This content is from: Portfolio

The Morning Brief: SAC Adds to Real Estate Stakes

Steve Cohen seems to be bullish on real estate. His Stamford, Connecticut-based SAC Capital Advisors, which is now a family office, on Thursday disclosed a 5.6 percent stake in E-House (China) Holdings Limited, a real estate services company in China. This is SAC’s third passive investment of at least 5 percent in a real estate company in the past month. In December, SAC disclosed a 5.2 percent stake in Trulia, an online real estate company, and a 5.1 percent position in Move, Inc., another online real estate company. SAC indicated in the filings that all three of the investments are passive.

Jonathan Auerbach’s Hound Partners filed an amended 13F to correct the amount of shares it said it owned in four stocks as of the end of the third quarter. The four stocks are Ensco PLC, Golar LNG Ltd. Bermuda, Liberty Global PLC and Transdigm Group. The firm, called a Tiger Seed because it was funded with money from Julian Robertson Jr’s Tiger Management, had about $1.8 billion in equity assets spread over just 20 different issues as of the end of September. Through November, Auerbach’s New York-based hedge fund, based in the offices of Tiger Management, was up 17.23 percent. Its long portfolio, however, was up 38.75 percent through November, before accounting for fees. We reported last year that Hound is one among a handful of hedge funds mulling the creation of a long-only fund.

Grosvenor Capital Management, known as an allocator to hedge funds, closed its previously announced acquisition of the Customized Fund Investment Group, a private equity, infrastructure and real estate investment management company, from Credit Suisse Group AG. The combined business will have more than $44 billion in assets under management.

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