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GCP Applied Technologies Inc. (GCP): Hedge Fund Iridian Asset Management Discloses Huge Position

Iridian Asset Management, a large hedge fund headed by David Cohen and Harold Levy, disclosed a 10.2% stake in newly listed company. A couple of weeks ago another large hedge fund, Adage Capital, disclosed a 5.7% stake in the same stock. GCP was separated from W. R. Grace & Co. (GRA) about a month ago. Hedge funds usually invest in spin-off stocks because these stocks historically outperformed the market by a large margin. Below, you can find the slide deck from GCP’s investor day presentation: