Anchorage Capital’s Plan To Further Slash Its Central Pacific Financial Corp. (CPF) Stake

With 21.39 million shares valued at $502.23 million, Houghton Mifflin Harcourt Co (NASDAQ:HMHC) was Anchorage’s largest holding and represented 14.01% of its portfolio value. The fund initiated a position in the $3.72 billion provider of education solutions in the last quarter of 2013. The company recently completed its acquisition of Scholastic Corporation for $575 million. So far this year Houghton Mifflin Harcourt Co (NASDAQ:HMHC)’s stock has surged by nearly 26%. John Paulson‘s Paulson & Co is the largest stockholder of Houghton Mifflin within our database, owning 30.91 million shares valued at $725.83 million.

Cheniere Energy, Inc. (NYSEMKT:LNG) was Anchorage’s second-largest holding and represented 9.84% of the fund’s portfolio value. The holding was slashed by 10% in the first quarter, decreasing the stake to 4.56 million shares valued at $352.81 million. The stock of the Houston-based company engaged in LNG-related businesses is up by 7.4% over the past year. At the end of the first quarter, 11 billionaires had $4.11 billion invested in the company. Andreas Halvorsen is one of them, as his fund Viking Global holds about 15.45 million shares of Cheniere Energy, Inc. (NYSEMKT:LNG) valued at $1.20 billion.

Anchorage’s holding in Nortek Inc (NASDAQ:NTK) was comprised of 1.49 million shares valued at $131.73 million. The $1.37 billion technology company operates in the household electronics industry. Although up by nearly 2% year-to-date, Nortek Inc (NASDAQ:NTK)’s stock has slid by over 7% over the past year. The company has embarked on a multi-year plan to improve its responsiveness and competitiveness. With regards to that, Nortek recently announced a realignment of its manufacturing operations and product offerings within the Mammoth brand and Venmar CES. Jeffrey Gates’ Gates Capital Management is the largest stockholder of Nortek Inc (NASDAQ:NTK) among the funds that we track with some 3.22 million shares valued at $284.53 million.

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