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Enzymotec (ENZY): Julian Robertson’s Tiger Management Dumps Half of Its Stake

Published on July 1, 2016 at 12:38 pm by Insider Monkey Staff in Hedge Funds, News

Julian Robertson‘s Tiger Management has reported a large reduction in its holding of Enzymotec Ltd (NASDAQ:ENZY) in an amended filing with the Securities and Exchange Commission. Whereas the fund held more than 1.14 million shares of Enzymotec at the end of the first quarter, it now holds just 577,407 shares, which account for roughly 2.5% of the company’s common stock.

Julian Robertson

A biotechnology company based in Israel, Enzymotec Ltd (NASDAQ:ENZY) is a manufacturer and global distributor of bio-functional lipid ingredients and final products. So far this year, the stock has not been in a clear trend but has still managed to depreciate by roughly 8.6%. Shares are currently trading at a trailing Price to Earnings (P/E) ratio of 31, significantly lower than the industry average of 166, as reported by Yahoo! Finance. Enzymotec reported first quarter results on May 19, surpassing Wall Street’s expectations. Revenues came in at $14 million and the company registered adjusted earnings of $0.09 per share, topping analysts’ estimates of $0.05 per share.

At the end of the first quarter, approximately 35% of Enzymotec Ltd (NASDAQ:ENZY)’s outstanding stock was held by 6 elite hedge funds, unchanged during the quarter. Billionaire John Paulson is also betting on this stock, with his fund, Paulson & Co, having reported ownership of 4.22 million shares in its latest 13F filing. Jacob Gottlieb‘s Visium Asset Management also has Enzymotec in its equity portfolio, holding exactly 2.2 million shares according to its most recent 13F filing.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Tiger Partners Trading 0 577,407 0 577,407 577,407 2.5%
Tiger Partners 0 577,407 0 577,407 577,407 2.5%
Tiger Partners GP 0 577,407 0 577,407 577,407 2.5%
Tiger Management 0 577,407 0 577,407 577,407 2.5%
The Julian H. Robertson, Jr. Revocable Trust 0 577,407 0 577,407 577,407 2.5%
Julian H. Robertson, Jr 0 577,407 0 577,407 577,407 2.5%

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Page 1 of 12 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Enzymotec Ltd.
(Name of Issuer)
Ordinary Shares, par value NIS 0.01 per share
(Title of Class of Securities)
M4059L101
(CUSIP Number)
July 1, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[_]  Rule 13d-1(b)
[X]  Rule 13d-1(c)
[_]  Rule 13d-1(d)
__________
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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Page 2 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tiger Partners Trading LLC
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO

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Page 3 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tiger Partners, L.P.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN

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Page 4 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tiger Partners GP, L.L.C.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
HC

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Page 5 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Tiger Management L.L.C.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA

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Page 6 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Julian H. Robertson, Jr. Revocable Trust
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
HC

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Page 7 of 12 – SEC Filing

CUSIP No
M4059L101
1.
NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Julian H. Robertson, Jr.
2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)  [_]
(b)  [X]
3.
SEC USE ONLY
4.
CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
5.
SOLE VOTING POWER
0
6.
SHARED VOTING POWER
577,407
7.
SOLE DISPOSITIVE POWER
0
8.
SHARED DISPOSITIVE POWER
577,407
9.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
577,407
10.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
[_]
11.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.5%
12.
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN, HC

