Mason Hawkins’ Southeastern Asset Management files on November 10th that the firm now takes 17.56 million shares in Quicksilver Resources Inc. (KWK), giving a 10.3% passive stake. According to the filing, this is a brand new opening in Southeastern Asset Management’s position, since the firm did not report any share in the stock in its last 13F. KWK experienced large slumps in the third quarter. Southeastern Asset Management might enter at about $7 when the stock dropped to its 2-year low in early October. So far KWK has lost 50%, and is trading at $7.87.
Fourteen hedge funds reported their positions in Quicksilver in the second quarter. Based on Insider Monkey’s hedge fund tracking list, John H. Scully’s Spo Advisory Corp took the largest chunk of 24.99 million shares since Q1. Richard Schimel’s Diamondback Capital was the next with 3.61 million shares. Israel Englander’s Millennium Management had 2.63 million shares. Some other famous hedge funds also had comparatively smaller positions in the stock. David E. Shaw’s D E Shaw had 1.53 million shares, and Ken Griffin’s Citadel Investment Group took 1.17 million shares.
Southeastern Asset Management was founded in 1975 by Mason Hawkins. As of year-end 2006, the firm had $39.8 billion under control on behalf of both institutional and retail investors. Mason Hawkins graduated from University of Florida with a Bachelor’s degree in Finance in 1970 and an MBA degree from University of Georgia in 1971. After graduation, he served as director of research in First Tennessee Investment Management and Atlantic National Bank. In 1975, Mason Hawkins founded Southeastern Asset Management with two partners, but both of them left the firm in early 80’s.
Quicksilver Resources Inc. engages in acquiring, exploring, developing, producing, and selling of natural gas, natural gas liquids, and oil onshore in North America. The company operates the U.S. segement and the Canada segment. The reompany revealed total proved reserves of approximately 2.9 trillion cubic feet equivalents as of December 31st, 2010. The company was founded in 1997 and is headquartered in Fort Worth, Texas.