Esteemed Hedge Fund Managers Liquidate: Expect Downward Pressure on Top Holdings

June 3rd, 2009
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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.

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.
For Detailed Investor Profiles on these Investors, click below:
Ospraie Management
Raptor Capital Management*
Tudor Investment Corporation
Related People: Dwight Anderson; James Pallotta; James Pallotta*; Paul Tudor Jones, II
Related Entities: Altar Rock Fund*; Altar Rock*; BVI Global Fund Ltd; BVI Global Fund*; Ospraie Fund*; Ospraie Real Return Fund; Ospraie Special Opportunities Fund; Ospraie Wingspan Fund; Raptor Evolution Fund; Raptor Evolution Fund GP LLC; Raptor Global Fund*; Raptor Global*; Tudor Investment Corp; Tudor Investment Corporation* Lehman Brothers*; Tudor Investments; Tudor Momentum Futures Fund; Tudor Tensor
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News

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