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Luxor Capital Group Increases Holding in Altisource Asset Management Corp (AAMC)

Christian Leone‘s fund, Luxor Capital Group has raised its exposure to Altisource Asset Management Corp (NYSEMKT:AAMC) to 128,290 shares, from 62,143 shares held at the end of September, as revealed in the fund’s latest 13F. In this way, Luxor currently owns 5.5% of the company’s common stock, the value of the position rising to $105.3 million, at the current share price of the company.

Christian Leone

Luxor Capital Group was founded in 2002 by Christian Leone. The hedge fund manages an equity portfolio $7.13 billion at the end of the third quarter. The fund has a relatively balanced structure, with holdings in equity and fixed income investments throughout the world. The fund uses a value-based approach in selecting its investments but also has a penchant for distressed companies. The fund invests in Services, Technology, and Financial besides other sectors.

Altisource Asset Management Corp (NYSEMKT:AAMC) is an asset management company that provides portfolio management and corporate governance services to investment vehicles that own real estate related assets.  It was born out of the spinoff from Altisource Portfolio Solutions in December 2012. AAMC reported turnover of $19.58 million for the quarter ending September 2013. Revenues for the first nine months of 2013 were $29.98 million. Net loss for the third quarter was $2.6 million translating to $1.09 per share.

Among the hedge funds holding substantial holdings in Altisource Asset Management Corp (NYSEMKT:AAMC) are John Khoury’s Long Pond Capital with 211, 634 shares valued at $113 million at the end of the third quarter. The holdings were 17.53% of the total portfolio value. Brian Jackelow’s Sab Capital Management with 168,629 shares worth $90 million and Ben Gambill’s Tiger Eye Capital with 136,253 shares valued at $73 million also held long positions in the company at the end of the third quarter. These represented 10.97% and 17.96% of the respective portfolio values.

Disclosure: none

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