Falcon Edge Capital, managed by Richard Gerson and Navroz D. Udwadia, is a global long/short equity hedge fund. Falcon Edge Capital was founded in 2012 by Gerson together with Navroz Udwadia and James Minshull with $1.2 billion. Previously, Gerson interned at Julian Robertson‘s Tiger Management and was a founding member of John Griffin’s Blue Ridge Capital. Navroz Udwadia and James Minshull worked at Eric Mindich‘s Eton Park Capital.
In its most recent 13F, Falcon Edge Capital revealed a total of 23 positions. The value of the fund’s equity portfolio was $1.3 billion, up from $1.0 billion reported previously. In this article, we will discuss the fund’s top five holdings in term of value.
Falcon Edge Capital disclosed owning 2.85 million shares of Avis Budget Group Inc. (NASDAQ:CAR), which is a global provider of vehicle rental services. In its most recent 13F, Blue Ridge Capital disclosed ownership of 6.65 million shares of Avis Budget Group Inc. (NASDAQ:CAR). In November 2013, Blue Ridge Capital reported increasing its stake in Avis Budget Group Inc. (NASDAQ:CAR) to 6.6 million shares, from around 4.3 million shares.
In Endo Health Solutions Inc (NASDAQ:ENDP), Falcon Edge Capital increased its position to 1.54 million shares from 1.31 million shares reported earlier. At the same time, Blue Ridge Capital, in its latest 13F, revealed holding 8.0 million shares of Endo Health Solutions Inc (NASDAQ:ENDP), a specialty healthcare company having a market cap of around $8.8 billion. The company expects 2014 reported diluted (GAAP) EPS to be in the range from $1.36 to $1.81 and 2014 adjusted diluted EPS to be in the range from $3.40 to $3.65.
Falcon Edge Capital reduced stake in Cheniere Energy Inc. (NYSEMKT:LNG) to 2.11 million shares from 3.28 million shares the fund held previously. Cheniere Energy Inc. is a Houston-based company primarily engaged in LNG-related businesses and has a market cap of $12.35 billion. Blue Ridge Capital revealed holding 4.0 million shares of Cheniere Energy Inc. (NYSEMKT:LNG). For fourth quarter of 2013, the company reported a net loss attributable to common stockholders of $135.2 million, or $0.61 per share, compared to a net loss attributable to common stockholders of $94.3 million, for the comparable 2012 period. For the year ended December 31, 2013, the company reported a net loss attributable to common stockholders of $507.9 million, compared to a net loss attributable to common stockholders of $332.8 million, during the corresponding period of 2012.
Falcon Edge Capital holds 1.21 million shares of Colfax Corp (NYSE:CFX). The value of holding was more than $75 million. Colfax Corp (NYSE:CFX) is a U.S.-based industrial manufacturing and engineering company that has a market cap of $8.7 billion. Blue Ridge Capital also disclosed owning 5.4 million shares of the company.
Both Falcon Edge Capital and Blue Ridge Capital are bullish on American International Group Inc (NYSE:AIG). Falcon Edge Capital owns 1.36 million shares of the company, while Blue Ridge Capital holds 7.33 million shares. Recently, American International Group Inc (NYSE:AIG) announced that Peter R. Fisher will stand for election with the 13 current members of the company’s board at the 2014 annual meeting of shareholders to be held May 12, 2014. Fisher is senior fellow at the Center for Global Business and Government at the Tuck School of Business at Dartmouth College and former Head of Fixed Income at BlackRock Inc.
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