI).  Per the filing, Balyasny now owns 5.31% of the company with over 7.62 million shares.

This is a newly disclosed equity position for the firm as they did not hold a position at the end of the third quarter.  The filing was made due to activity on December 16th.

Balyasny has been actively buying shares of KBR as well as Oasis Petroleum recently too.

Per Google Finance, Laredo Petroleum is "focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian region of the United States. The Company’s primary exploration and production fairway in the Permian Basin is centered on the eastern side of the basin 35 miles east of Midland, Texas and extends 20 miles wide (east/west) and 85 miles long (north/south) in Glasscock, Howard, Reagan, Sterling and Tom Green counties, and is referred to as the Permian-Garden City area."


Boosts Penn National Gaming Stake

Second, Balyasny Asset Management has disclosed a 5.74% ownership stake in Penn National Gaming (PENN) with over 4.52 million shares.

This means they've increased their position size by around 840,000 shares since the end of the third quarter. The filing was made due to activity on December 12th.

Per Google Finance, Penn National Gaming is "a diversified owner and manager of gaming and pari-mutuel properties."

Carl Icahn Raises Hertz Global and Navistar Stakes

Activist investor Carl Icahn has filed two separate amended 13D's with the SEC.

Increases Hertz Global Stake Again

The corporate rabblerouser has continued to buy shares of Hertz Global (HTZ).  Per the SEC filing, he now owns 11.34% of the company with over 51.9 million shares.

He's increased his position size by 13.1 million more shares since the end of November and the filing was required due to portfolio activity on December 15th.

So Icahn has been very active buying HTZ shares over the past few weeks.  Hertz is analyzed in the latest issue of our Hedge Fund Wisdom newsletter if you want to read the full bull and bear cases on the name.

Per Google Finance, Hertz Global "operates in two segments: rental and leasing of cars, crossovers and light trucks (car rental), and rental of industrial, construction and material handling equipment (equipment rental).."


Adds To Navistar International Position

Icahn also filed a 13D on Navistar and disclosed he now owns 19.99% of the company with over 16.27 million shares.

This means he's boosted his position size by over 1.9 million shares since the end of the third quarter.  This filing was required due to activity on December 17th.

Per Google Finance, Navistar International is "a manufacturer of International brand commercial and military trucks, IC Bus (IC) brand buses, MaxxForce brand diesel engines, Workhorse Custom Chassis (WCC) brand chassis for motor homes and step vans, and Monaco RV (Monaco) recreational vehicles (RV), as well as a provider of service parts for all makes of trucks and trailers. In addition, it is a private-label designer and manufacturer of diesel engines for the pickup truck, van and sport utility vehicle (SUV) markets. It also provides retail, wholesale, and lease financing of trucks and parts. NIC operates in four segments: Truck, Engine, Parts and Financial Services."

TPG-Axon Capital Files 13D & 13G on SandRidge Energy Stake

Dinakar Singh's hedge fund firm TPG-Axon Capital has filed a 13D and then 13G with the SEC regarding their stake in SandRidge Energy (SD).

Per the 13G filing, the firm owns about 32 million shares, or 6.5% of the company: 4.1% via common stock and 2.4% economic on basket swap.  The firm executed a swap to realize certain gains/losses for tax planning.

This is a reduction in their position size, as they previously disclosed ownership of over 39 million shares at the end of the third quarter (via their last 13F filing with the SEC).

Per Google Finance, SandRidge Energy is "an independent oil and natural gas company. The Company is engaged in development and production activities in the Mid-Continent, Gulf of Mexico and Permian Basin in west Texas. Its primary area of focus is the Mississippian formation, a shallow hydrocarbon system in the Mid-Continent area of northern Oklahoma and Kansas. The Company also operates businesses that are complementary to its primary development and production activities, including gas gathering and processing facilities, an oil and natural gas marketing business and an oil field services business, including its wholly owned drilling rig business, Lariat Services, Inc. (Lariat)."

What We're Reading ~ Analytical Links 12/17/14

Good interview with Amazon's Jeff Bezos [BusinessInsider]

122 things everyone should know about investing and the economy [Morgan Housel]

On castles and moats [Sova Group]

Global market sentiment survey 2015 [CFA Institute]

How the rising dollar could trigger the next global financial crisis [WSJ]

Berkshire director offers rare peek into Buffett's boardroom [BizJournals]

On the importance of "knowing the why" re: stock price fluctuations [Micro Fundy]

On how to have fun investing [Value and Opportunity]

Homebuilder sentiment diverges from reality [WSJ]

Inside Facebook's plan to wire the world [Time]

The hole in Google's mobile strategy [The Information]

Why Windows 10 is so important to Microsoft's future [TheStreet]

A look at Tropicana Entertainment [Clark Street Value]

More signs that software is eating investment management [Abnormal Returns]

Throwing money at start-ups in frenzy to find the next Uber [Dealbook]

8 secrets of success [TED]

Lee Cooperman Adds To Caesars Entertainment Stake

Lee Cooperman's hedge fund firm Omega Advisors has just filed a 13G with the SEC regarding their position in Caesars Entertainment (CZR).  Per the filing, Cooperman has revealed a 5.41% ownership stake in CZR with over 7.81 million shares.

He's boosted his stake by 824,967 since the end of the third quarter and the filing was required due to activity on December 12th.

Per Google Finance, Caesars Entertainment is "a diversified casino-entertainment provider.."

Balyasny Asset Management Increases KBR Position

Dmitry Balyasny's hedge fund Balyasny Asset Management has filed a 13G with the SEC regarding its position in KBR (KBR).  Per the filing, Balyasny now owns 5.57% of KBR with over 8 million shares.

They've increased their position size by over 6.97 million shares since the end of the second quarter and the filing was required due to portfolio activity on December 11th.

Just yesterday, we posted up about another stock Balyasny has been buying.

Per Google Finance, KBR is "a global engineering, construction and services company supporting the energy, hydrocarbons, Government services, minerals, civil infrastructure, power, industrial and commercial markets."

12 West Capital Boosts Advanced Drainage Systems Stake

Joel Ramin's hedge fund firm 12 West Capital has filed a 13G with the SEC regarding its stake in Advanced Drainage Systems (WMS).  Per the filing, 12 West now owns 6.1% of the company with over 3.24 million shares.

They've increased their position size by over 1.73 million shares since the end of the third quarter.  The filing was required due to portfolio activity on December 4th.

For more from this hedge fund, we posted up some other recent portfolio activity from 12 West here.

Per Google Finance, Advanced Drainage Systems is "a manufacturer of thermoplastic corrugated pipe, providing a comprehensive suite of water management products and superior drainage solutions for use in the construction and infrastructure marketplace. The Company’s products are used across a range of end markets and applications, including non-residential, residential, agriculture and infrastructure applications."

Balyasny Asset Management Discloses Oasis Petroleum Position

Dmitry Balyasny's hedge fund firm Balyasny Asset Management has filed a 13G with the SEC regarding shares of Oasis Petroleum (OAS).   Per the filing, Balyasny now owns 5.24% of the company with over 5.31 million shares.

This is a newly disclosed equity stake for the firm, as they did not report ownership as of the end of the third quarter.  The filing was required due to portfolio activity on December 9th.

Like many energy stocks, Oasis has plunged from a high of $56.50 this year, down to current levels of around $12 per share.

We've posted previous portfolio activity from Balyasny here.

Per Google Finance, Oasis Petroleum is "an exploration and production company. The Company focuses on the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin."