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Mattress Firm (MFRM) Acquisition Powers 40 North Management to Impressive Q3 Returns

Next up is Allergan, Inc. (NYSE:AGN), which did not actually help 40 North’s performance during the quarter, as its shares were moderately down during the period. 40 North owned 131,089 shares of the company on June 30, down by 48% over the quarter as another of its positions fell under the knife (which Allergan knows a little something about). Allergan shares have had a tough year, sliding by 37.6% after its possible merger with Pfizer Inc. (NYSE:PFE) fell through earlier this year (40 North Management also owned shares of Pfizer on March 31 but sold all of them off in the second quarter following that revelation).

A total of 131 of the hedge funds tracked by Insider Monkey were long Allergan, Inc. (NYSE:AGN) at the end of June, a 23% fall from the end of March. Third Point, managed by Dan Loeb, holds the number one position in Allergan, Inc. (NYSE:AGN) as of June 30 among those funds, valued at $1.13 billion, comprising 10.8% of its 13F portfolio. On Third Point’s heels is John Paulson of Paulson & Co, with a $912.4 million position. Additional professional money managers that hold long positions include Carl Icahn’s Icahn Capital, and Paul Singer’s Elliott Management.

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Lastly, let’s check out 40 North Management’s position in Pacira Pharmaceuticals Inc (NASDAQ:PCRX), which dipped slightly during the third quarter. Pacira has been unable to rebound from its huge first-half slide and has lost 58% of its value this year. 40 North Management was maintaining a brave face, holding 775,388 shares on June 30, trimming its position by just 4% during the second quarter.

Other hedge funds were also betting on a rebound, as 26 of the hedge funds tracked by Insider Monkey held long positions in the stock on June 30, up by 18% from March 31. Mariko Gordon’s Daruma Asset Management had the biggest position in Pacira Pharmaceuticals Inc (NASDAQ:PCRX), worth close to $36.3 million, with Israel Englander of Millennium Management coming next with a $26.4 million position. Other peers that were bullish included Alex Denner’s Sarissa Capital Management and John Lykouretzos’ Hoplite Capital Management.

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Disclosure: None

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