whistlerbumps Posted July 12, 2018 Share Posted July 12, 2018 Kerrisdale has filed owning 8.6mln shares of I which is a ~160mln position. Their last 13F showed only ~140mln of equity positions and no shares of I... Even assuming they bought it early in the quarter, their cost is probably no less than $7 per share which is still a $60mln position (40%) in a $150mln fund at minimum. Is there something I am missing here (single stock SPV etc) or do they really run that concentrated? Link to comment Share on other sites More sharing options...
gfp Posted July 12, 2018 Share Posted July 12, 2018 I think Kerrisdale manages a lot more money than you are assuming. Link to comment Share on other sites More sharing options...
whistlerbumps Posted July 12, 2018 Author Share Posted July 12, 2018 I think Kerrisdale manages a lot more money than you are assuming. I know they used to but I thought AUM had declined a lot in recent years. I don't remember them do a lot of non-US longs/non-equity or holding a lot of cash so I would think that 13F should capture the bulk of their assets no? Link to comment Share on other sites More sharing options...
handycap5 Posted July 12, 2018 Share Posted July 12, 2018 They have had some marketing setbacks. https://www.cnbc.com/2016/08/15/hedge-funder-in-hot-water-sahm-adrangi-arrested-for-dui-cocaine-possession-in-hamptons.html Link to comment Share on other sites More sharing options...
landstander Posted July 12, 2018 Share Posted July 12, 2018 It does seem rather concentrated, but this also seems to be their very high conviction idea (7x). I'm not in it, but it's interesting - https://www.kerrisdalecap.com/wp-content/uploads/2018/06/Intelsat-and-SES.pdf Link to comment Share on other sites More sharing options...
rogermunibond Posted July 12, 2018 Share Posted July 12, 2018 This long position paired with their VSAT short is interesting. Link to comment Share on other sites More sharing options...
Contra123 Posted July 12, 2018 Share Posted July 12, 2018 AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short). Link to comment Share on other sites More sharing options...
whistlerbumps Posted July 12, 2018 Author Share Posted July 12, 2018 AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short). Thanks... that would make sense given their history and the size of the position. Link to comment Share on other sites More sharing options...
cameronfen Posted July 15, 2018 Share Posted July 15, 2018 Here is there seeking alpha piece outlining their thesis (copied on outline.com to get around the paywall) https://outline.com/NkdYVn Link to comment Share on other sites More sharing options...
BG2008 Posted July 16, 2018 Share Posted July 16, 2018 They have had some marketing setbacks. https://www.cnbc.com/2016/08/15/hedge-funder-in-hot-water-sahm-adrangi-arrested-for-dui-cocaine-possession-in-hamptons.html OMG...that's like soooo 2016 (in Kim K's voice) Link to comment Share on other sites More sharing options...
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