Southpoint Capital reported 5.57% passive stake in Christopher & Banks Corporation (CBK), according to a SEC regulatory filing on November 4th. The 13G filing shows Southpoint Capital now has 2 million shares in CBK, up by 190% from its 690 thousand shares position in the second quarter. CBK plunged in the third quarter and has lost about 50% year to date. Southpoint Capital might buy the shares at about $3.00 when the stock dropped to its 2-year low in mid-October. Outsiders can get the same price if they imitate the transaction now.
Other six hedge funds were also bullish about CBK in the second quarter. Jim Simons’ Renaissance Technologies held the second largest chunk of 638 thousand shares in CBK, decreasing by 15% from Q1. Randall Smith’s Alden Global Capital increased its position by 48% to 554 thousand shares. Cliff Asness’ Aqr Capital Management slight cut its position by 9%, and reported about 268 thousand shares in CBK at the end of June.
Southpoint Capital is a privately owned hedge fund. The firm primarily invests in value stocks of companies in the public equity and fixed income markets. It provides its services to pooled investment vehicles and focuses on special situations and distressed debt. The firm is based in New York City, NY.
Christopher & Banks Corporation specializes in women’s’ apparels in the United States. The company offer various size of women’s apparels under Christopher & Banks brand and C.J. Banks brand. Beside 770 stores in 46 states as of April 2011, the company also operates online website. The company was named as Brauns Fashions Corporation before July 2000. The company was founded in 1956 and is based in Plymouth, Minnesota.