Eric W. Mandelblatt’s Soroban Capital Partners LP has shown strong interest in Time Warner Cable Inc (NYSE:TWC) through its latest 13G filing with the SEC, which disclosed its ownership of 14.20 million shares in the firm. With this filing, the investment manager now controls 5% of the outstanding common shares of the internet service provider. Prior to this 13G filing, the fund manager reported ownership of 6.17 million shares valued at $924.17 million at the end of the first quarter.
Eric Mandelblatt founded Soroban Capital Partners in 2010 prior to working as the partner and co-CEO at TPG-Axon Capital Management, and the investment manager operates through a fundamental value-driven approach while focusing on long/short equity investments. Soroban Capital Partners had a public equity portfolio worth $10.71 billion at the end of the first quarter of 2015, with its primary investments in consumer discretionary stocks (35%), energy (19%), and information technology (17%). The top ten stock holdings of the investment manager accounted for 61.14% of its overall portfolio. Williams Companies Inc (NYSE:WMB), Time Warner Cable Inc (NYSE:TWC), and CBS Corporation (NYSE:CBS) were the top three stock investments of Mandelblatt at the end of the first quarter. The investment manager opened an activist position in California Resources Corp (NYSE:CRC) earlier this year of 38.47 million shares or 10% of the company’s common shares.
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The shares of Time Warner Cable Inc (NYSE:TWC) have grown by 23.55% year-to-date and it has market cap of $54.02 billion. Time Warner Cable Inc (NYSE:TWC) was among the most profitable investments one could make in the second quarter, as its shares improved by 19.4% during that period. The broadband service provider has remained a potential acquisition target for the past several quarters and has a current $55 billion acquisition offer from Charter Communications, Inc. (NASDAQ:CHTR). The merger is under federal approval as of now, and Charter Communications is said to have ramped up its lobbying efforts to get approval from the authorities. The firm reported the closing of a notes offering on Friday worth $15.5 billion, with the company planning to use this money for funding of the proposed acquisition.
Among the hedge funds tracked at Insider Monkey, 83 hedge fund managers reported positions worth $10.18 billion in the company at the end of the first quarter. In addition to the overall hedge fund investments, 16 hedge fund billionaires in our database were invested in the company at the end of the first quarter. According to the latest SEC filings, at least 662 hedge funds and institutional investors have positions in Time Warner Cable Inc (NYSE:TWC). Chris Hohn’s Childrens Investment Fund and John Paulson’s Paulson & Co were among the largest shareholders of the company in our database. Chris Hohn held 15.02 million shares of the company with a market value of $2.25 billion. Soroban Capital Partners, with this 13G filing, has become the second-largest investor in our database. Paulson & Co had ownership of 8.60 million shares of the internet service provider valued at $1.30 billion. Larry Robbins’ Glenview Capital, Matthew Halbower’s Pentwater Capital Management, and William B. Gray’s Orbis Investment Management are among some of the other primary investors of Time Warner Cable (NYSE:TWC).
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