market folly

Patrick McCormack's hedge fund Tiger Consumer Management recently filed a 13G with the SEC regarding shares of Liz Claiborne (LIZ). They reported a 6.59% ownership stake in LIZ with 6,237,700 shares.

This is a brand new position for the hedge fund as they did not own shares upon close of the second quarter. Tiger Consumer Management passed the 5% ownership stake threshold requiring an SEC filing on October 12th.

Tiger Consumer is one of the many firms seeded by Tiger Management founder, Julian Robertson. And as its fund name implies, Tiger Consumer focuses primarily on the consumer sector.

Per Google Finance, Liz Claiborne "designs and markets a portfolio of retail-based brands, including JUICY COUTURE, KATE SPADE, LUCKY BRAND and MEXX. It also has a group of department store-based brands with consumer franchises, including the LIZ CLAIBORNE and MONET families of brands and the licensed DKNY JEANS and DKNY ACTIVE brands. It operates in three segments: Domestic-Based Direct Brands segment, International-Based Direct Brands segment and Partnered Brands segment."