Author Topic: Kerrisdale-Intelsat  (Read 1511 times)

whistlerbumps

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Kerrisdale-Intelsat
« on: July 12, 2018, 12:15:21 PM »
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?


globalfinancepartners

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Re: Kerrisdale-Intelsat
« Reply #1 on: July 12, 2018, 12:23:47 PM »
I think Kerrisdale manages a lot more money than you are assuming. 

whistlerbumps

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Re: Kerrisdale-Intelsat
« Reply #2 on: July 12, 2018, 12:32:13 PM »
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?

handycap5

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landstander

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Re: Kerrisdale-Intelsat
« Reply #4 on: July 12, 2018, 12:44:44 PM »
It does seem rather concentrated, but this also seems to be their very high conviction idea (7x).

I'm not in it, but it's interesting - https://www.kerrisdalecap.com/wp-content/uploads/2018/06/Intelsat-and-SES.pdf

rogermunibond

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Re: Kerrisdale-Intelsat
« Reply #5 on: July 12, 2018, 02:20:10 PM »
This long position paired with their VSAT short is interesting.

Contra123

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Re: Kerrisdale-Intelsat
« Reply #6 on: July 12, 2018, 03:00:12 PM »
AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short).
Disclaimer: Regular guy. My takes are reliably bad & I am the ultimate contrarian indicator.

whistlerbumps

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Re: Kerrisdale-Intelsat
« Reply #7 on: July 12, 2018, 03:24:30 PM »
AFAIK Kerrisdale raised a separate, single-bet fund for their long on Intelsat. Similar to what they did on Dish (though that was a short).

Thanks... that would make sense given their history and the size of the position. 

cameronfen

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Re: Kerrisdale-Intelsat
« Reply #8 on: July 15, 2018, 01:13:12 PM »
Here is there seeking alpha piece outlining their thesis (copied on outline.com to get around the paywall)

https://outline.com/NkdYVn

BG2008

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Re: Kerrisdale-Intelsat
« Reply #9 on: July 15, 2018, 10:22:23 PM »