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Market Overview

Christian Leone, Kevin Kotler Up Bets On Two Small-Caps


Keeping track of hedge fund moves can provide valuable, research-backed investment ideas. So, let’s take a look at some of Wednesday’s top hedge fund moves.

Christian Leone

New York-based fund Luxor Capital Group, managed by Christian Leone, almost tripled its exposure to RCS Capital Corp (NYSE: RCAP). After adding 14,951,402 shares to its activist position, the firm owns 23,903,714 shares of the company, which represent 24.9 percent of the total shares outstanding.

In addition, the SEC filing mentions a Termination Agreement and an Investment Agreement, which the company and the fund entered into on August 6. The Termination Agreement implied that Luxor Capital Group would receive 3,000,000 shares of the company; the Investment Agreement implied that the firm had agreed to acquire 500,000 shares of Series D-2 preferred stock for a total of $12.5 million -check out further details in the filing.

Related Link: Hedge Funds Update: Gabelli Likes Federal-Mogul, Daniel S. Och Loves Starwood Hotels & Resorts

Luxor’s stake makes it the largest institutional investor in the company, by far. Second in line is Rubric Capital Management, with 5,523,646 shares held as of the last reported quarter, trailed by Israel Englander’s Millennium Management, which last disclosed ownership of 2,704,198 shares, or almost 4 percent of the company.

Kevin Kotler

Another New York-based fund, Kevin Kotler's Broadfin Capital, also disclosed a bullish move on Wednesday. According to a Schedule 13G filed with the SEC, the fund more than doubled its wage on Advaxis, Inc. (NASDAQ: ADXS), a clinical-stage biotechnology company.

The firm declared holding 1,655,314 shares of the company, representing 5.27 percent of the total shares outstanding, up from 805,994 shares owned as of the end of the fist quarter of the year.

The stake situates it among the top 5 institutional investors in the company. The largest one, however, is Adage Capital Management, the fund founded by Phil Gross and Robert Atchinson. Adage last acknowledged ownership of 5,139,366 shares of the company, or more than 26 percent of the total outstanding stock.


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Posted-In: Adage Capital Management Christian Leone Israel EnglanderBiotech Long Ideas Hedge Funds Trading Ideas General