Paul Singer Adds to Family Dollar Stores Stake in Fourth Quarter

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Feb 06, 2015
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The fourth quarter of 2014 was a low-key one for guru Paul Singer (Trades, Portfolio), founder and CEO of $20 billion New York-based hedge fund Elliott Management Corporation – at least when compared to previous quarters. Singer hasn’t had so few transactions since the second quarter of 2013, when he had none.

Singer added to only one existing stake in the fourth quarter – his stake in Family Dollar Stores Inc (FDO, Financial), in which he initially invested in the third quarter of 2014. It is the 16th-largest stake in his portfolio. Singer paid an average price of $79.42 per share. The transaction had a 1.63% impact on his portfolio.

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Reductions

Singer sold portions of his stakes in three companies in the fourth quarter – Riverbed Technology Inc (RVBD, Financial), Emulex Corp (ELX, Financial) and Juniper Networks Inc (JNPR, Financial).

Going into the fourth quarter, Juniper Networks, a California-based manufacturer of networking equipment, was the largest stake in Singer’s portfolio. He reduced his stake by more than one-third, selling the shares for an average price of $21.43. The sale had a -4.13% impact on his portfolio.

Guru John Hussman (Trades, Portfolio) sold his stake in Juniper Networks in the fourth quarter. Manning & Napier Advisors added to its stake in the company.

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Singer also sold a portion of his holding in Riverbed Technology, a San Francisco-based technology company and the sixth-largest stake in Singer’s portfolio, for an average price of $19.49 per share. That transaction had a -1.15% impact on his portfolio.

Guru Mario Gabelli (Trades, Portfolio) added to his stake in Riverbed in the fourth quarter.

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Comparatively, Singer’s reduction in his stake in Emulex, a California-based technology company, was tame. He sold about 71% of his holdings for an average price of $5.94 per share. The transaction had a -0.29% impact on his portfolio.

Prior to the fourth quarter, Emulex was the 11th-largest stake in Singer’s portfolio.

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