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Adage Capital Hikes Holding In Olin Corporation (OLN) Ahead Of Big Dow Acquisition

According to a recent 13D filing with the SEC, Phill Gross (pictured) and Robert Atchinson‘s Adage Capital Management has hiked its stake in Olin Corporation (NYSE:OLN) by about 82%, lifting the holding to 4.31 million shares valued at $85.94 million, based on the current stock price. The position now amasses about 5.56% of the company’s outstanding stock.

Phill Gross

Gross and Atchinson worked together at Harvard Management Company (HMC) before establishing their own Boston-based firm in 2001. During the near-decade they worked together at HMC, the duo managed to beat the S&P 500 index by an average of 4.5 percentage points on an annual basis. Currently, Adage Capital has about $48.2 billion worth of assets under management, while the market value of the fund’s public equity portfolio stands at $40.10 billion. About 19% of these holdings are in the healthcare sector, with 16% in the technology sector.

Phill Gross And Robert Atchinson
Phill Gross And Robert Atchinson
Adage Capital Management

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 118%, nearly two-times greater returns than the S&P 500 during the same period (see more details).

Professional money managers were bullish towards the company during the second quarter. The valuation is even more attractive now, with a forward earnings multiple of 10.59, and on top of that, a healthy dividend yield of 4.01. Among the more than 700 hedge funds that we track at Insider Monkey, 24 had aggregate holdings worth $271.50 million at the end of June compared to 22 firms with $165.63 million in shares at the end of March. While Adage Capital is the largest stockholder among these funds, it is followed by Steve Cohen‘s Point72 Management, which increased its stake to 4.94 million shares in July. Point 72 is followed by Robert Henry Lynch‘s Aistela Capital, which initiated a holding in the company during the June trimester of 1.5 million shares valued at $40.43 million.

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