Philip Falcone’s Harbinger Capital Partners dove into an illiquid and risky wireless adventure- one which proved to be a big concern for his investors. The adventure brought some legal troubles for both Harbinger and Philip Falcone.
Philip Falcone is famous for betting against subprime mortgages, which made Harbinger $11 Billion in 2007. Harbinger Capital Partners Fund returned 116% that year. Harbinger was doing fine until mid 2008, but Falcone’s flagship fund lost half its value during the rest of 2008. Phil Falcone’s Harbinger returned 42% in 2009, which was much better than most funds. However, 2010 was very bad for him. He lost about 12% in 2010.
Harbinger’s assets under management reached $26 Billion at its peak, but recently went back down to around $6.5 Billion.
Falcone initiated positions in 6 stocks in the second quarter. HCP now has $27.5 Million in North American Energy (NOA), $10 Million in Southern Union (SUG), $8.5 Million of Research in Motion (RIMM), $6 Million in General Moly (GMO), $3.7 Million in CVR Energy (CVI), and about $2 Million in Trina Solar (TSL).
Check out the new stock picks and portfolios of other top hedge fund managers as of the end of the second quarter.
2. David Einhorn’s Greenlight Capital
4. Roberto Mignone’s Bridger Management
5. Julian Robertson’s Tiger Management
6. Patrick McCormack’s Tiger Consumer
7. Whitney Tilson’s T2 Partners
8. Barry Rosenstein’s Jana Partners
9. Seth Klarman’s Baupost Group
10. Ray Dalio’s Bridgewater Associates
11. Charles Akre’s Akre Capital
12. Richard Perry’s Perry Capital
13. Joel Greenblatt’s Gotham Capital
14. David Abrams’ Abrams Capital Management
15. Jim Simons’ Renaissance Technologies
16. David Tepper Appaloosa Management
17. John Paulson Paulson & Co.
18. George Soros Soros Fund Management
