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Hedge Funds Make a Bundle on $LIZ

Several funds made a bundle on Liz Claiborne, Inc. (LIZ) after it was announced Wednesday that JC Penney, Inc. (JCP) would buy the Liz Claiborne brand while Kohls Corp (KSS) would buy the Dana Buchman. According to the Wall Street Journal, the move leaves LIZ to focus on its three remaining brands – Juicy Couture, Lucky Brand Jeans, and kate spade. Stock in LIZ was up over 34% on the day. The stock had closed yesterday at $5.10 a share. It closed at $6.84 on Wednesday.  Of the funds we track, the following made the most on the news:

Ron Gutfleish

1. Tremblant Capital – Brett Barakett: Gained $14.93 million

2. Alyeska Investment Group – Anand Parekh: Gained $10.07 million

3. Elm Ridge Capital – Ron Gutfleish: Gained $5.80 million

4. Glenhill Advisors – Glenn J. Krevlin: Gained $5.72 million

5. Royce & Associates – Chuck Royce: Gained $4.49 million

6. Scopus Asset Management – Alexander Mitchell: Gained $4.43 million

7. D E Shaw – D. E. Shaw: Gained $2.83 million

8. King Street Capital – Brian J. Higgins: Gained $1.74 million

9. Millennium Management – Israel Englander: Gained $1.71 million

10. Buckingham Capital Management – David Keidan: Gained $1.38 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in LIZ since the end of June. We did not take into account their option positions.

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