Wexford Capital Ups Stake in Cache, Inc. (CACH) to 5%

Charles Davidson‘s asset management firm Wexford Capital has been bullish on Cache, Inc. (NASDAQ:CACH) and raised its stake in the company to over 1.08 million shares, from 1.04 million held earlier. The stake is passive by nature and amasses 5.01% of the company’s stock, according to a new filing with the Securities and Exchange Commission.

cache logo

Wexford Capital manages three hedge funds that aim to take advantage of different market and segment opportunities. Wexford Spectrum Fund  is an opportunistic and global strategies focused fund, while Wexford Credit Opportunities Fund focuses on multiple strategies and credit investments and Wexford Catalyst Fund focuses on energy and industrials. With about $1.211 billion under its equity portfolio at the end of the third quarter, the fun focuses on Basic Materials, Healthcare, Technology, and Services sectors.

During the last quarter of last year, Wexford Capital has significantly trimmed its stake in the largest holding from its equity portfolio, represented by Diamondback Energy Inc (NASDAQ:FANG). The fund reduced its exposure to the company to 10.63 million shares, from 11.78 million owned at the end of September.

 

In its latest 13F, Wexford also disclosed ownership of 6.63 million shares, worth $81.21 million in Rhino Resource Partners L P (NYSE:RNO) and 1.22 million shares worth $32.82 million in Repros Therapeutics Inc (NASDAQ:RPRX).

Cache Inc. (NASDAQ:CACH) is a national retailer of women’s wear and operates brick – and – mortar stores as well as an online sales portal. The company had 279 stores in 43 states all located in high traffic and upscale malls. Cache reported third quarter sales of $47.2 million, with gross profits of $15.8 million. The company also reported an increase of 6% in comparable store sales over the same period last year. Net loss was at $8 million as compared to $6.4 million for the same quarter of 2012.

Michael Price’s Mfp Investors held 3.78 million shares worth $22 million in Cache at the end of the third quarter of 2013. This was followed by an investment of $16 million in 2.69 million shares by Thomas E. Lynch’s Mill Road Capital Management.

Disclosure: none

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