market folly

Robert Pitts, Jr.'s hedge fund firm Steadfast Capital has filed a 13G with the SEC regarding shares of GrubHub (GRUB).  Per the filing, Steadfast now owns 5.1% of the company with over 4.31 million shares.

This is a newly disclosed equity position for the firm.  The filing was made due to activity on April 19th.  GRUB became publicly traded late last year.

About Steadfast Capital

This is the first time Steadfast Capital has been covered on the site.  The fund was founded by Robert Pitts, Jr. after working at Julian Robertson's Tiger Management.  As such, Steadfast is one of the many so-called 'Tiger Cub' funds.  Steadfast's most recent 13F filing reported assets of $5.2 billion, but keep in mind that doesn't include any of their international positions/exposure.

Per Google Finance, GrubHub "is an online and mobile platform for restaurant pick-up and delivery orders. The Company connects more than 30,000 local restaurants with diners in more than 800 cities across the United States. The Company’s target market is primarily composed of independent restaurants. The Company provides diners on the platform with a personalized platform that helps them search for local restaurants and then place an order from an Internet-connected device. It also provides diners with information about their orders and status. In addition, the Company enables re-ordering by storing previous orders, preferences and payment information. The Company’s products include GrubHub and seamless Websites, GrubHub and seamless mobile applications and mobile Website, seamless corporate program, allmenus and menupages, orderhub and boost, restaurant Websites and delivery."