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Page 8 of 12 – SEC Filing

CUSIP No
M4059L101
Item 1.
(a).
Name of Issuer:
Enzymotec Ltd.
(b).
Address of Issuer’s Principal Executive Offices:
Sagi 2000 Industrial Area
P.O. Box 6
Migdal Ha’Emeq 2310001
Israel
Item 2.
(a).
Name of Person Filing:
Tiger Partners Trading LLC
Tiger Partners, L.P.
Tiger Partners GP, L.L.C.
Tiger Management L.L.C.
The Julian H. Robertson, Jr. Revocable Trust
Julian H. Robertson, Jr.
(b).
Address of Principal Business Office, or if None, Residence:
101 Park Avenue
New York, NY 10178
(c).
Citizenship:
Tiger Partners Trading LLC – Delaware
Tiger Partners, L.P. – Delaware
Tiger Partners GP, L.L.C. – Delaware
Tiger Management L.L.C. – Delaware
The Julian H. Robertson, Jr. Revocable Trust – Delaware
Julian H. Robertson, Jr. – United States of America
(d).
Title of Class of Securities:
Ordinary Shares, par value NIS 0.01 per share
(e).
CUSIP Number:
M4059L101
Item 3.
If This Statement is filed pursuant to ss.240.13d-1(b) or 240.13d-2(b), or (c), check whether the person filing is a
(a)
[_]
Broker or dealer registered under Section 15 of the Exchange Act (15 U.S.C. 78c).
(b)
[_]
Bank as defined in Section 3(a)(6) of the Exchange Act (15 U.S.C. 78c).
(c)
[_]
Insurance company as defined in Section 3(a)(19) of the Exchange Act (15 U.S.C. 78c).
(d)
[_]
Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)
[_]
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
[_]
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
[_]
A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
(h)
[_]
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C.1813);
(i)
[_]
A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
[_]
Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

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Page 9 of 12 – SEC Filing

Item 4.
Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a)
Amount beneficially owned:
577,407 shares deemed beneficially owned by Tiger Partners Trading LLC
577,407 shares deemed beneficially owned by Tiger Partners, L.P.
577,407 shares deemed beneficially owned by Tiger Partners GP, L.L.C.
577,407 shares deemed beneficially owned by Tiger Management L.L.C.
577,407 shares deemed beneficially owned by The Julian H. Robertson, Jr. Revocable Trust
577,407 shares deemed beneficially owned by Julian H. Robertson, Jr.
(b)
Percent of class:
2.5% deemed beneficially owned by Tiger Partners Trading LLC
2.5% deemed beneficially owned by Tiger Partners, L.P.
2.5% deemed beneficially owned by Tiger Partners GP, L.L.C.
2.5% deemed beneficially owned by Tiger Management L.L.C.
2.5% deemed beneficially owned by The Julian H. Robertson, Jr. Revocable Trust
2.5% deemed beneficially owned by Julian H. Robertson, Jr.
(c)
Number of shares as to which Tiger Partners Trading LLC has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407
Number of shares as to which Tiger Partners, L.P. has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407
Number of shares as to which Tiger Partners GP, L.L.C. has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407
Number of shares as to which Tiger Management L.L.C. has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407
Number of shares as to which The Julian H. Robertson, Jr. Revocable Trust has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407
Number of shares as to which Julian H. Robertson, Jr. has:
(i)
Sole power to vote or to direct the vote
0
(ii)
Shared power to vote or to direct the vote
577,407
(iii)
Sole power to dispose or to direct the disposition of
0
(iv)
Shared power to dispose or to direct the disposition of
577,407

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Page 10 of 12 – SEC Filing

Item 5.
Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [X].
Item 6.
Ownership of More Than Five Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than five percent of the class, such person should be identified.  A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
N/A
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(1)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary.  If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
N/A
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group.  If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
N/A
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity.  See Item 5.
N/A
Item 10.
Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

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Page 11 of 12 – SEC Filing

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
July 1, 2016
(Date)
Tiger Partners Trading LLC
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Partners, L.P.*
/s/ Julian H. Robertson
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Partners GP, L.L.C.*
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Management L.L.C.*
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
The Julian H. Robertson, Jr. Revocable Trust*
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Trustee
Julian H. Robertson, Jr. *
/s/ Julian H. Robertson, Jr.
 Signature
*The Reporting Person specifically disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

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Page 12 of 12 – SEC Filing

Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13G Amendment dated July 1, 2016 relating to the Ordinary Shares, par value NIS 0.01 per share of Enzymotec Ltd. shall be filed on behalf of the undersigned.
Tiger Partners Trading LLC
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Partners, L.P.
/s/ Julian H. Robertson
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Partners GP, L.L.C.
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
Tiger Management L.L.C.
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Authorized Signatory
The Julian H. Robertson, Jr. Revocable Trust
/s/ Julian H. Robertson, Jr.
Signature

Julian H. Robertson, Jr.
 Trustee
Julian H. Robertson, Jr
/s/ Julian H. Robertson, Jr.
 Signature

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