Lampert Trims Shares In Sears Holding Corp.
May 17 2010 - 6:50PM
Dow Jones News
Hedge fund billionaire Edward Lampert has trimmed the number of
shares he owns in Sears Holding Corp. (SHLD), of which he is
chairman, a Monday regulatory disclosure shows.
Lampert-affiliated RBS Partners reported 61.4 million Sears
shares as of the end of the first quarter, down from 66.1 million
shares at the end of 2009. Lampert created the new Sears company in
2005 by joining Sears and Kmart.
The same disclosure also showed fewer shares in another big
Lampert holding: AutoZone Inc. (AZO). The filing shows 19.3 million
shares at the period's end, compared with 20.2 million in
December.
The moves follow a period when Lampert built up substantial bets
on the financial sector, some of which were then reversed. Notably,
the filing shows Lampert had no stake in Bank of America Corp.
(BAC) as of March 31, after building up about 454,000 shares in the
fall. He also cut holdings in Capital One Financial Corp. (COF) by
about half a million to 9.1 million, lowered his Genworth Financial
Inc. (GNW) exposure to 8.1 million from 8.8 million and reduced
Sallie Mae (SLM) holdings by nearly two-thirds.
Several of these stocks notched substantial gains over the last
several months, including Sears. Sears opened 2010 just under $85
and closed the first quarter on March 31 at $108.43. As recently as
the fall, it traded in the mid-$60s.
Many investors, including Lampert, who manage more than $100
million are required to disclose holdings of most type of
securities within 45 days of the end of a quarter. The filings give
the public a relatively fresh look inside the portfolios of
well-known investors.
-By Brendan Conway, Dow Jones Newswires; (212) 416-2670;
brendan.conway@dowjones.com
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