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Weiss Asset Management Cuts the Holding in North American Palladium Ltd (USA) (PAL)

Weiss Asset Management, a hedge fund run by Andrew Weiss, has cut significantly its exposure to North American Palladium Ltd (USA) (NYSEMKT:PAL). A newly amended SEC filing showed that the fund currently owns almost 9.6 million shares, down from over 17.2 million held at the end of September and revealed in the latest 13F filing. The stake currently held by Weiss amasses 4.87% of the company’s common stock.

North American Palladium

North American Palladium Ltd (USA) (NYSEMKT:PAL) is a company specialized in production of precious metals. Its stock dropped by more than 68% since the beginning of the year, trailing a forward P/E of 37.3. The analysts expect the company to double its EPS during the next year. For the third quarter, North American Palladium Ltd (USA) (NYSEMKT:PAL) had a revenue of $33.3 million, down from $36.2 million a year ago. The company managed to narrow its net loss to $5.3 million, from $8.0 million in the third quarter of last year. For the first nine months of 2013, the net loss of the company amounted to $34.4 million.

While Weiss, even after the decline, remains a shareholder with a significant stake in North American Palladium Ltd (USA) (NYSEMKT:PAL), other hedge funds from our database disclosed smaller holdings in the latest round of 13F filings. As follows, Citadel Investment Group, managed by Ken Griffin, revealed a long position which amasses some 46,800 shares, with a value of $45,000. In addition, Citadel also holds in aggregate 120,200 shares under “Call” and “Put” options. Israel Englander’s Millennium Management added the company to its equity portfolio during the third quarter, disclosing a $31,000 stake, which amasses 32,400 shares.

North American Palladium Ltd (USA) (NYSEMKT:PAL) was the third-largest position in the equity portfolio of Weiss Asset Management, at the end of September. On the first place is situated Omnicare, Inc. (NYSE:OCR), in which the fund revealed a $26.9 million position, which amasses 393,600 shares. It is followed by Taiwan Semiconductor Mfg. Co. Ltd. (ADR) (NYSE:TSM), in which the fund owns some 1.4 million shares, worth $23.7 million.

Disclosure: none

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