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Hedge fund Farallon Capital Management just filed an amended 13G with the SEC regarding its position in Beacon Roofing Supply (NASDAQ:BECN). Due to portfolio activity on December 31st, 2010, Farallon has disclosed a 3.5% ownership stake in BECN with 1,587,100 shares.

This signifies a slight reduction in their position size. At the end of the third quarter (September 30th, 2010), the hedge fund owned 1,869,032 shares. So over the past three months they've reduced their position by 15%.

Farallon was founded by Thomas Steyer in 1996 and today is a multi-billion dollar firm. They invest across the spectrum in equities, private investments, debt and real estate. Typically though, they focus on risk arbitrage. For an example of the types of investments Farallon makes, we examined their Alcon (NYSE:ACL) play in a consensus hedge fund arbitrage trade.

Per Google Finance:

Beacon Roofing Supply is a distributor of residential and non-residential roofing materials in the United States and Canada. The Company also distributes complementary building materials, including siding, windows, specialty lumber products and waterproofing systems for residential and non-residential building exteriors.

Disclosure: No position

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Source: Hedge Fund Farallon Sells Some Beacon Roofing Supply