Shutterfly, Inc. (NASDAQ:SFLY) is on the first spot, with Park West disclosing a $45.82 million stake that contains close to 1.1 million shares. The position amasses 7.26% of the fund’s equity portfolio and was increased by 23% during the fourth quarter of 2014. Shutterfly is a $1.70 billion personal services retailer that provides a range of personalized products and services offered through several lifestyle brands. The company is currently targeted by an activist investor, Mario Cibelli of Marathon Partners, who holds a 5.45% stake. Marathon Partners has been a long-term shareholder of Shutterfly, Inc. (NASDAQ:SFLY) and recently issued a letter sent to the company’s board of directors in which it stated that it seeks board representation in order to address the “lack of incentives encouraging long-term stock ownership by executives,” some excessive compensations that are based on revenue and EBITDA growth, instead of other metrics that are more related to the shareholder value of the company (free cash flow, or earnings per share). Among the funds that we track, the largest shareholder with a long-position in Shutterfly, Inc. (NASDAQ:SFLY) is Steven Cohen‘s Point72 Asset Management, which owns 2.32 million shares as of the end of 2014.
In ShoreTel Inc (NASDAQ:SHOR), Park West owns 5.56 million shares, down by 11% over the quarter, the value of the stake amounting to $40.90 million. The investor initiated a stake in the $422 million market-cap company during the third quarter of 2013 and has seen the stock appreciate by around 8% since the end of September 2013. ShoreTel Inc (NASDAQ:SHOR) is engaged in providing business communication solutions, and over the last year as its stock fell by 20%, it has underperformed the communication equipment industry, which returned 8% during the same period. Moreover, the company has posted revenue growth for the last several years and its net loss has been narrowing. For 2014, the revenue amounted to $340 million versus $314 million a year earlier and its net loss narrowed to $0.02 from $0.44. Among over 700 funds that we track, Park West is the largest shareholder of ShoreTel Inc (NASDAQ:SHOR), followed by Robert G. Moses’ RGM Capital, which owns 4.64 million shares.
Park West’s third largest holding is not represented by a small-cap company as opposed to the previous two positions. The fund disclosed holding approximately 513,400 shares of Macquarie Infrastructure Company LLC (NYSE:MIC), the value of the stake amounting to $36.50 million. Macquire Infrastructure pays a quarterly dividend of $1.50, which gives its stock a yield of 2.06%. Based on these metrics and also on the popularity of the company among the funds that we track, Macquarie Infrastructure Company LLC (NYSE:MIC) was one of the most popular dividend stocks, with 64 funds disclosing ownership of $2.0 billion worth of stock. Macquarie Infrastructure Company LLC (NYSE:MIC), which is a $5.8 billion provider of airport and air services, is also included in the equity portfolio of activist investor Mick McGuire’s Marcato Capital Management, which disclosed holding 3.87 million shares in its latest 13F filing.