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Todd Walker is the Executive Director and Chief Strategist at HedgeTracker, where he is responsible for overseeing research, analytics and business development. He has particular expertise in investments that are popular among elite hedge fund managers, shareholder activists and... More
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  • Esteemed Hedge Fund Managers Liquidate: Expect Downward Pressure on Top Holdings 0 comments
    Jun 3, 2009 08:49 PM | about stocks: MAKO, CF, HTH, ITMN, TRA

    Boston-based Raptor Global Funds announced yesterday in a letter to investors that it was closing shop. The firm was formed in January of this year when James Pallotta spun-off from Tudor Investments with Tudor's Raptor Global and Altar Rock hedge funds. Mr. Pallotta had been vice chairman and managing director of the Raptor funds at Tudor. After the spin-off, Mr. Pallotta’s team continued to sub-manage an equity portion of Tudor's main BVI Global Fund. The letter gave no indication of who will manage those assets after Raptor’s liquidation.

    The liquidation process is likely to place downward pressure on some of the top stocks in Raptor’s portfolio. As of 3/31/09, the firm reported with the SEC that it held nearly $360 million across 61 US-listed Equity Securities. The positions where Raptor held the largest percent of share outstanding include:
    Mako Surgical Corp. (MAKO), $7.33 Million, 949,287 Shares, 5.2% Held
    CF Industries Holdings Inc (CF) - $61.34 Million, 862,378 Shares, 1.5% Held
    Hilltop Holdings Inc (HTH), $5.23 Million, 458,700 Shares, 0.8% Held
    Intermune Inc (ITMN), $4.31 Million, 262,200 Shares, 0.7% Held
    Terra Industries Inc (TRA), $13.76 Million, 490,000 Shares, 0.5% Held
     
    Another Tudor-spin-off, Dwight Anderson’s Ospraie Management liquidated its main hedge funds in late 2008. Just last month, the firm announced it was returning to the commodities game by launching very similar funds. (for more info see http://www.hedgetracke...)
     
    Another Boston-based hedge fund that announced it was liquidating this week is Noble Partners, L.P.   The firm was founded by CEO George L. Noble in 1991. Prior to founding the firm, Mr. Noble managed the global equities focused Fidelity Overseas mutual fund. As of 3/31/09, the firm reported with the SEC that it only held nearly $37.4 million across 6 US-listed Equity Securities. Three months earlier, the hedge fund manager had held $508.5 million across 21 securities. 

    Disclosure: No positions

    Themes: Hedge Funds Stocks: MAKO, CF, HTH, ITMN, TRA
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