Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Wexford Capital Hikes Stake in Famous Dave’s of America, Inc. (DAVE) Following CEO’s Resignation

Page 1 of 2

According to a 13D form recently filed with the Securities and Exchange Commission, Charles Davidson’s Wexford Capital disclosed holding 1.33 million shares of Famous Dave’s of America, Inc. (NASDAQ:DAVE). The holding represents 19.03% of the company’s outstanding common stock and marks an increase of 78% from its last reported position in early June. The stake was acquired through the firm’s affiliated funds including Debello Investors LLC, Wexford Focused Investors LLC, and Wexford Spectrum Investors LLC, in three transactions between June 18 and 22, at a price in the $18.90 to $19.60 range.

Charles Davidson - Wexford Capital

We don’t just track the latest moves of hedge funds. We are, in fact, more interested in their 13F filings, which we use to determine the top 15 small-cap stocks held by the funds we track. We gather and share this information based on 16 years of research which showed that these 15 most popular small-cap picks have a great potential to outperform the market, beating the S&P 500 Total Return Index by nearly one percentage point per month in backtests, and easily beating the most popular large-cap picks of funds, which nonetheless get the majority of their collective capital. Why pay fees to invest in both the best and worst ideas of a particular hedge fund when you can simply mimic only the very best ideas of the best fund managers on your own? Since the beginning of forward testing in August 2012, the Insider Monkey small-cap strategy has outperformed the market every year, returning 142%, nearly 2.5 times greater returns than the S&P 500 during the same period (see more details).

Davidson received his MBA from the University of California, Los Angeles (UCLA), and co-founded Wexford in 1994. Currently he serves as the firm’s Chairman and Chief Investment Officer. The investment firm manages three hedge funds and a series of private equity funds. Regulatory assets under Wexford’s management amount to $5 billion, while the market value of its public portfolio stood at $343.26 million at the end of March, down from $519.17 million at the end of the previous quarter. The energy sector represented 42% of the holdings. The firm initiated 33 new positions during the first quarter, the most notable of which were in EnLink Midstream Partners LP (NYSE:ENLK), Xenia Hotels & Resorts Inc (NYSE:XHR) , and Citizens Financial Group Inc (NYSE:CFG). We will take a closer look at these in a moment.

Charles Davidson
Charles Davidson
Wexford Capital

Wexford has held a position in Famous Dave’s of America, Inc. (NASDAQ:DAVE) since the first quarter of 2014. The stock of the $136.08 million operator of barbeque restaurants has cratered by 23.6% so far this year amid lacklustre first quarter financial results. In comparison, the restaurants industry is up by 12.4% during the same period. The bad weather cast a dent in the same-store sales of the company-owned locations, which dove by 4.9% during the first three months of the year. Recently, Famous Dave’s of America, Inc. (NASDAQ:DAVE) announced the resignation of its CEO Ed Rensi. The restaurant company is in the midst of a change in its business model to a 90% franchise-owned company, up from 63% at the end of the first quarter. Jonathan Lennon‘s Pleasant Lake Partners is the largest stockholder of Famous Dave’s of America, Inc. (NASDAQ:DAVE) within our database, holding some 923,400 shares valued at $26.32 million.

Page 1 of 2

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!