January 8, 2008 / 5:01 PM / 11 years ago

Hedge fund TPG-Axon holds 5.5 pct stake in Goodyear

WASHINGTON, Jan 8 (Reuters) - Hedge fund TPG-Axon Capital Management has upped its stake in Goodyear Tire & Rubber Co GT.N to 5.5 percent, making it the second-largest shareholder in the largest U.S. tire maker, according to a regulatory filing on Tuesday.

TPG-Axon reported its stake of 13.25 million shares in a passive filing with the U.S. Securities and Exchange Commission, meaning it did not need to disclose when it acquired the shares or the purpose behind the acquisition.

The fund has previously reported in a filing that it owned 5.97 million Goodyear shares as of Sept. 30.

The newly increased stake makes TPG-Axon the second-largest shareholder behind hedge fund Eton Park Capital, which reported a 7.65-percent stake last month, according to a research note from filing tracker InsiderScore.com.

Goodyear’s stock hit a new year-low on Tuesday when it fell to $23.01.

TPG-Axon was formed in 2005 by Dinakar Singh, who was formerly the head of the principal strategies department with investment bank Goldman Sachs (GS.N), the note said.

It said TPG-Axon has more than $8.9 billion in equity assets under management, with one-third of its portfolio comprised of insurers and another one-fourth made up of energy services, steel and metals firms.

According to the hedge fund’s latest portfolio disclosure document with the SEC, its highest-value stock holdings as of Sept. 30 included Travelers Companies Inc (TRV.N), Prudential Financial Inc (PRU.N), and ACE Ltd ACE.N. (Reporting by Karey Wutkowski, editing by Dave Zimmerman)

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