Ken Griffin started his Citadel Investment Group in 1990. He has grown his fund to a portfolio worth almost $43 billion. Griffin looks for distressed or value assets and holds a strong focus on options.
Dan Loeb founded Third Point in 1995. It was one of the best-performing hedge funds in 2010 and recently made The Wall Street Journal’s list of top 50 hedge funds. He uses event-driven investment strategies.
Griffin and Loeb may not like each other a lot, but they have several positions in common. The largest of these is eBay, Inc. (NASDAQ:EBAY). Griffin has a position in the online auction storefront worth $189 million at the end of the second quarter. Loeb has a stake currently valued at $48 million in the company. Bill Miller at Legg Mason Capital Management is also a fan.
ON Semiconductor Corp (ONNN) is also popular with Griffin and Loeb. Griffin has a $75.9 million stake in the company after increasing his position by 34% last quarter. ONNN is a new position for Loeb. He bought in during the second quarter. ONNN is also popular with Cadian Capital’s Eric Bannasch (see Bannasch’s top picks).
The pair is also bullish about Liberty Media Corp (LINTA). Griffin owns a stake worth $46.1 million and Loeb holds $50.3 million. LINTA recently traded at $15.17 a share and has a market cap of $9.13 billion. Jana Partners’ Barry Rosenstein is also bullish on the stock (read about Rosenstein’s favorite positions).
Griffin and Loeb like Newell Rubbermaid, Inc. (NYSE:NWL) as well. Griffin has a $27.3 million position in the company after reducing his stake by 18% last quarter, while Loeb has a stake worth $22.9 million in NWL. It is a new position for Loeb. NWL is a favorite of Ariel Investments’ John W. Rogers.
Sara Lee Corp (SLE) is also popular with Griffin and Loeb. Loeb is especially bullish on the company. He holds a $126 million stake in the company after increasing his position by 233% last quarter. Griffin’s position is worth $19.5 million, which is still significant, but he had actually decreased his position by 75% during the second quarter. Jeffrey Ubben of Valueact Capital is also a fan.
The pair is bullish about CVR Energy (NYSE:CVI) as well, but not as much lately. Griffin decreased his position by 65% during the second quarter. Now his stake is worth around $19.4 million. Loeb also reduced his position last quarter, by 14%. His position is now valued at $155 million. CVI is also popular with David Tepper, Appaloosa Management; he increased his stake by 371% in the second quarter (see billionaire Tepper’s top picks).
Barrick Gold Corp (NYSE:ABX) is a favorite of Griffin and Loeb as well. Griffin has an $18.2 million stake, while Loeb holds an $83.8 million position. Barrick is a new position for Loeb. Daniel Bubis, Tetrem Capital Management, is also invested in ABX. It is his second-largest position.
Griffin and Loeb are invested in Expedia, Inc. (NASDAQ:EXPE). Griffin has a stake valued at $18.2 million. Loeb has a $52.9 position in the company. EXPE is also popular with Larry Robbins, Glenview Capital (check out Robbins’ top positions).
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.