Eric Bannasch’s Cadian Capital boosted its position in General Cable Corporation (BGC) to 2.95 million shares, corresponding to a 5.65% stake of BGC’s total outstanding shares. According to Insider Monkey’s 350 hedge funds tracking list, Cadian Capital already had 1.99 million BGC shares in the first half of 2011, ranking as BGC’s biggest hedge fund stakeholder. The stock was hammered by the Europe debt crisis in the third quarter and results a year to date loss of 30%. Cadian Capital might have already begun to purchase when BGC dropped to its 52-week low on September 22th. The average entry price might be around $23, since the firm continued making purchase after it passed the 5% threshold on September 27th. Now BGC rallies and is trading at about $26.
In the second quarter, BGC was owned by nine hedge funds. Beside Cadian Capital’s large stake holding, several famous hedge funds also retained positions. David Dreman’s Dreman Value Management had 953 thousand shares; John Thaler’s Jat Capital Management had 407 thousand shares; George Soros’ Soros Fund Management had 79 thousand shares.
Eric Bannasch is the portfolio manager in Cadian Capital. He has a MBA degree in Stanford University Graduate School of Business, and a Bachelor’s dgree in Stanford University. Cadian Capital has a 13F portfolio of more than $2.4 billon. More than half of the firm’s capital is invested in Technology sector.
According to Yahoo! Finance, General Cable Corporation is an Industrial Electrical Equipment company which provides copper, aluminum, and fiber optic wire and various cable products. The company mainly serves “power generating, marine, mining, oil and gas, transit/locomotive, and shipboard markets, as well as original equipment manufacturers, machine builders, electricians, distributors, installation and engineering contractors, and do-it-yourself consumers”.