Dan Loeb’s Third Point reported its 5.32% activist stake in Yahoo! Inc. (YHOO) on December 13th, after the firm sent a letter to Yahoo’s board of directors. Dan Loeb revealed 66 million shares in YHOO in the filing. Since Dan Loeb reported 48 million shares in YHOO at the end of the third quarter, his position is up 38% so far. YHOO is now trading at $15.01, losing 8% year to date.
Based on SEC 13F filings, several other hedge funds also took positions in Yahoo. Curtis Macnguyen’s Ivory Capital decreased its position by 24% and retained 12 million shares in the stock. Ken Griffin’s Citadel Investment Group had 9.17 million shares at the end of September. David E. Shaw’s D. E. Shaw took 5.41 million shares, after a 19% decrease in its position during the third quarter.
Daniel Loeb, founder of New York based hedge fund Third Point, has more than $4 Billion in assets under management (AUM). He’s a very outspoken investor and a pioneer in activist investing. He made $150 Million in 2005, $200 Million in 2006, and $270 Million in 2007. Third Point’s flagship fund returned 41.7% in 2010
Yahoo! Inc. is an internet information provider. It operates as a digital media company and provides engaging and canvases for advertisers to connect with their target audiences. Yahoo provides online properties and services to users, and provides a range of marketing services to advertisers. It offers three main categories of services via Yahoo! Properties: Communications and Communities, Search and Marketplaces, and Media. Yahoo acquired Koprol, Dapper and Citizen Sports in 2010. In October 2011, it exited Consim Info Pvt Ltd by selling 12% interest of the company. Yahoo! Inc. was founded in 1994 and is headquartered in Sunnyvale, California.