Art Samberg's hedge fund, Pequot Capital Management, has filed a few amended 13G's with the SEC, detailing changes to their portfolio made on December 31st, 2008. Firstly, they have disclosed a 0% ownership stake in Healthcare Services Group (HCSG). They have completely sold out of their position, having previously owned 2,500,199 shares. You can view the rest of Pequot's portfolio holdings here.
Secondly, Pequot has also filed an amended 13G and disclosed a 19.4% ownership stake in Akorn (AKRX). They currently own 17,293,857 shares, down from their prior holdings of 22,974,772 shares. So, they sold off a decent amount of their position.
Lastly, they also disclosed a 92.8% ownership stake in TrueYou.com (TUYU). This is a new holding for them, as they previously did not show a position in their last 13F filing. This is a slightly complex ownership stake. Taken directly from the 13G filing with the SEC, they hold,
"237,208,429 shares of Common Stock issuable upon exercise of a warrant to purchase 7,161,040 shares (the “Series B Shares”) of Series B Convertible Preferred Stock of the Issuer, par value $0.001 per share (the “Series B Preferred Stock”), which converts into Common Stock at the rate of one share of Series B Preferred Stock to 10,000 shares of Common Stock; (ii) 222,969,976 shares of Common Stock issuable upon the conversion of 223 shares (the “Series E Shares”) of Series E Convertible Preferred Stock of the Issuer, par value $0.001 per share (the “Series E Preferred Stock”), which converts into Common Stock at the rate of one share of Series E Preferred Stock to 1,000,000 shares of Common Stock; and (iii) 7,077,413 shares of Common Stock issuable upon the exercise of a warrant to purchase Common Stock (the “Common Stock Warrant”). The Series B and E Preferred Stock will automatically convert into Common Stock after the Issuer amends its Certificate of Incorporation to increase the number of authorized shares of Common Stock to enable (i) all of the shares of Series E Preferred Stock to be converted at the applicable conversion number, and (ii) all shares of Series B Preferred Stock to be converted in accordance with their terms (the “Authorized Share Increase”). If the Common Stock Warrant is exercised prior to the Authorized Share Increase, the Common Stock Warrant is exercisable to purchase an equivalent amount of Series B Preferred Stock."
Pequot was founded by Art in 1986 with $3 million in assets and peaked with $15 billion in assets around the tech bubble. Today, he manages over $4 billion. They have 150 employees and employ multiple strategies, including private equity and venture capital, as Art believes equity returns will decline over time. Art holds a S.B. from Massachusetts Institute of Technology, an M.S. from Stanford University, and he received his MBA from Columbia University. Pequot Capital Management was recently ranked 93rd in Alpha's hedge fund rankings.
Taken from Google Finance,
Healthcare Services Group "provides housekeeping, laundry, linen, facility maintenance and food services to the healthcare industry, including nursing homes, retirement complexes, rehabilitation centers and hospitals located throughout the United States. Healthcare Services Group, Inc. operates in two segments: housekeeping, laundry, linen and other services (Housekeeping), and food services (Food)."
Akorn is "engaged in manufacturing and marketing of diagnostic and therapeutic pharmaceuticals in specialty areas, such as ophthalmology, rheumatology, anesthesia and antidotes, among others."
TrueYou.com is "engaged in developing an over the counter (OTC) skin care line of products called Cosmedicine. The Company launched the products in January 2006 for retail distribution at Sephora stores, Home Shopping Network (HSN), JCPenney and their respective Websites."
