Kerrisdale-Intelsat

[whistlerbumps]

Kerrisdale has filed owning 8.6mln shares of I which is a ~160mln position.    Their last 13F showed only ~140mln of equity positions and no shares of I...  Even assuming they bought it early in the quarter, their cost is probably no less than $7 per share which is still a $60mln position (40%) in a $150mln fund at minimum.

 

Is there something I am missing here (single stock SPV etc) or do they really run that concentrated?

[gfp]

I think Kerrisdale manages a lot more money than you are assuming. 

[whistlerbumps]

I think Kerrisdale manages a lot more money than you are assuming.

 

I know they used to but I thought AUM had declined a lot in recent years.  I don't remember them do a lot of non-US longs/non-equity or holding a lot of cash so I would think that 13F should capture the bulk of their assets no?

[handycap5]

They have had some marketing setbacks.

 

https://www.cnbc.com/2016/08/15/hedge-funder-in-hot-water-sahm-adrangi-arrested-for-dui-cocaine-possession-in-hamptons.html

 

[landstander]

It does seem rather concentrated, but this also seems to be their very high conviction idea (7x).

 

I'm not in it, but it's interesting - https://www.kerrisdalecap.com/wp-content/uploads/2018/06/Intelsat-and-SES.pdf

[rogermunibond]

This long position paired with their VSAT short is interesting.

[Contra123]

AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short).

[whistlerbumps]

AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short).

 

Thanks... that would make sense given their history and the size of the position. 

[cameronfen]

Here is there seeking alpha piece outlining their thesis (copied on outline.com to get around the paywall)

 

https://outline.com/NkdYVn

[BG2008]

They have had some marketing setbacks.

 

https://www.cnbc.com/2016/08/15/hedge-funder-in-hot-water-sahm-adrangi-arrested-for-dui-cocaine-possession-in-hamptons.html

 

OMG...that's like soooo 2016 (in Kim K's voice)