Highfields Capital Management sells stake in JPMorgan, Oracle

By Nicel Jane Avellana | Nov 15, 2013 03:18 AM EST
Image shows a screen capture of the logo of Highfields Capital Management. (Photo : Highfields Capital Management)

Highfields Capital Management exited from its investments in JPMorgan Chase & Co and Oracle Corp. The hedge fund led by Jonathon Jacobson also sold half of the stake it holds in Capital One Financial Corp.

A regulatory filing revealed that Highfields offloaded over 1.9 million shares of JPMorgan Chase, the largest lender in the US. It also divested 3.4 million shares it owned in Redwood City, California-based software firm Oracle. The hedge fund also sold 500,000 shares in Virginia-based lender and credit card issuer Capital One.

The third quarter filing also revealed that Highfields Capital also held a stake in New York-based Brookfield Office Properties Inc. The 2.69 million-share stake the hedge fund holds in the property owner and developer is estimated to be valued at USD 51.4 million at present rates. Highfields also obtained 294,000 new shares worth USD 11.5 million of PacWest Bancorp. The company is a bank holding firm based in Los Angeles.

Investment managers who handle over USD 100 million in equities must disclose their US-traded stocks, convertible bonds and options to the US Securities and Exchange Commission. Using Form 13F, the disclosures must be submitted within 45 days after the end of each quarter. However, the filings do not include the cash held by the firm. Non-US securities of held by the firm are not also reflected in Form 13F.

Information taken from its website showed that investment funds of Highfields Capital have more than USD 12 billion in net capital invested around the world. The investments are made in various types of securities in both public and private companies. Highfields Capital Management describes itself as an investment management company that is value-oriented. It oversees private investment funds for institutional and private investors like philanthropic foundations, endowments and pension funds. Highfields was established in 1998 and is headquartered in Boston.

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