Owl Creek Asset Management is Down 13% Through November

Dealbook reports that Jeffrey Altman’s Owl Creek Asset Management is down 13% through November. Here is an excerpt from the article:

In his third-quarter letter this year, Mr. Altman begins with the bad news, itemizing the 10 positions “that hurt us most in the quarter.”

Navistar International and Dana Holdings, two industrial trucking parts companies, accounted for a nearly $200 million of losses. Cigna took a nearly $80 million bite out of the portfolio, as the health care insurer “sold off following the debt ceiling debate,” according to the letter. Mr. Altman also highlighted the firm’s debt holdings in the bankrupt Washington Mutual, which have been hurt by the ongoing proceedings.

“We are disappointed by recent performance,” he said in the third-quarter letter, released this month. “The markets have been very unfriendly to investors, with extreme volatility due to significant macroeconomic headwinds that have extremely binary outcomes.”

You can check out how Jeffrey Altman’s portfolio evolve throughout the year on Owl Creek’s page on our website.