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Rouse Properties Inc (RSE): Murray Stahl’s Horizon Kinetics Trims Stake After News about Joint Venture

Murray Stahl’s Horizon Kinetics disclosed on Friday a decrease in its exposure to Rouse Properties Inc (NYSE:RSE). Following a 24% reduction in its stake in the company, the fund holds 4.39 million shares of Common Stock, which account for roughly 7.6% of the company’s shares outstanding, and are worth approximately $76 million at current stock prices -$17.29 per share.

Rouse Properties is a $1 billion market cap real estate investment trust that owns and manages dominant regional malls in protected markets in the United States. Its portfolio consists of 32 regional malls in 20 states.  Apparently, the fund did not like Rouse Properties Inc (NYSE:RSE) acquiring a controlling interest in The Mall at Barnes Crossing. The company announced this joint venture -with David Hocker & Associates, Inc., to own and operate the mall, on September 2.

Rouse Properties Inc (NYSE:RSE)

Despite this decline in its bet on Rouse Properties Inc (NYSE:RSE), Horizon Kinetics continues to stand as the largest hedge fund shareholder of record at the company – amongst those we track.  However, since it first started a stake (with 8.59 million shares) in Rouse Properties Inc (NYSE:RSE) in the second quarter of 2013, the fund has been consistently selling the stock, having trimmed its participation by half in one year.

As the stock has lost 22% year-to-date, but gained almost 3% over the second quarter, other funds have also decided to sell some of their shares. For instance, Jay Petschek and Steven Major’s Corsair Capital Management last disclosed a 9% reduction in its stake in Rouse Properties Inc (NYSE:RSE). The fund now owns 1.75 million shares, and stands as the second largest hedge fund shareholder, among those that we track. Peter Rathjens, Bruce Clarke and John Campbell’s Arrowstreet Capital went further and sold all of its 48,010 shares during the second quarter.

Murray Stahl founded Horizon Kinetics, the parent company of Horizon Asset Management, in 1985. Horizon Asset Management LLC, a subsidiary of Horizon Kinetics LLC, is an investment firm that was formed in 2011 by the merger of Horizon Asset Management, Inc. (founded in 1994) and Kinetics Asset Management, Inc. (founded in 1996). The firm focuses on long-term investments, especially in the consumer discretionary segment, which comprises 51% of its total equity portfolio, worth almost $8 billion, according to its last 13F –for the second quarter of 2014.

Disclosure: Javier Hasse holds no positions in any stocks or funds mentioned.

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