GMT Capital, managed by Thomas E. Claugus, recently revealed its 7.5% passive stake or 5.63 million shares in American Axle & Manufacturing Holdings Inc. (AXL). GMT Capital was AXL’s largest hedge fund stakeholder in the third quarter, and reported 4.01 million shares in AXL at that time. So now its position is up 40%. AXL has lost about 22% in 2011. The stock dropped to its 52-week low in early October. Now the stock is reaching $10 per share.
Beside GMT Capital, there are several hedge funds also held AXL in the third quarter. David Dreman’s Dreman Value Management had 2.92 million shares, while Cliff Asness’ AQR Capital Management doubled its position and had 1.18 million shares at the end of September.
GMT Capital is a private investment company, targeting on long-term absolute returns in Basic Materials, Technology, Services, Financial, Consumer Goods and some other sectors. The company had a 13F portfolio of $4.4 billion in the second quarter. Mr. Thomas E. Claugus is the Founder and President at GMT Capital. Before he found the GMT Capital in 1990, he acted as a manager for Europe of the polymers division of Rohm and Haas.
According to Google Finance, American Axle & Manufacturing Holdings, Inc. “manufactures, engineers, designs and validates driveline and drivetrain systems and related components and chassis modules for light trucks, sport utility vehicles (SUVs), passenger cars, crossover vehicles and commercial vehicles.”