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Kenneth Griffin’s Citadel Investment Group Raised Stake in MDC Holdings


Kenneth Griffin’s Citadel Investment Group raised its stake in MDC Holdings Inc. (MDC). According a SEC 13G filing on November 15th, Ken Griffin now takes approximately 2.69 million shares, corresponding to a 5.7% passive stake. Ken Griffin had about 18 thousand shares in MDC in the second quarter and 1.47 million shares at the end of the third quarter. It’s possible that Ken Griffin began to expand his position in early October. Now MDC is trading at $18.81, losing 32% so far in 2011.

Other nine hedge funds were bullish about MDC in the second quarter. Chuck Royce’s Royce & Associates had the largest chunk with 675 thousand shares. David Keidan’s Buckingham Capital Management followed and had 344 thousand shares. Martin Whitman’s Third Avenue Management decreased its position by 10% and retained 279 thousand shares.

Ken Griffin is the founder and CEO of Citadel Investment Group. The firm is based in Chicago, and ranks among the largest and most successful hedge funds in the world. He avoided extensive press coverage in manners similar to other hedge funds for several years. Ken Griffin has a personal net worth of $2.3 billion as of 2011, making him the 512th richest man in the world. Citadel Investment Group had a portfolio value of nearly $43 billion in the second quarter.

According to Yahoo! Finance, MDC Holdings, Inc. engages in the homebuilding and financial services businesses in the United States. The company’s Homebuilding segment “engages in the purchase of finished lots for the construction and sale of single-family detached homes to first-time and first-time move-up homebuyers under the Richmond American Homes name. The company’s Financial Services and Other segment originates mortgage loans primarily for homebuyers; offers third-party insurance products to homebuyers; and provides title agency services to homebuyers in Colorado, Florida, Illinois, Maryland, Nevada, and Virginia. This segment also provides products and completed operations coverage on homes sold and for work performed in completed subdivisions; and re-insures Allegiant claims. The company was founded in 1972 and is based in Denver, Colorado.”

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