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Kerrisdale-Intelsat


whistlerbumps
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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?

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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?

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