Dan Loeb Q3 AUM Lower By $600 Million To $2.1 Billion, Discloses 48 Million Share Yahoo Stake
David Tepper was not the only one cutting his exposure across the board: in Q3, Dan Loeb's total reported AUM dropped from $2.7 billion to $2.1 billion (granted this is not indicative of his actual portfolio holdings across funds, just what he reports to the SEC). The most notable change was the $632 million stake, or 48 million shares, he reported in Yahoo - a move which Zero Hedge disclosed first, although the full size of which was unknown. In addition to a $632 million equity stake, he also revealed at $26.7 million call equivalent to 15 million shares of stock. Aside from that the main story was one of derisking as he sold off his entire positions in BP, Cablevision, Freeport McMoRan, Freescale, Lyondell, NXP, Pall, ON Smi, Pall, Potash, Quest, Safeway, Swift, and Whirlpool. In addition to YHOO, he added a few other new positions, the most notable and largest of which is HollyFrontier: the same new position as was initiated by Tepper, as noted previously. Perhaps this one deserves a special focus as the hedge fund hotel appears to have spoken and to like it, and is largely under the radar. In addition, he also started new positions in Celanese, Agco, Expedia, FMC, Gardner, Gilead, Fragtech, Warnaco and some other small stub positions. But overall, the theme of the portfolio is one of broad portfolio reduction and deleveraging, coupled with going aggressively to cash.
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