market folly

Alan Fournier's hedge fund Pennant Capital disclosed a new position in HomeServe (LON:HSV) traded in the UK.

On March 2nd, 2012, Pennant crossed the 3% ownership threshold required for regulatory notification. The hedge fund now owns over 9.7 million shares of HSV. They have over 10.6 million in voting rights which is equivalent to a 3.24% stake.

We've detailed the rest of Pennant's portfolio in the latest issue of our Hedge Fund Wisdom newsletter that was just released.

Per Google Finance, HomeServe "provides home emergency and repair services to over 4.9 million customers across the United Kingdom, the Unites States of America, France and Spain. Services are provided through its membership businesses, which are responsible for the marketing and administration of over 11 million home repair and appliance warranty policies."

We've also detailed how Pennant has been active in shares of Huntington Ingalls Industries.