John Murphy’s Alydar Capital disclosed a 5.02% stake in Asbury Automotive Group (ABG) yesterday. Alydar Capital had 625K shares of ABG in its portfolio at the end of March. This means they purchased more than 1 Million shares at prices around $16 per share. Currently ABG trades at $15.72, so investors can imitate Alydar’s trade at a 2% discount. The stock lost 15% since the end of March and this might have triggered Alydar Capital‘s decision to almost triple its bet.
Glenn Fuhrman and John Phelan’s MSD Capital owns more than 10% of ABG’s outstanding shares. Daniel Gold’s QVT Financial owns around 9% of the company as well. Benjamin Slavet’s Ascend Capital owns less than 2% and Phill Gross’ Adage Capital has slightly less than 1% of Asbury. The funds we track own more than a quarter of Asbury’s outstanding shares.
Boston-based Alydar Capital is a long-short hedge fund managing more than $2 Billion. The fund was founded by John A. Murphy in 2003. Previously John Murphy worked under Lawrence Greenberg at Mt. Everest Fund, which was liquidated in 2002. Greenberg was formerly a fund manager at Fidelity.