Fifth Street Asset Management Inc. (FSAM): Mangrove Partners Lowers Its Stake to Less Than 1%

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According to a newly-amended 13D filing with the Securities and Exchange Commission, Nathaniel August‘s Mangrove Partners has decreased its stake in Fifth Street Asset Management Inc. (NASDAQ:FSAM) to 20,000 Class A Common Shares, which amass less than 1% of the company’s outstanding stock. Previously, Mangrove Partners’ stake consisted of 460,408 Class A Common Shares, which accounted for 7.9% of the shares outstanding, as per its previous 13D filing on the company on August 27, which itself was down from a stake of 696,738 shares held as of June 30 according to its latest 13F filing.

Fifth Street Asset Management is a credit-focused asset manager that offers professional asset management services to its investment funds. Since the beginning of the year, the company’s stock has gained 87.73%. In its financial report for the second quarter of 2016, Fifth Street Asset Management (NASDAQ:FSAM) reported adjusted pro forma earnings per share of $0.20, and revenue of $23.2 million, easily topping analysts’ estimates of $0.11 in EPS and revenue of $19.9 million. Recently, Credit Suisse Group AG reiterated its ‘Neutral’ rating on Fifth Street Asset Management’s stock, while Deutsche Bank AG boosted its price target on it to $6.25 from $5.00, and has a ‘Buy’ rating on it.

Nathaniel August - Mangrove Partners

According to Insider Monkey’s database, the number of hedge funds with long positions in Fifth Street Asset Management (NASDAQ:FSAM) was unchanged during the second quarter, as three investors remained bullish on the stock as of June 30. In addition to Mangrove’s stake, Brian Gaines’ Springhouse Capital Management held a position worth around $2.33 million at the end of June, while Jim Simons’ Renaissance Technologies held a position valued at $284,000.

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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
The Mangrove Partners Master Fund, Ltd 0 20,000 0 20,000 20,000 Less than 1%
The Mangrove Partners Fund 0 20,000 0 20,000 20,000 Less than 1%
The Mangrove Partners Fund (Cayman), Ltd 0 20,000 0 20,000 20,000 Less than 1%
Mangrove Partners 0 20,000 0 20,000 20,000 Less than 1%
Mangrove Capital 0 20,000 0 20,000 20,000 Less than 1%
Nathaniel August 0 20,000 0 20,000 20,000 Less than 1%

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Page 1 of 10 – SEC Filing

(RULE 13D – 101)
(Amendment No. 2)*
Fifth Street Asset Management Inc.
(Name of Issuer)
Class A Common Stock, $0.01 par value
(Title of Class of Securities)
(CUSIP Number)
Christopher P. Davis, Esq.
Kleinberg, Kaplan, Wolff & Cohen, P.C.
551 Fifth Avenue, New York, New York 10176
Tel:  (212) 986-6000
 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
August 29, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [X].
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
*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 disclosures provided in a prior cover page.
The information required on 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 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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