Jesse Ro and his team made a complete U-turn with regard to Danaher Corporation (NYSE:DHR). Having initiated a position during the second quarter through the acquisition of 120,000 shares, Tiger Legatus’ management team liquidated their investment during the third quarter.
Although Danaher Corporation (NYSE:DHR) registered a modest advance of 2.5% during the third quarter, it is still a rather popular stock among the funds we follow. At the end of the second quarter, a total of 54 of the hedge funds in our system were long this stock, an increase of 17% from one quarter earlier. The largest stake in Danaher Corporation (NYSE:DHR) was held by Third Point, which reported holding $388.9 million worth of its shares in its June 13F filing. It was followed by Select Equity Group with a $272.4 million position. Other investors bullish on the company included First Eagle Investment Management, Blue Ridge Capital, and Citadel Investment Group.
Tiger Legatus further decreased its exposure to SS and C Technologies Holdings Inc (NASDAQ:SSNC), a provider of software solutions for financial companies. Over the course of the third quarter, the fund cut its stake by 20%, reducing it to 480,000 shares worth roughly $15.4 million at the end of September. After a disappointing first half of the year, SS and C Technologies Holdings Inc (NASDAQ:SSNC) staged a comeback during the third quarter, registering a 14.7% advance.
At the end of the second quarter, a total of 31 of the hedge funds tracked by Insider Monkey were bullish on this stock, up by 7% from the previous quarter. Of these funds, Valinor Management LLC, managed by David Gallo, held the number one position in SS and C Technologies Holdings Inc (NASDAQ:SSNC) ($145.1 million position). Coming in second was Farallon Capital, led by Thomas Steyer ($139.6 million) position. Other professional money managers with similar optimism encompass Marc Lisker, Glenn Fuhrman and John Phelan’s MSDC Management, John Smith Clark’s Southpoint Capital Advisors, and Panayotis Takis Sparaggis’ Alkeon Capital Management.