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Shannon River Fund Management’s Returns, AUM and Holdings

Based on Shannon River Fund Management’s latest 13F filing with the SEC, one of the top largest positions it held was in (as we already mentioned) New York Times Co (NYSE:NYT), an American media company that generated around $709 million in digital revenue in 2018, that way demonstrating that the “internet did not kill the news business.” Mr. Waxman stated the same, since he is holding 1,762,452 of the company’s shares valued at $39.28 million. However, the fund decided to decrease its stake in the company by 9% during the fourth quarter, which is now occupying 11.15% of its portfolio. The company is trading at price-to-earnings (PE) ratio of 42.55 and it has a market cap of $5.28 billion. The closing price of the company’s stock was $32.03 on February 15th.

Meanwhile, the largest new positions added to the fund’s portfolio during the third quarter were in Activision Blizzard Inc. (NASDAQ:ATVI), a Santa Monica, California –headquartered video game and film holding company and Avalara Inc. (NYSE:AVLR), a provider of cloud-based tax compliance solutions. The fund purchased 469,101 shares of Activision Blizzard Inc. (NASDAQ:ATVI) for $21.84 million and 211,697 shares of Avalara Inc. (NYSE:AVLR) worth $6.59 million; the value of its holdings in those stocks amounted to 6.2% and 1.87% of its 13F portfolio respectively.

The fund substantially increased its stake in PROS Holdings, Inc. (NYSE:PRO), a financial technology company and Sendgrid Inc., a provider of AI-powered solutions that power commerce in the digital economy. By acquiring 364,558 shares of PROS Holdings, Inc. (NYSE:PRO) valued at $11.44 million the fund increased its stake in the company by an astonishing 389%. Over the past six months, the company’s stock went up by 13.65%, and currently trades at $40.11.

Among the top fund’s positions that contributed to its gains in 2018 are positions in PTC Inc. (NASDAQ:PTC) a computer software and services company and Yext Inc. (NYSE:YEXT), a New York-based knowledge engine company. The fund decided to boost its position in PTC Inc. (NASDAQ:PTC) during the fourth quarter of 2018, by 28%, that way owning 361,714 shares of the company valued at $29.98 million. Shannon River Fund Management’s team is pretty interested in ways this company is going to develop AR (augmented reality) applications for its clients. It seems that this stock is quite popular among hedge funds. The fund actually decided to decrease its position in Yext Inc. (NYSE:YEXT) by 26% to 957,202 shares worth $14.21 million.

The biggest sold out stakes during the fourth quarter of 2018 were those Shannon River Fund Management held in BlackLine Inc (NASDAQ:BL), and Vicor Corp (NASDAQ:VICR) whose 96,672 and 143,900 shares, respectively, the fund disposed.

Disclosure: None

This article was originally published at Insider Monkey.

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