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State National Companies Inc (SNC): Indaba Capital Management Slightly Ups Its Stake

As a new filing with the Securities and Exchange Commission showed, Derek C. Schrier‘s Indaba Capital Management inched up its position in State National Companies Inc (NASDAQ:SNC). Indaba reported holding 2.34 million shares of the company, up from 2.20 million shares held earlier. Following the increase, the passive stake amasses 5.29% of the State National Companies’ outstanding stock, versus 4.97% before.

State National Companies Inc (NASDAQ:SNC) is a $440 million specialty property and casuality insurance company. The company went public at the beginning of November and since its IPO, its stock fell by more than 17%. Aside from Indaba, other shareholders of State National Company among the funds that we track include Mark T. Gallogly’s Centerbridge Partners, Michael Novogratz’s Fortress Investment Group, and Michael Lowenstein’s Kensico Capital, which own 3.92 million shares, 3.50 million shares, and 2.01 million shares respectively. All four funds are the largest shareholders of State National Companies Inc (NASDAQ:SNC) among institutional investors. Moreover, all four funds have been among the company’s shareholders before the IPO, with Indaba, Fortress Investment Group, and Centerbridge Partners, being among the shareholders with over 5% stakes.

Indaba Capital Management is a San Francisco-based hedge fund that was founded in 2010 by Mr. Schrier, who is a former partner at  Thomas Steyer’s Farallon Capital Management. The fund employs primarily an even-driven approach towards picking investments, but also uses a mix of other fundamental investment strategies. At the end of 2014, Indaba’s equity portfolio amounted to roughly $295.50 and was focused around technology, consumer discretionary and services stocks. State National Companies Inc (NASDAQ:SNC) represented the fund’s fourth-largest position, the company being preceded by Yahoo! Inc. (NASDAQ:YHOO), Avid Technology, Inc. (NASDAQ:AVID), and SunCoke Energy Inc (NYSE:SXC) on the first, second, and third spots respectively.

Disclosure: none