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Pleasant Lake Keeps Buying As Magnachip Semiconductor Corp (MX) Keeps Rising

YJ Kim, Magnachip Semiconductor Corp (NYSE:MX)’s interim CEO has now taken on the position permanently and he has drawn attention to the company’s comprehensive cost and portfolio optimization program, under which it has now combined its Power Solutions and Display Solutions operations into a single Standard Products unit. Among over 700 hedge funds that we track, the interest in Magnachip Semiconductor Corp (NYSE:MX) has considerably decreased over the first quarter as only 16 firms had an aggregate investment of $67.46 million in the company at the end of March compared to 24 funds with $203.36 million at the end of the previous quarter. Within our database, Marc Lasry‘s Avenue Capital is the largest stockholder of Magnachip Semiconductor Corp (NYSE:MX) with some 4.09 million shares valued at $22.37 million.

Moving on to Pleasant Lake’s top picks, its largest holding, Famous Dave’s of America, Inc. (NASDAQ:DAVE), remained unchanged during the first quarter at 923,400 shares valued at $26.32 million. The holding represents 12.93% of the company’s outstanding stock and 24.01% of the fund’s portfolio value. The stock of the $150.22 million developer of franchise restaurants has slumped by more than 18% year-to-date. After Pleasant Lake, Stephen V. Raneri‘s Lioneye Capital Management is the largest stockholder of Famous Dave’s of America, Inc. (NASDAQ:DAVE) owning 831,700 shares valued at $23.70 million.

Following an increase of 4% during the first quarter, Pleasant Lake’s stake in Hemisphere Media Group Inc (NASDAQ:HMTV) was comprised of 1.30 million shares valued at $16.47 million. The Spanish-language media company serving U.S. Hispanic and Latin American markets has been another disappointment so far this year, as its stock has declined by nearly 8% during this period. Christian Leone‘s Luxor Capital Group is the largest stockholder of Hemisphere Media Group Inc (NASDAQ:HMTV), holding about 5.13 million shares valued at $64.87 million.

The fund’s third-largest holding, Houghton Mifflin Harcourt Co (NASDAQ:HMHC), saw an increase of 63% during the first quarter, taking the total stake to 485,800 shares valued at $11.41 million. The provider of education solutions has helped Pleasant Lake’s needle tick in the right direction as it has posted gains of more than 28% year-to-date. Recently, Houghton Mifflin Harcourt Co (NASDAQ:HMHC) bought the EdTech business unit of Scholastic (NASDAQ:SCHL) for $575 million. John Paulson, who has recently been in the news on account of his magnanimous donation to Harvard University, is the largest stockholder of Houghton Mifflin Harcourt Co (NASDAQ:HMHC) as his fund owns some 30.91 million shares valued at $725.83 million.

Disclosure: None

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