Pico Holdings Inc (PICO): Central Square Management Lowers Its Stake

Published on September 30, 2016 at 8:34 am by Insider Monkey Staff in Hedge Funds,News

Page 1 of 12

A newly-amended 13D filing with the Securities and Exchange Commission revealed that Kelly Cardwell‘s Central Square Management decreased its stake in Pico Holdings Inc (NASDAQ:PICO) to 1.16 million shares, which amass 5.0% of the company’s outstanding stock. Previously, Central Square Management held 1.28 million shares of the company, according to its 13F filing for the end-of-June reporting period.

Pico Holdings Inc (NASDAQ:PICO), as the name suggests, is a holding company; its divisions consist of Real Estate Operations, Corporate, and Water Resource and Water Storage Operations. The company’s stock has lost 12.02% year-to-date. In its financial report for the second quarter of 2016, Pico Holdings reported a loss per share of $0.15 and revenue of $83.71 million, compared to a loss per share of $2.17 and revenue of $35.11 million for the second quarter of 2015.

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Eight smart money managers in our database were bullish on Pico Holdings Inc (NASDAQ:PICO) at the end of June, down by one from the end of the previous quarter. Among the hedge funds which reported long positions in the company were Chuck Royce’s Royce & Associates, which held a position worth $13.36 million, Gregory Bylinsky and Jefferson Gramm’s Bandera Partners, with a position valued at $8.7 million, Jim Simons’ Renaissance Technologies, and Jeffrey Bronchick’s Cove Street Capital.

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Ownership Summary Table

Name	Sole Voting Power	Shared Voting Power	Sole Dispositive Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
CENTRAL SQUARE CAPITAL	0	920,329	0	920,329	920,329	4.0%
CENTRAL SQUARE CAPITAL MASTER		241,703		241,703	241,703	1.0%
CENTRAL SQUARE GP		920,329		920,329	920,329	4.0%
CENTRAL SQUARE GP II		241,703		241,703	241,703	1.0%
CENTRAL SQUARE MANAGEMENT		1,162,380		1,162,380	1,162,380	5.0%
KELLY CARDWELL		1,162,380		1,162,380	1,162,380	5.0%

Kelly Cardwell

Central Square Management

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Page 1 of 12 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 7)1

PICO Holdings, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

693366205

(CUSIP Number)

KELLY CARDWELL

CENTRAL SQUARE MANAGEMENT LLC

1813 N. Mill Street, Suite F

Naperville, IL 60563

(630) 210-8923

STEVE WOLOSKY

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

September 20, 2016

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

_______________

1 The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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