Walgreen fell 5.5% after failing to renew its contract with Express Scripts (ESRX). ESRX declined more than 3% initially but recovered all these losses. ESRX is more popular than WAG among hedge fund managers. Brian Jackelow’s SAB Capital had devoted 8.7% of its portfolio to ESRX. John Lykouretzos’ Hoplite, Eric Bannasch’s Cadian Capital, Gabe Hoffman’s Accipiter, Stephen Mandel’s Lone Pine, and Larry Robbins’ Glenview had more than 4% of their portfolio in ESRX as well.
Unfortunately Walgreen’s investors lost more than 5% in a day when the market is up by more than 1%. Here are the hedge funds with the most concentrated WAG positions:
1. Matthew Lindenbaum – Basswood Capital: 1.92% of its portfolio is in WAG.
2. Alexander Mitchell – Scopus Asset Management: 1.16% of its portfolio is in WAG.
3. Harris Associates: 0.91% of its portfolio is in WAG.
4. Robert Rodrigues – First Pacific Advisors: 0.66% of its portfolio is in WAG.
5. Benjamin Slavet – Ascend Capital: 0.44% of its portfolio is in WAG.