Einhorn Dumps Stake In London Pub Company


A few weeks ago, the London Stock Exchange (LSE) news service announced that David Einhorn’s hedge fund Greenlight Capital has reduced its position in Punch Taverns (LON: PUB) from a 3.7% ownership stake down to 2.57%. Unfortunately, this manoeuvre means that we will no longer be able to see his adjustments with this position as the LSE only requires hedge funds to report their positions in companies when they hold a 3% stake or greater. So, unless Einhorn re-ups his stake in Punch, we won’t see anymore movements in this regard. We don’t think that will happen as Einhorn has been selling down this position over time. This has been a bit of a crowded trade per se in hedge fund land as noted colleagues D.E. Shaw & Co and Citadel Investment Group also had stakes in Punch. We simply wanted to detail this information for Market Folly readers that enjoy updates regarding various hedge funds’ UK positions.

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