Eric Bannasch’s Cadian Capital disclosed a 8.1% stake in KEMET Corp (KEM). The fund now owns 3 Million shares of KEM, up from 1.65 Million at the end of March. Bannasch paid around $16 for these additional shares, which currently trade at $13.73. The stock lost nearly 7% so far in 2011.
Eric Bannash was already the largest hedge fund in this stock before this acquisition. Chuck Royce’s Royce & Associates had $20 Million in KEM at the end of March. Matthew Halbower’s Pentwater Capital, Howard Marks’ Oaktree, and Glenn Russell Dubin’s Highbridge Capital are among the hedge funds with KEM positions.
Eric Bannasch founded Cadian Capital in 2007 after working at Richard Perry’s Perry Capital as a portfolio manager for the technology, media, and telecommunications fund. Cadian Capital also focuses on these sectors. Bannasch received his MBA from Stanford in 2003.
According to Yahoo Finance, KEMET Corporation, together with its subsidiaries, manufactures and sells capacitors worldwide. The company offers tantalum, multilayer ceramic, solid and electrolytic aluminum, film, and paper capacitors. Its products are used in audio systems, tire pressure monitoring systems, power train electronics, instrumentation, airbag systems, anti-lock braking systems, electronic engine controls, air conditioning controls, and security systems in the automotive industry; copiers, point-of-sale terminals, and fax machines in business equipment industry; and cellular phones, telephones, switching equipment, relays, base stations, and wireless infrastructure in the communications industry.