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Eric Bannasch’s Cadian Capital Locked Its Losses in MF Global

Eric Bannasch’s Cadian Capital cut its position in MF Global Holdings Ltd. (MF) on October 27th and 28th to stop its losses. According to the SEC filings, Cadian Capital had 20.8 million MF shares as of October 25th, up by 100% from its 10.2 million shares position in the second quarter. But later according to the firm’s Form 4, Cadian Capital reversed the transaction and sharply disposed about 7.7 million shares. MF Global has lost by 70% since October 24th when the company lost billions of dollars in European sovereign debt, and its long-term debt was downgraded by Moody’s to Baa3. Now Cadian Capital still had 13 million shares in MF, while MF is trading at $1.20.

mf-global-logo-480x154

MF was in twelve hedge funds in the second quarter. Debra Fine’s Fine Capital Partners followed Cadian Capital and had 8.06 million shares. Other hedge funds had smaller positions in the stock. Chuck Royce’s Royce & Associates had 765 thousand shares, and Ken Griffin’s Citadel Investment Group had 196 thousand shares.

Eric Bannasch is the portfolio manager in Cadian Capital. He has a MBA degree in Stanford University Graduate School of Business, and a Bachelor’s dgree in Stanford University. Cadian Capital has a 13F portfolio of more than $2.4 billon. More than half of the firm’s capital is invested in Technology sector.

MF Global Holdings Ltd. is a holding company. The company is a commodities and listed derivatives broker in the market. The Company provides access to more than 70 exchanges worldwide. MF Global also provides research and market commentary, as well as providing clearing and settlement services. MF Global Holdings Ltd. was founded in 1981 and is based in New York City, New York.

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