| NEW YORK
NEW YORK Nov 14 A group of hedge funds seeded
by veteran investor Julian Robertson cropped their stake in
fashion brand Ralph Lauren Corp in the third quarter,
even as the retailer attracted some of the biggest names in the
$2 trillion hedge fund industry.
Several so-called Tiger Cubs - hedge funds launched with
seed money by Roberston of Tiger Management - either reduced or
dissolved their holdings of Ralph Lauren during the three-month
period to Sept. 30, according to regulatory filings released on
Ralph Lauren has gained almost 9 percent this year, but with
sharp highs and lows during the first half of the year.
Patrick McCormack's $2 billion Tiger Consumer Management
almost halved its stake in the clothing company to about 264,000
shares from 484,000 shares. Philipe Laffont's Coatue Management
reduced its stake to roughly 220,000 shares, down from about
345,000 shares in the second quarter.
Another Tiger Cub, Stephen Mandel's Lone Pine, owned about
4.3 million shares in the stock at the end of third quarter, a
slight decrease from its holding in the second quarter.
And Andreas Halvorsen, who runs Viking Global, slashed the
firm's stake altogether. The firm had owned about 320,000 shares
in the three months to June.
Besides Robertson's disciples, Ricky Sandler, who manages
Eminence Capital, sold out of its small Ralph Lauren position in
the same period.
But some of the hedge fund industry's biggest and best-known
names, including other Tiger Cubs, took a shine to the preppy
clothing label in the third quarter.
John Griffin, who launched his Blue Ridge Capital in 1996
after working for Robertson at Tiger, increased his stake in the
retailer to 1.64 million shares in the third quarter, from
Lee Ainslie, another disciple of Robertson based in Texas
and who runs Maverick Capital, upped his holding of Ralph Lauren
stock in the third quarter to about 1.4 million shares from
about 970,000 the quarter before.
Meanwhile, Eton Park Capital Management, the $12 billion
hedge fund run by former Goldman Sachs trader Eric Mindich,
opened a new 250,000 share stake in Ralph Lauren in the last
Bain Capital's hedge fund unit, Brookside Capital Management
also opened a new position of about 470,000 shares in the
Hedge funds disclosed their equity holdings as of Sept. 30
in so-called 13-F filings with the Securities and Exchange
Commission. Funds submit their holdings roughly 45 days after
the end of the quarter and are inherently backward-looking,
although they offer a glimpse into sectors and stocks that savvy
hedge fund managers are interested in.
Ralph Lauren reported higher-than-expected quarterly
earnings earlier in November, with revenue holding up despite
fears about the prospects for luxury sales. The stock closed at
$149.13 on Wednesday, down 2.2 percent. In after hours trading
the stock was up 0.05 percent.