Mark Rachesky Keeps Buying Navistar International Corp (NAV) Following Dip; Should Others Follow Suit?

MHR’s largest holding, in Lions Gate Entertainment Corp. (USA) (NYSE:LGF), remained unchanged during the first quarter at 51.26 million shares valued at $1.74 billion. The holding represents 61.4% of the fund’s portfolio value. The stock price of the $5.45 billion film and television production house has appreciated by 15.3% year-to-date, which has more than offset Rachesky’s losses from his Navistar holding. Recently John Malone, the billionaire media mogul, hinted to The Wall Street Journal that a merger between Lions Gate Entertainment Corp. (USA) (NYSE:LGF) and Starz (NASDAQ:STRZA) might be in the cards, as he sees the consolidation between studios and smaller channels as a way to counter the loss of traction for traditional TV bundles. After MHR, Barry Rosenstein‘s JANA Partners is the largest stockholder of Lions Gate Entertainment Corp. (USA) (NYSE:LGF) in our database, owning nearly 6.0 million shares valued at $203.32 million.

MHR’s stake in Loral Space & Communications Ltd. (NASDAQ:LORL) was comprised of 8.13 million shares valued at $556.40 million and represented about 20% of the fund’s public equity portfolio value. So far this year, the stock of the $1.44 billion satellite communications company is down by nearly 15%. Among the billionaires that we track, three had an aggregate investment of $158.06 million in Loral Space & Communications Ltd. (NASDAQ:LORL) at the end of March. George Soros was one of them, as his family office Soros Fund Management owns about 1.06 million shares of the company valued at $72.23 million.

Disclosure: None