market folly

Phil Falcone's hedge fund Harbinger Capital Partners just filed an amended 13D with the SEC regarding shares of the New York Times (NYT). Per the filing, Harbinger has disclosed a 7.41% ownership stake in NYT with 10,757,386 shares due to portfolio activity on October 19th.

This is a decrease in Falcone's position because Harbinger previously owned 13,120,178 shares as of June 30th. This marks an 18% reduction in his position size. The hedge fund originally filed an activist 13D on NYT back in February of 2008 and they purchased shares at around $19.

Regarding the recent transactions, Harbinger's Master Fund sold 1,500,000 shares at $7.80 on October 19th. Harbinger also sold over 821,000 shares back in late August at prices of $7.16, $7.44, and $7.52. This comes after we've seen recent portfolio activity from Falcone where Harbinger sold some Inmarsat (ISAT) as well.

Taken from Google Finance, New York Times is "a diversified media company that includes newspapers, Internet businesses, investments in paper mills and other investments. The Company is organized in two segments: News Media Group and the About Group."

Scroll through our coverage of SEC filings to see what other top hedge fund have been investing in.