market folly

David Gallo's hedge fund firm Valinor Management recently filed a 13G with the SEC due to portfolio activity on July 26th in shares of Popular Inc (BPOP). Per the filing, Valinor has revealed a 5.12% ownership stake in BPOP with 52,300,172 shares.

This marks a 52% increase in Valinor's position size in Popular since the first quarter. While this recent trading took place in late July, it's impossible to guess if the hedge fund has done anything with the position since then during August's tumultuous market decline. Since July 26th, shares of BPOP are down 16% and hit a new 52 week low today.

In other activity from the hedge fund, we've detailed Valinor's stake in Swift Transportation (SWFT).

Per Google Finance, Popular is "a diversified, publicly owned bank holding company. The Company operates in two markets: Puerto Rico and Mainland United States. In Puerto Rico market the Company provides retail and commercial banking services through its principal banking subsidiary, Banco Popular de Puerto Rico (BPPR), as well as auto and equipment leasing and financing, mortgage loans, investment banking, broker-dealer and insurance services through specialized subsidiaries. In Mainland United States market, the Company operates Banco Popular North America (BPNA), including its wholly owned subsidiary E-LOAN, Inc. (E-LOAN)."