Geoffrey Raynor’s Q Investments recently made several insider sales and sold totally 532 thousand shares (units of interest) in Cedar Fair L P (FUN). This is after the firm reported 10.02 million shares or 18.1% activist stake in FUN on December 1st. According to the Form 4 filing, most shares were sold at $21.75 on December 5th. Q Investments previously revealed that it intended to “sell a portion of their units to comply with internal guidelines on position size.” FUN is trading at $21.82 on Friday, representing a 50% year to date return.
There are other hedge funds which invested in the stock in the third quarter. Remy Trafelet’s Trafelet Capital reported 1.59 million shares in FUN, after a 6% increase in its position. Jon Bauer’s Contrarian Capital decrease its position by 32% and had 642 thousand shares in the stock.
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.”