Phil Gross and Robert Atchinson’s Adage Capital is Bullish About $SAFM

Phillip Thomas Gross and Robert George Atchinson’s Boston-based Adage Capital boosted its stake to 5.7% in Sanderson Farms Inc (SAFM). They now hold 1,259,641 shares of the company. The stock currently trades at $40.73, and gained nearly %4 so far in 2011. Adage already had %3.38 of the company at the end of first quarter. This means they purchased 500K shares at around $42. Just a month ago the stock was trading above $48, so Adage must have seen the recent decline in price as a buying opportunity. Outsiders who would like to imitate Adage’s stock pick can now do this at a 3% discount to the price paid by Gross and Atchinson.

Phill Gross

There are other hedge fund managers who were bullish about SAFM. Royce & Associates is a large shareholder and an insider of the company with 3.3 million shares. Martin Whitman’s Third Avenue and Craig Albert’s Sheffield Asset Management have large stakes in the company as well.

Boston based Adage is founded by Phil Gross and Robert Atchinson in 2001. Gross was initially a healthcare and retail analyst at the Harvard Management Company. Later he became a partner at HMC where he spent 18 years. Atchinson was also at the Harvard Management Company from 1991 to 2001. According to Harvard Magazine, Gross’ and Atchinson’s team at the Harvard Management Company outperformed the S&P 500 index by an average of 4.5 percentage points annually. Harvard Management Company hired Adage to manage $1.8 Billion and they held a minority interest in Adage as well.

According to Google Finance, Sanderson Farms, Inc. is a poultry processing company engaged in the production, processing, marketing and distribution of fresh and frozen chicken products.


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