Eye on Hedge Funds

We track 13D and 13G forms that hedge funds and other notable investors file with the SEC when they increase or decrease a large position in a stock. These filings occur more closely to the date of a transaction than any purchases or sales that hedge funds report on 13Fs 45 days after the close of a quarter, and so they are very timely indicators of what hedge fund managers are thinking. Let's review three 13D and 13G filings.

York Capital Management, managed by James Dinan, reported a position of about 3.1 million shares in Dollar Thrifty Automotive Group (DTG), down from 3.8 million in its last filing in late August. Dollar Thrifty is being pursued by Hertz Global Holdings (HTZ), which has announced a tender offer to purchase shares of its fellow rental company at $87.50 per share; as of this writing, the stock trades slightly above $87. York is thus engaged in merger arbitrage, which is a common hedge fund strategy, as returns tend to be uncorrelated with movements in the stock market (read more about merger arbitrage strategies here). But York seems to think that the potential returns from a completed merger are no longer worth the risk or tying up its capital....369 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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