Phill Gross and Robert Atchinson’s Adage Capital reported 5.01% passive stake in Carlisle Companies Inc. (CSL) on December 1st. According to the filing, Adage Capital now has 3.08 million shares in CSL. This is a 48% expansion in Adage Capital’s position after the firm reported 2.08 million shares at the end of September. Adage Capital might buy at below $40 per share to build the position. CSL recognized a strong uptrend after the third quarter. The stock has increased by 50% since the end of September, and has returned 10% year to date. CSL is now priced at $43.74.
Fifteen hedge funds invested in CSL in the second quarter. Chuck Royce’s Royce & Associates took the most, with 1.25 million shares. This was after the firm boosted its position by 39%. John Murphy’s Alydar Capital decreased its position by 22%, and had 350 thousand shares in the stock. Matthew Lindenbaum’s Basswood Capital reported 275 thousand shares in CSL, after a 9% decrease. Adage Capital reported 90 thousand shares at that time.
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.
Per Google Finance, Carlisle Companies Incorporated is “a holding company for Carlisle Corporation, and its wholly owned subsidiaries. Carlisle is a diversified manufacturing company, which manufacture and distribute a range of products. Its product lines serve the construction materials, commercial roofing, energy, agriculture, lawn and garden, mining and construction equipment, aerospace and electronics, dining and food delivery, and healthcare. It operates through five segments: Carlisle Construction Material, Carlisle Transportation Products, Carlisle Brake & Friction, Carlisle Interconnect Technologies and Carlisle FoodService Products. It markets its products as a component supplier to original equipment manufacturers, distributors, as well as directly to end-users. On February 2, 2010, it sold all its refrigerated truck bodies business. In October 2010, it sold Trail King Industries, Inc., its specialty trailer business. On December 2010, it acquired Hawk Corp.”