Harbinger Capital Partners (Philip Falcone): Portfolio Update

by: Market Folly

Philip Falcone's $13 billion hedge fund, Harbinger Capital Partners, has recently filed amended 13Ds with the SEC.

Taken from StreetInsider:

Harbinger is a disciplined value investor with an emphasis on intensive credit research. Its focus is on middle market companies that tend to be misunderstood or under-researched by the market. Investment approaches include: Restructuring/Bankruptcy, Turnaround, Liquidation, Event Driven, Capital Structure Arbitrage, Short Sale and Special Situations.

At one point during 2008, the fund was up as much as 42%. But, its fortunes turned as it found itself giving up those gains. However, one position that treated it nicely was its short of Wachovia (NASDAQ:WB), which we detailed here.

Below, are its recent updates:

  1. It has disclosed a 20.9% stake in SeraCare Life Sciences (NASDAQ:SRLS). It has 3,872,370 shares as per the latest amended 13D. You can view the rest of Harbinger's portfolio holdings here.
  2. In an amended 13G, Harbinger has disclosed a 13.5% ownership in Augusta Resources (NYSEMKT:AZC) with 11,991,339 shares.
  3. It disclosed that it has been selling some shares and now has a 10.63% ownership stake in Cliffs Natural Resources (NYSE:CLF). We detailed the changes to this position before when we covered Harbinger's Form 4 and press release. It has continued to sell shares, with its latest Form 4 showing 10 large batches of sales on January 14, 15, and 16 at around $22 per share.
  4. In an amended 13D, it has noted its current 7.5% stake in Cablevision systems (NYSE:CVC).
  5. In an amended 13G, it has also shown its 9% stake in Navistar International (NYSE:NAV).
  6. Harbinger has disclosed a 63.8% ownership stake in SkyTerra Communications (OTC:SKYT). In the filing, it might be deemed to beneficially own 43,466,176 shares. The filing itself is complex and full of many details, so we suggest reading it in its entirety to fully understand Harbinger's position in the company.