Liberty Tripadvisor Holdings, Inc. (LTRPA) shares lost 30% of their value so far this year but billionaire David Shaw’s hedge fund didn’t lose a tiny bit of confidence in the company. The quant hedge fund owned 2.9 million shares of the internet company at the end of 2015 when the shares were trading above $30. In a recent filing D.E. Shaw disclosed buying an additional 700 thousand shares through April 5th. Liberty Tripadvisor Holdings, Inc. (LTRPA) shares were trading at $21 that day.
At the end of the fourth quarter, a total of 34 of the hedge funds tracked by Insider Monkey held long positions in this stock, a change of 26% from the third quarter. When looking at the institutional investors followed by Insider Monkey, Malcolm Fairbairn’s Ascend Capital has the largest position in Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA), worth close to $103.2 million, comprising 3.6% of its total 13F portfolio. Sitting at the No. 2 spot is Curtis Macnguyen of Ivory Capital, with a $91.1 million position; 2.4% of its 13F portfolio is allocated to the stock. Other hedge funds and institutional investors with similar optimism encompass Michael A. Price and Amos Meron’s Empyrean Capital Partners and Jeffrey Altman’s Owl Creek Asset Management.
Consequently, key money managers were leading the bulls’ herd. Pine River Capital Management, managed by Brian Taylor, established the largest position in Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA). Pine River Capital Management had $3.6 million invested in the company at the end of the quarter. Manoneet Singh’s Kavi Asset Management also initiated a $3.2 million position during the quarter. The other funds with new positions in the stock are Wojciech Uzdelewicz’s Espalier Global Management, Andre F. Perold’s HighVista Strategies, and Bart Baum’s Ionic Capital Management.
Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as Liberty Tripadvisor Holdings Inc (NASDAQ:LTRPA) but similarly valued. These stocks are Kate Spade & Co (NYSE:KATE), The Cheesecake Factory Incorporated (NASDAQ:CAKE), Texas Capital Bancshares Inc (NASDAQ:TCBI), and IBERIABANK Corporation (NASDAQ:IBKC). This group of stocks’ market values are similar to LTRPA’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| KATE | 36 | 462977 | 8 |
| CAKE | 24 | 181034 | 4 |
| TCBI | 15 | 195274 | 0 |
| IBKC | 15 | 170454 | 7 |
As you can see these stocks had an average of 22.5 hedge funds with bullish positions and the average amount invested in these stocks was $252 million. That figure was $801 million in LTRPA’s case. Liberty Tripadvisor Holdings is a popular stock among hedge funds and at the very least D.E. Shaw believes the 30% decline in shares made the stock potentially a better investment. The details of D.E. Shaw’s filing can be seen below:
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| D. E. Shaw Co. | 0 | 3,599,766 | 0 | 3,604,334 | 3,604,334 | 5.0% |
| David E. Shaw | 0 | 3,599,766 | 0 | 3,604,334 | 3,604,334 | 5.0% |
Page 1 of 6 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Liberty TripAdvisor Holdings, Inc.
(Name of Issuer)
Series A common stock, $0.01 par value
(Title of Class of Securities)
531465102
(CUSIP Number)
April 5, 2016
(Date of Event Which Requires Filing of
this Statement)
Check the following box to designate the rule pursuant to which
the Schedule is filed:
| [ ] | Rule 13d-1(b) | |
| [ X ] | Rule 13d-1(c) | |
| [ ] | Rule 13d-1(d) |
*The remainder of this cover page shall be filled out for a
reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page
shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however,
see the Notes).
