market folly

After market close yesterday, Phil Falcone's hedge fund Harbinger Capital Partners filed a 13G with the SEC on Corn Products International (CPO). Due to portfolio activity on June 21st, 2010 Harbinger now shows a 5.22% ownership stake in CPO with 3,930,019 shares. This marks an increase in their stake because back on March 31st, Falcone's hedge fund owned 3,483,280 shares of Corn Products when we looked at Harbinger's portfolio. They've added 446,739 more shares to their position over the past three months, a 12.8% increase in shares owned.

Just yesterday, we also detailed how Harbinger has been selling Tate & Lyle shares. This is interesting because both companies are essentially involved in the corn industry in some fashion or another so we'll have to see what Falcone has in mind here.

Taken from Google Finance, Corn Products International, Inc. "manufactures and sells a number of ingredients to a variety of food and industrial customers. The Company is a corn refiner and a supplier of food ingredients and industrial products derived from wet milling and processing of corn and other starch-based materials."

Be sure to check out the rest of Harbinger's portfolio as well as our continuing hedge fund portfolio updates.