What Is Harbinger Group Doing In Ian Cumming and Joseph Steinberg’s Portfolio?

What is Harbinger Group? Phil Falcone’s Harbinger Group Inc (NYSE:HRG) has recently been added to the equity portfolio of one of the hedge funds we track. Leucadia National, managed by Ian Cumming and Joseph Steinberg, disclosed in a filing with the Securities and Exchange Commission, that it holds 13.2% of Harbinger. Leucadia’s stake involves around 18.6 million shares of the company and has a value of some $187.4 million, at the current price of Harbinger Group’s shares.

Harbinger Group is a holding company. For the last quarter, the company reported revenues up by over 39% on the year, which totaled $1.4 billion. The company also recorded a net income of $91.6 million, versus a net loss of $149.1 million reported for the same period of the previous fiscal year.

Aside from Harbinger, itself, which holds 96.8 million of the shares, Leon Cooperman’s Omega Advisors owned 5 million shares at the end of last quarter. Jhl Capital Group, managed by James H. Litinsky disclosed ownership of 1.5 million shares of Harbinger, while Chuck Royce’s Royce & Associates held a stake of slightly over 1 million shares.

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Disclosure: none