market folly

Steve Mandel's hedge fund firm Lone Pine Capital filed a 13G with the SEC indicating they've increased their position in The Gap (GPS).

Per the filing, the hedge fund now owns 5.4% of the company, or 25,085,025 shares of GPS.  This marks a 31% increase in their position size since the end of the second quarter. 

The filing was required due to activity on October 18th.  Gap shares have traded down from $46 in August to $37.50 currently, and it looks like Lone Pine took advantage of the decline.

Per Google Finance, The Gap is "a global specialty apparel company. Gap Inc. offers apparel, accessories, and personal care products for men, women, children, and babies under the Gap, Old Navy, Banana Republic, Piperlime, and Athleta brands. It operates in two segments: Stores, which includes the operations of the retail stores for Gap, Old Navy, and Banana Republic, and Direct, which includes the operations for its online brands, both domestic and international. It has Company-operated stores in the United States, Canada, the United Kingdom, France, Ireland, Japan, China, and Italy. It also has franchise agreements with unaffiliated franchisees to operate Gap and Banana Republic stores throughout Asia, Australia, Eastern Europe, Latin America, the Middle East, and Africa."

This hedge fund has been quite active lately, and you can view some more of Lone Pine's portfolio activity here.