Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding their position in Michael Kors (KORS). Per the filing, Lone Pine now owns 5.5% of the company with over 11.2 million shares.
They've almost doubled their stake recently as this marks an increase in their position of over 5.1 million shares since the end of 2013. The filing was made due to activity on April 10th.
With this move, KORS has obviously become a bigger part of their portfolio. KORS was the sixth largest holding in their Lone Cypress fund as of the end of the first quarter, at around 3.1% of assets.
You can view other recent portfolio activity from Lone Pine here.
Per Google Finance, Michael Kors "is a global lifestyle brand . The Company designs, materials and craftsmanship with a jet-set aesthetic that combines stylish elegance and a sporty attitude. The Company is an American sportswear house to a global accessories, footwear and apparel company with a presence in over 85 countries. Its segments include retail, wholesale and licensing. It is focused on retail stores, department stores, specialty stores and select licensing partners."
Monday, April 21, 2014
Lone Pine Capital Almost Doubles Michael Kors Stake
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