Phill Gross and Robert Atchinson’s Adage Capital Management reported 5.41% passive stake in Warnaco Group Inc. (WRC) today. According to a regulatory filing, Adage Capital Management now has 2.19 million shares in the stock. Adage Capital Management has increased its position by 39% after the third quarter since it reported 1.58 million shares at the end of September. WRC has a mixed path in the fourth quarter. It’s possible that Adage Capital Management bought the shares in late November at about $46 per share. WRC currently trades at $48.77, losing 12% so far in 2011.
Beside Adage Capital Management’s position, several hedge funds also invested in the stock in the third quarter. Glenn Russell Dubin’s Highbridge Capital Management had 1.35 million shares in WRC, after the firm largely increased its position by 10 times. Dan Loeb’s Third Point initiated a new position in the stock and had 1 million shares at the end of September.
Boston based Adage is founded by Phil Gross and Robert Atchinson in 2001. Gross was initially a healthcare and retail analyst at the Harvard Management Company. Later he became a partner at HMC where he spent 18 years. Atchinson was also at the Harvard Management Company from 1991 to 2001. According to Harvard Magazine, Gross’ and Atchinson’s team at the Harvard Management Company outperformed the S&P 500 index by an average of 4.5 percentage points annually. Harvard Management Company hired Adage to manage $1.8 Billion and they held a minority interest in Adage as well.
Per Google Finance, Warnaco Group, Inc. “designs, sources, markets and licenses a line of intimate apparel, sportswear and swimwear worldwide. The company operates in three business segments: Sportswear Group, Intimate Apparel Group, and Swimwear Group.”