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Morning Brief: Marcato Liquidates Deckers Stake
The activist hedge fund manager has sold its shares in the UGG maker after losing its proxy fight last year.
Marcato Capital Management has liquidated its stake in Deckers Outdoor Corporation, according to a regulatory filing. This officially ends its activist campaign against the maker of UGGs. The hedge fund firm headed by Mick McGuire III, which owned about 8.5 percent of the shares at year-end, had lost its proxy fight in mid-December. It was seeking three seats on the board at the time. Marcato was down 4 percent in February and is now off 4.6 percent for the year, according to a document from investment bank HSBC that tracks hedge fund performance.
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Viking Global Investors disclosed in a regulatory filing that as of February 27 it owned more than 9.66 million shares of United States Steel Corporation, or 5.5 percent of the total outstanding. The Tiger Cub did not hold a position in the iconic steel company at year-end. President Trump recently announced tariffs on some imported steel.
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Highbridge Capital Management said in a regulatory filing it recently established a 7.91 percent stake in Aytu BioScience, a fledgling life sciences company focusing on urological health for men. The multistrategy firm did not own any shares in the company at year-end.
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Ricky Sandler’s Eminence Capital said it nearly quadrupled its stake in Papa John’s International to about 2.2 million shares, or 6.5 percent of the pizza restaurant chain. The stock is down about 16 percent since August.