Four New Positions in Ken Squire’s 13D Management’s Equity Portfolio

Ken Squire‘s 13D Management is probably one of the most interesting funds to follow. The key point of its strategy involves tracking 13D filings of other investors. As 13D states on its website, they invest primarily in companies that are revealed in 13D filings of activist investors, focusing on companies with over $1 billion in market cap. In the latest round of 13F filings, 13D management revealed an equity portfolio worth $217.96 million, boosting it from $134.77 million reported in the previous quarter. The fund has solidified its exposure to most of its holdings, including the largest positions, which are represented by Howard Hughes Corp (NYSE:HHC), Valeant Pharmaceuticals International Inc (NYSE:VRX) and Unit Corporation (NYSE:UNT).

In Howard Hughes, 13D revealed a $12.92 million stake, which contains 90,600 shares, up by almost 70% on the quarter. In Valeant Pharmaceuticals International Inc (NYSE:VRX) and Unit Corporation (NYSE:UNT), the fund currently owns 96,200 and 137,300 shares respectively.

However, in this piece we will discuss the new positions initiated during the first quarter and reported in 13D Management’s latest 13F. The first one is represented by Adobe Systems Incorporated (NASDAQ:ADBE), of which Ken Squire’s fund revealed ownership of 91,600 shares, valued at $6.02 million. Jeff Ubben‘s ValueAct Capital is one of the largest shareholders of Adobe Systems Incorporated (NASDAQ:ADBE), and is also an activist investor, which owns 25.31 million shares as of the end of the first quarter. The stock of Adobe Systems Incorporated (NASDAQ:ADBE) has gained around 9% year-to-date.

Adobe Systems Incorporated (NASDAQ:ADBE)

Next on the list comes URS Corp (NYSE:URS), in which 13D Management revealed a $4.95 million stake, which amasses 105,100 shares. An important activist investor of this $3.1 billion engineering and construction company is Barry Rosenstein‘s Jana Partners. Jana reported a $317.45 million position in URS Corp (NYSE:URS), which contains 6.75 million shares, which however is down by 437,700 shares over the quarter. Jana Partner’s stake amasses over 9% of the company’s stock, and it has appointed several directors to URS Corp (NYSE:URS)’s board earlier this year.

In Juniper Networks, Inc. (NYSE:JNPR), 13D Management revealed holding 151,600 shares, valued at $3.90 million. One of the hedge funds that went activist on Juniper Networks, Inc. (NYSE:JNPR) during the first quarter is Elliott Management, led by Paul Singer, which boosted its stake to 37.2 million shares, from around 2.6 million held earlier. Elliott’s stake has a value of $957.34 million, according to its latest 13F. The stock of Juniper Networks, Inc. (NYSE:JNPR) has raised by over 10% since the beginning of the year.

Mr. Squire’s fund also added Dresser-Rand Group Inc. (NYSE:DRC) to its equity portfolio during the first three months of the year, revealing a $3.61 million stake, which contains 61,800 shares. ValueAct also boosted its activist stake in Dresser-Rand Group Inc. (NYSE:DRC) during the first quarter, currently holding around 5.00 million shares, worth $292.54 million. Iridian Asset Management, led by David Cohen and Harold Levy, is also bullish on Dresser-Rand Group Inc. (NYSE:DRC), reporting ownership of 4.88 million shares, worth $285.31 million.

Disclosure: none

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