Anchorage Capital, managed by Kevin Michael Ulrich and Anthony Davis, has significantly reduced its activist stake in DHT Holdings Inc (NYSE:DHT). A new filing with the U.S. Securities and Exchange Commission revealed that Anchorage Capital owns 2.68 million DHT Holdings Inc (NYSE:DHT) shares, down from 5.18 million shares the fund held previously. The new stake represents 2.90% of the company’s common stock outstanding.
According to the filing, Anchorage Capital sold 1.75 million shares at an average price of around $8 per share on January 7. In addition, more 750,000 shares were sold at a weighted average price of $8.41 per share on January 8.
New York-based Anchorage Capital was founded in 2003 by Kevin Michael Ulrich and Anthony Davis. Both Kevin Ulrich and Anthony Davis previously worked at Goldman Sachs. Anchorage Capital is a credit, special situations, and distressed debt hedge fund with a strong track record. The fund returned 8.7% during the first half of 2014, 20.9% in 2013, and 16.4% in 2012, according to the fund’s 2014 Q2 investor letter. Anchorage has nearly $15 billion in AUM managed by 60 investment professionals. According to its latest 13F filing, the value of the fund’s equity portfolio totaled $4.4 billion at the end of the third quarter of 2014. The fund’s largest equity positions for the quarter were Houghton Mifflin Harcourt Co (NASDAQ:HMHC), Cheniere Energy Inc. (NYSEMKT:LNG), and Central Pacific Financial Corp. (NYSE:CPF).
Anchorage Capital held 21.39 million shares in Houghton Mifflin Harcourt Co (NASDAQ:HMHC). The fund’s second largest holding was Cheniere Energy Inc. (NYSEMKT:LNG), in which the fund cut its stake during the third quarter, holding 5.09 million shares of the company. Anchorage Capital disclosed ownership of 8.07 million shares of Central Pacific Financial Corp. (NYSE:CPF).