Greywolf Capital Management Trims Exposure to Rubicon Minerals Corp. (USA) (RBY)

Greywolf Capital Management, led by Jonathan Savitz has disclosed, in an amended filing with the SEC, halving its position in Rubicon Minerals Corp. (USA) (NYSEMKT:RBY). The fund currently holds around 7.9 million shares of the company, versus 14.4 million held at the end of September as reported in the latest 13F filing. The stake is passive by nature and amasses 2.7% of the company’s common stock.

Rubicon Minerals Corp. (USA) (NYSEMKT:RBY), the basic materials exploration company, which operates in the U.S and Canada. One of its largest explorative grounds is the 65,000 acreage Red Lake gold camp in Ontario. However, its main site is Phoenix Gold Property, a mine which Rubicon Minerals Corp. (USA) (NYSEMKT:RBY) fully owns and manages.

Hedge Funds which hold top three positions in Rubicon Minerals Corp. (USA) (NYSEMKT:RBY) include Sun Valley Gold, managed by Peter Franklin Palmedo holding 7.26 million shares valued at $9.23 million. D. E. Shaw’s D E Shaw owns 1.13 million shares, worth $1.45 million. Next largest holder is Jim Simons’ Renaissance Technologies holding 340,600 shares valued at $0.43 million.

Greywolf Capital Management’s portfolio of investments includes Industrial Goods, Financials and Healthcare, besides minor holding in Basic Materials, Services and Others. The fund uses “opportunistic credit-based and fundamental analysis-driven investment strategies”and employs a value investing philosophy.

Greywolf Capital Management announced recently that it increased its exposure in Enpro Industries, Inc. (NYSE:NPO) from around 850,000 shares to 1.3 million shares. During the third quarter, the fund has also added American International Group Inc (NYSE:AIG) to its equity portfolio and currently holds 859,100 shares valued at $41.7 million.

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