Tiger Consumer Management, the hedge fund headed by Patrick Mccormack, one of the “tiger cubs” or protégés of legendary investor Julian Robertson, disclosed that its equity portfolio has a market value of more than $2.4 billion during the fourth quarter of 2013 based on its 13F filing with the Securities and Exchange Commission (SEC).
Some of the significant acquisitions of Tiger Consumer Management during the quarter are the following:
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During the quarter, Tiger Consumer Management purchased 3,329,620 shares of T-Mobile US Inc (NYSE:TMUS) worth approximately $112 million. Over the past 52 weeks, the stock price of T-Mobile climbed from $16.01 to 34.10 a share as the company benefits from its aggressive promotional strategies. The company had been successful with its un-carrier promo wherein it is offering to pay the early termination fees of customers from other carriers who will switch to its service.
It had been reported that Masayoshi Son, CEO of Softbank Corp (TYO:9984) (OTCMKTS:SFTBF) is exploring the possibility for its subsidiary, Sprint Corporation (NYSE:S) to acquire T-Mobile US Inc (NYSE:TMUS). Son is evaluating if a potential merger will be able to get regulatory approval.
Facebook Inc (FB)
Tiger Consumer Management purchased 1,384,507 shares of Facebook Inc (NASDAQ:FB). Its stake in the social network giant has a market value of approximately $75.66 million. Today, the shares of Facebook reached a new all-time high at $67.57 per share. The stock price of the company already gained 23% this year. The stock rose 105% last year.
Darden Restaurants, Inc. (DRI)
During the quarter, the hedge fund acquired 1,754,690 shares of Darden Restaurants, Inc. (NYSE:DRI) worth approximately $95.40 million. Last month, Zacks Investment Research downgraded its rating for the shares of the company to strong sell after reporting disappointing second quarter financial results, weak guidance, and underperformance of Red Lobster and Olive Garden brands. Activist hedge fund, Barrington Capital had been demanding changes to the restaurant operator to improve its profitability.
J.C. Penney Company, Inc. (JCP)
Tiger Consumer Management acquired 3,206,127 shares of J.C. Penney Company, Inc. (NYSE:JCP) despite the struggling situation of the department store chain to turnaround its business. The hedge fund’s stake in the company is worth approximately $29.33 million. J.C. Penney is planning to develop the land around its headquarter in Texas, which could generate $200 million based on the analysis of property records and project estimates, according to Bloomberg. Early this month, the company hired three firms to develop its 249 acres in Plano. The stock price of the company is currently trading around $6.14 per share, up by 2.14% on Friday.
The hedge fund also acquired 1,499,525 shares of The Men’s Wearhouse, Inc. (NYSE:MW), 809,811 shares of Arcos Dorados Holding Inc (NYSE:ARCO), 1,290,660 shares of Lululemon Athletica inc. (NASDAQ:LULU) (TSE:LLL),among others.