market folly

In a 13G filed with the SEC, Thomas Steyer's hedge fund firm Farallon Capital has updated their holdings in Beacon Roofing Supply (BECN). Due to activity on December 3rd, Farallon now has a 5.6% ownership stake in with 2,525,422 shares. This is an increase as per their last 13F filing they owned 945,000 shares as of September 30th, 2009. Over the the last two and a half months, Farallon has added 1,580,422 shares, a 167% increase.

For more recent activity out of Farallon head to our post on their portfolio and internal firm adjustments. Thomas Steyer founded Farallon in 1986 and today it is a multi-billion dollar hedge fund that typically invests in equities, private investments, debt, and real estate. They are one of the 40+ prominent hedge funds we keep an eye on in our portfolio tracking series so head over there to see what other hedgies have been up to.

Taken from Google Finance, Beacon Roofing Supply is "a distributor of residential and non-residential roofing materials in the United States and Canada. The Company also distributes other complementary building materials, including siding, windows, specialty lumber products and waterproofing systems for residential and nonresidential building exteriors. As of September 30, 2009, Beacon Roofing Supply, Inc. operated 172 branches in 37 states and three Canadian provinces, carrying up to 10,000 stock keeping unit (SKUs) and serving more than 40,000 customers."