market folly

Andreas Halvorsen's hedge fund Viking Global Investors has filed a 13G with the SEC regarding shares of Guess (GES) due to portfolio activity on August 26th, 2010. They've disclosed a 6.6% ownership stake in the company with 6,169,600 shares. This is a brand new position as it wasn't on their books as of June 30th when we looked at Viking Global's portfolio.

Halvorsen's hedge fund has been re-tooling a lot lately given the departure of Chief Investment Officer David Ott, among other things. The firm is apparently taking more concentrated positions as each portfolio manager essentially owns each other's "best ideas". We've seen evidence of this as Viking added to numerous positions back in June. Before founding Viking, Halvorsen previously worked at Julian Robertson's Tiger Management.

Taken from Google Finance, Guess "designs, markets, distributes and licenses lifestyle collections of contemporary apparel and accessories for men, women and children."

Be sure to check out Halvorsen's latest investment thoughts and market commentary in in Viking's second quarter investor letter.