Eric Semler’s TCS Capital Management, LLC boosted its position in SRS Labs, Inc. (SRSL) to 760 thousand shares, corresponding to a 5.1% passive stake. According to the firm’s 13F, TCS Capital Management increased its holding by 4% to 725 thousand shares of SRSL at the end of the second quarter, so the firm just slightly added net 35 thousand shares into its position. Since TCS Capital Management passed the 5% passive stake threshold on August 31th, they might have done some other transactions over the period before they finally made the 13G file on September 29th. SRSL was wavering throughout the entire year, and has realized a loss of more than 15% year to date. Now the stock is trading at around $7.
SRSL was in two hedge funds’ portfolio at the end of second quarter. Besides Eric Semler’s TCS Capital Management, Jim Simons’ Renaissance Technologies had 323 thousand shares after decreasing his position by 16% from the previous quarter. Since the stock was priced at less than $10, the two firms actually each invested several millions of dollars.
TCS Capital Management is a New York based-hedge fund. It expertise is in the Technology, Services, and Consumer Goods sector. In the second quarter the firm had a 13F portfolio of more than $210 million.
SRS Labs, Inc. is a Semiconductor Equipment & Materials company which specializes in the development of audio and voice technology solutions. It provides licensable technologies including Surround Sound, Audio Rendering, Voice Processing, and Solutions Suite. Its sales mainly come from Korea, Japan, the Americas, China, and Europe countries.