market folly

Steve Mandel's hedge fund Lone Pine Capital recently raised its stake in Esprit Holdings (HK:0330) listed in Hong Kong. The hedge fund is now the second largest shareholder at 6.23% of Esprit Holdings. This is up from a 3.22% stake previously.

Lone Pine Capital purchased almost 39 million shares at around HK $9.50 on October 4th according to Hong Kong regulatory disclosures. Over the past month, shares of Esprit are down 45% as the company saw revenue from Europe decline again due to the debt crisis there.

In other activity from this hedge fund, last week we covered how Lone Pine added to its Oceaneering position as well as their new position in Williams Sonoma.

Per Google Finance, Esprit is "principally engaged in wholesale and retail distribution, and licensing of fashion and life-style products designed under its own Esprit brand name. The Company operates with 12 established product lines offering women’s wear, men’s wear, kid’s wear, edc youth, as well as shoes and accessories in over 800 directly managed retail stores and over 14,000 controlled-space wholesale point-of-sales internationally."