A Closer Look At Tiger Legatus Capital’s Top Moves: AMAYA (AYA), Danaher Corporation (DHR) & Others

Tiger Legatus Capital was founded in 2009 by Jesse Ro. The fund invests mainly in public equities and employs fundamental analysis to identify investment opportunities. Tiger Legatus also has a tendency to invest in companies with a market cap larger than $1 billion. According to regulatory filings, at the end of the third quarter, the fund had an equity portfolio valued at $330 million with a focus on technology stocks, which accounted for 35% of its portfolio’s value.

Insider Monkey evaluates a fund manager’s stock picking ability by measuring the performance of their investments in companies with market capitalizations of $1 billion or more. Our analysis has shown that Tiger Legatus’ 17 qualifying equity positions at the beginning of the third quarter managed a positive return of 14.72% between July and September. In this article we’ll analyze the fund’s moves with regard to its positions in AMAYA INC (NASDAQ:AYA), Jack in the Box Inc. (NASDAQ:JACK), Danaher Corporation (NYSE:DHR), and SS and C Technologies Holdings Inc (NASDAQ:SSNC).

everything possible/Shutterstock.com

everything possible/Shutterstock.com

Jesse Ro and his team are very optimistic about the prospects of AMAYA INC (NASDAQ:AYA), having increased their investment by 34% during the third quarter. According to its latest 13F filing, Tiger Legatus held 2.25 million shares at the end of September, a position worth $36.4 million.

Now, let’s check out the latest hedge fund action regarding AMAYA INC (NASDAQ:AYA), which rose by 5.7% during the third quarter. At the end of the second quarter, a total of 17 of the hedge funds tracked by Insider Monkey held long positions in this stock, unchanged from one quarter earlier. The largest stake in AMAYA INC (NASDAQ:AYA) was held by Odey Asset Management Group, which reported holding $153 million worth of stock as of the end of June. It was followed by Point State Capital with a $123.2 million position. Other investors bullish on the company included TPG-AXON Management LP, Greenlight Capital, and GMT Capital.

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Having bought into Jack in the Box Inc. (NASDAQ:JACK) during the second quarter, Tiger Legatus’ management team decided to scale down their bet, having dumped 65% of their position during the third quarter. At the end of September, the fund owned 75,000 shares of the restaurant company worth approximately $7.19 million. Jack in the Box Inc. (NASDAQ:JACK) has extended its rally into the third quarter, advancing by another 12% between July and September.

At the end of the second quarter, roughly 17% of the company’s common stock was held by 28 of the hedge funds tracked by Insider Monkey, unchanged from the previous quarter. The largest stake in Jack in the Box Inc. (NASDAQ:JACK) was held by Millennium Management, which reported holding $84 million worth of stock as of June 30. It was followed by Maverick Capital with a $57.3 million position. Other investors bullish on the company included Citadel Investment Group, Discovery Capital Management, and AQR Capital Management.

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We’ll check out two more of the fund’s stock picks on the next page.

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.

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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.

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