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Spansion Inc. (CODE): Balyasny Asset Management Quadruples Stake

Dmitry Balyasny’s Balyasny Asset Management recently –more than- quadrupled its stake in Spansion Inc. (NYSE:CODE). Following the addition of 2.44 million shares to its holdings, the fund owns 3.16 million shares of Common Stock, up from the 717,107 shares disclosed in its last 13F filing. This position accounts for approximately 5.17% of the company’s outstanding Common Stock, and makes of Balyasny Asset Management the largest hedge fund shareholder –amongst those we keep track of- in Spansion Inc. (NYSE:CODE).

Several other major hedge funds are also betting on this company. For instance, Ken Griffin’s Citadel Investment Group, almost tripled its wage over the second quarter of 2014, and now owns 2.92 million shares, worth more than $61 million, according to the fund’s latest 13F filing. George Soros’ Soros Fund Management, also holds a big stake in the company, with 2.66. This makes it the fourth largest hedge fund shareholder at the company.

Dmitry Balyasny

Spansion Inc. (NYSE:CODE) is a $1.41 billion market cap semiconductor device company, dedicated to the design, manufacturing and development of embedded systems semiconductors, which include flash memory, microcontroller, mixed-signal and analog products, and embedded system-on-chip solutions. Its stock is up more than 65% year-to-date, and analysts expect it to continue to rise, at least an extra 9%.

Just before Balyasny Asset Management’s boost in its exposure, Spansion Inc. (NYSE:CODE) announced new PMICs for Xilinx® Zynq®-7000 All Programmable SoCs, which reduce power consumption and accelerate design productivity. This launch will help expand the company’s portfolio for power-supply control, which certainly bodes well for its future.

Balyasny Asset Management is a hedge fund founded by Dmitry Balyasny in 2001, and run by him ever since. The fund specializes in macro investing, with a focus on “misunderstood situations,” according to Mr. Balyasny.

The fund last disclosed a highly diversified equity portfolio worth more than $8.84 billion (by the end of the second quarter of the year). Its five most valuable stakes, which account for more than 15% of its equity portfolio’s total value, are placed in stock options. However, the largest long position is the one at Chicago Bridge & Iron Company N.V. (NYSE:CBI), of which it owns 2.16 million shares worth roughly $147 million.

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

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