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Tickers in this Article: AIG, PAC, PTEC, JOE
This week's activist filings show that investors aren't turned off by the markets. This week's list has some intrigue along with some big bets that are only getting bigger.

Once the banking crisis' most vilified financial institution, shares in American International Group (NYSE:AIG) continue to be acquired by Bruce Berkowitz of Fairholme Capital Management. Recently anointed "fund manager of the decade" by Morningstar, Berkowitz's firm added over 1.6 million shares to its gigantic 36 million share position. Fairholme owns nearly 28% of AIG, which based on AIG's market cap of $30 billion, is a $9 billion position in Fairholme's $19 to $20 billion fund. It's a huge bet for Fairholme and one Berkowitz clearly feels will do very well over the coming years.

Fairholme is not one to invest with the crowd. The firm is the largest shareholder in Florida land and real estate company St. Joe (NYSE:JOE), owning roughly 25% of the company. Last month, hedge fund manager David Einhorn presented a detailed thesis as to why his firm, Greenlight Capital, is short St. Joe. Both Einhorn and Berkowitz are successful investors and it will be interesting to see how this plays out.

New Filings
Weston Hill Equity Holdings, a private equity firm based in Canada, disclosed that it owns 25.6 million shares of Pacific Airport Group (NYSE:PAC). The holdings represent a 5.4% ownership interest. PAC, officially known as Grupo Aeroportuario del Pacifico, is a developer and operator of airports in Mexico. PAC is not an airline company. It operates the airports and its retailers, restaurants, and other service providers, as well as the overall maintenance of the airports. Shares trade for 20 times earnings and slightly below book value.

Carlson Capital disclosed that it owns 2,153,800 shares (5.3% ) of Phoenix Technologies (Nasdaq:PTEC). The private-equity fund currently has no specific plans for the company. Carlson paid a total of $8.9 million for its stake, or an average price of $4.12 per share. Shares in Phoenix currently trade for $4.19. The company develops system software for PCs, including security and support applications. The company has about $1 in net cash per share but trades at nearly 4.5 times book value. Sometimes value is found in the eye of the beholder.

The Bottom Line
13D filings should never be confused for due diligence on a company. For all the successful activist investments, there are plenty of unsuccessful ones as well. Use these filings to navigate the market for potentially good ideas or as a way to develop a watch list to see how activist efforts unfold. (To learn more, see Activist Investors: A Good Or Bad Thing?)

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