In a 13G filing made with the SEC after the close today, hedge fund Maverick Capital has sold off their entire position in Under Armour (UA). Maverick Capital is a $10 billion hedge fund ran by the notoriously great stock picker Lee Ainslie. The filing shows that the transactions were completed as of October 31st, 2008. Previously, Maverick owned 3,629,460 shares, around a 10% stake in the company, as was detailed in their last 13F filing.
Maverick's performance this year has definitely been sub-par by their standards. Their Maverick Fund was -6.34% for October and is now -26.47% year-to-date. You can check out their most recent investor letter here and learn more about Maverick and their portfolio holdings here. Their updated portfolio will soon be available with the release of the next 13F filing with the SEC here in the next week or two. So, make sure you keep an eye out at MarketFolly.com for that. It will be interesting to see what else Maverick has been busy doing besides dumping all of their UA.
Taken from Google Finance, Under Armour (UA) is "engaged in the design, development, marketing and distribution of branded performance products for men, women and youth. The Company designs and sells an offering of apparel and accessories that utilize a variety of synthetic microfiber fabrications. Its active wear and sports apparel, footwear and accessories are designed to wick perspiration away from the skin, help regulate body temperature, enhance comfort and mobility and improve performance regardless of weather condition."
