Patrick Mccormack’s Tiger Consumer Management disclosed its 6.59% new passive stake in Claiborne Liz Inc. (LIZ) on October 24th. Tiger Consumer Management did not have any position in LIZ in the second quarter, and the firm now possesses nearly 6.24 million shares in the stock. Highlights in LIZ’s Q3 sales on October 12th boosted the stock to rise on unusual high volume. It’s also possible for Tiger Consumer Management to enter at that time. Now LIZ has returned 12% year to date, and is closed at $7.74.
Based on Insider Monkey’s hedge fund tracking list, in the second quarter, totally eighteen hedge funds retained their positions in LIZ. Brett Barakett’s Tremblant Capital reported 8.58 million shares, giving a more than 9% stake ownership. Anand Parekh’s Alyeska Investment Group had 5.79 million shares, or 6.11% stake. Chuck Royce’s Royce & Associates had 2.58 million shares.
Patrick McCormack is a hedge fund manager who previously worked at Julian Robertson’s Tiger Management hedge fund. His fund Tiger Consumer Management is one of several funds that were seeded by Julian Robertson. Tiger Consumer was founded in 2006 and as the name implies invests primarily in consumer-related themes. At June 30, the fund’s 13F assets totaled approximately $1.26B. (Patrick McCormack’s and Tiger Consumer’s Favorite Stock Picks)
Liz Claiborne, Inc. engages in the design and marketing of a range of apparel and accessories. The company offers apparel, denim, and sportswear under a series of brands, including Juicy Couture, Kate Spade, Lucky Brand, Mexx, Liz Claiborne, Monet, Mac & Jac, Kensie and Dana Buchman, and the licensed DKNY Jeans and DKNY Active Brands. The company operated a total of 482 specialty retail stores within and outside the United States. The Company sold its Dana Buchman brand to Kohl in October 2011. Liz Claiborne, Inc. was founded in 1976 and is based in New York.