Geoffrey Raynor’s Q Investments (Scepter Holdings) filed amended SEC 13D on December 1st for Cedar Fair L P (FUN). In the filing, Q Investments reported 10.02 million shares in FUN, corresponding to an 18.1% activist stake. Q Investments does not change its position from its last filing on July 14. The firm intends to “sell a portion of their units to comply with internal guidelines on position size.” Q Investments currently intends to still hold more than seven million units. Now FUN is trading at $22.38, and has returned 50% year to date.
Other five hedge funds were also bullish about FUN in the second quarter. Remy Trafelet’s Trafelet Capital retained 1.51 million shares in the stock. Jon Bauer’s Contrarian Capital had 947 thousand shares.
According to Q Investments’ official profile, Q Investments, L.P. was founded in 1994. It is “a private investment firm based in Fort Worth, Texas with flexible capital that looks for opportunities across the entire capital structure. As of June 2011, Q manages over $2.2 billion in equity capital for a select number of individuals and prestigious institutions and has a successful track record in numerous areas including public market investing, high yield, distressed debt, emerging markets, aviation leasing, venture capital, and private equity.”
Per Yahoo! Finance, Cedar Fair, L.P. “owns and operates amusement and water parks in the United States and Canada. It operates 11 amusement parks.” The company also owns and operates the Castaway Bay Indoor Waterpark Resort, six separately gated outdoor water parks, and five hotels. The company was “founded in 1983 and is based in Sandusky, Ohio.”