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Accuride Corporation (ACW), LHC Group, Inc. (LHCG): Coliseum Capital’s Latest Move and Top Picks

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Christopher Shackelton and Adam Gray’s Coliseum Capital has made a slight adjustment to one of its largest positions, according to a Form 4 filed yesterday with the Securities and Exchange Commission. The latest filing is related to Accuride Corporation (NYSE:ACW), in which Coliseum held a 15.2% passive position at the end of 2014. Coliseum has now lowered that slightly, selling just under 77,000 shares at $5.31 per unit, to leave them with 7.15 million shares.

Accuride Logo

Coliseum Capital, co-founded by Shackelton and Gray in 2005, has a number of client-focused portfolios, with the healthcare-focused fund’s overall equity portfolio consisting primarily of healthcare stocks, at 51.4% at the end of 2014. The fund’s $310.82 million portfolio was highly concentrated on a handful of stocks, with the firm’s top four picks (the top two of which we’ll discuss later in the article) accounting for over 75% of its portfolio value.

Coliseum first opened a new position on Accuride Corporation in the fourth quarter of 2012, purchasing 4.45 million shares. They entered the position around the perfect moment, as shares would hit their two-year low during the quarter, and were about to rebound. Coliseum would build on to the position each quarter throughout 2013, ending that year with 8.22 million shares. In 2014 the fund  started to show hesitation towards the stock, holding its position in the first quarter, and then beginning to sell some shares during the next two quarters. However, during the fourth quarter, the stake remained unchanged at 7.23 million shares, valued at $31.39 million.

Shares of Accuride have gained 55.77% since the start of 2013, though the stock still trades nearly 70% below its all-time highs of late 2010 when the manufacturer of auto parts first emerged from bankruptcy, for which it filed in 2009, following the financial crisis and collapse of U.S automakers. Accuride reported its fourth quarter and full-year results for 2014 on Tuesday, reporting a quarterly loss of $5.1 million on revenue of $172.8 million and full year loss of $2.3 million on revenue of $705.2 million.

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