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These Fund Companies Cut Stakes In Valeant In 4Q

TedTed
in Fund Discussions
FYI: How about some laurels for those managers who rode the stock higher but had the sense to get out when things turned ugly?

This blog noted that Weitz Investment Management sold all of its shares in embattled Valeant back in November. Regulatory filings show that Weitz had been gradually reducing its Valeant stake since the middle of 2013.

Fidelity Institutional Asset Management (FIAM LLC), formerly Pyramis Global Advisors, appears to have trimmed a long-time stake a couple times last year before ultimately selling roughly 4 million shares, or 65% of their holding, in the fourth quarter. Likewise for BMO Global Asset Management, which dumped 3.2 million shares, or 45% of its holding last quarter. Janus Capital Management (JNS) and Franklin Resources (BEN) likewise appeared to exit on top.
Regards,
Ted
http://blogs.barrons.com/focusonfunds/2016/03/22/these-fund-companies-cut-stakes-in-valeant-in-4q/tab/print/

Comments

  • heezsafe
    The Osterweis Fund (OSTFX), a concentrated stock fund, had close to a 5% position in Valeant last Fall, a position they'd held for over 7 years. When the story no longer passed the smell test, they didn't hang around, dumping everything in late October.
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