Michael Johnston’s Steelhead Partners reported on December 28th for its 4.8% passive stake in Scorpio Tankers Inc. (STNG). Steelhead Partners now has about 1.83 million shares in the stock, after a 56% decrease in its position. In the third quarter, Steelhead Partners had the most in STNG among the hedge funds we track, with 4.12 million shares. STNG’s performance was disappointing this year. The stock dropped to its 5-year low on December 12. It has lost more than 50% year to date.
In the third quarter, there are some other hedge funds also invested in the stock. Michael Lowenstein’s Kensico Capital had 2.58 million shares in the stock. Martin Whitman’s Third Avenue Management increased its position by 35% to 1.63 million shares.
Steelhead Partners was founded in 1996 and based in Bellevue, Washington. The firm mainly uses “fundamental, balance-sheet-based analysis and an independent thought process to build portfolios”. The firm invests in out-of-favor and under-followed stocks and tries to build exceptional risk/reward profiles. The firm has a 13F portfolio of $1.66 billion last quarter. It invests in Technology, Basic Materials, Consumer Goods, Services, and some other sectors.
According to Google Finance, Scorpio Tankers Inc. “is engaged in seaborne transportation of crude oil and refined petroleum products in the international shipping markets. The Company’s subsidiaries include Noemi Shipping Company Limited, Senatore Shipping Company Limited, Venice Shipping Company Limited and Sting LLC. The Company’s vessels are technically managed by Scorpio Commercial Management S.A.M. (SCM). The Company’s vessels are technically managed by Scorpio Ship Management S.A.M. (SSM).”