This Hedge Fund Giant is Banking on Kors (KORS) Rapid Rise
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Making a pretty penny from Michael Kors' (NYSE: KORS) favorable move today is Steven Mandel's Lone Pine Capital.
Mandel has been adding to his position since Kors IPO last December. His Lone Pine Capital hedge fund reported holding 3,651,155 shares at the end of 2011. That moved up to 5,259,900 at the end of the first-quarter, jumping 3.9 million shares to 9,202,011 at the end of June.
Shares of Kors are up 120 percent since opening at $25 on December 15, 2011.
Given the opening price, Mandel was up $75.9 million or so through the first-half of 2012. Since the end of June, Kors is up 31.8 percent, tacking on another $25 million for Mandel.
Also holding a notable stake as of the last quarter was another Steven...Steve Cohen. His SAC Capital held 2,220,036 shares of Kors, equal to about 1.2 percent of total outstanding
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Mandel has been adding to his position since Kors IPO last December. His Lone Pine Capital hedge fund reported holding 3,651,155 shares at the end of 2011. That moved up to 5,259,900 at the end of the first-quarter, jumping 3.9 million shares to 9,202,011 at the end of June.
Shares of Kors are up 120 percent since opening at $25 on December 15, 2011.
Given the opening price, Mandel was up $75.9 million or so through the first-half of 2012. Since the end of June, Kors is up 31.8 percent, tacking on another $25 million for Mandel.
Also holding a notable stake as of the last quarter was another Steven...Steve Cohen. His SAC Capital held 2,220,036 shares of Kors, equal to about 1.2 percent of total outstanding
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