Nelson Peltz Loads Up On Doughnuts and Burgers (KKD, CKR)
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Operational activist investor Nelson Peltz, through his Trian hedge fund, issued his latest 13F for the quarter ended December 31, 2008 late last week. One interesting development is a new position in Krispy Kreme Doughnuts Inc. (NYSE: KKD). Peltz now owns 1,575,000 shares in the struggling doughnut chain, or about 2.4% of the shares outstanding.
The stake is interesting because in 2004 Peltz was looking at buying a big chunk in the doughnut chain, but after doing some due diligence he found out it was making most of its money selling the franchisees equipment, not doughnuts. He passed on the company, which later fell-apart. But, from his new position, it seems that Peltz may see some value in the $1 stock now.
Another interesting trade from Peltz is a new 2.14 million share stake in CKE Restaurants (NYSE: CKR). CKE owns the Carls Jr. and Hardee's restaurants. Peltz of course merged his Arby's restaurant group together with Wendy's, creating Wendy's/Arby's Group (NYSE: WEN). Maybe a Wendy's/Arby's/Hardees Group is in the future.
In addition to the new Krispy Kreme and CKR stakes, Peltz also raised his stake in Kraft Foods (NYSE: KFT) about 3.6 million shares and Dr Pepper Snapple (NYSE: DPS) over 2.2 million shares. Peltz also sold out of Cheesecake Factory (Nasdaq: CAKE), Wyeth (NYSE: WYE) and Orient-Express (NYSE: OEH).
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Comments
What were we waiting for
Agreed- right on time baby! Let's do it - make 'em all pay in the same cell! Very interesting Corgentum piece. Did you guys see this one? (http://www.corgentum.com/research-whatswrong.html) worth a read too! Lock all these hedge fund frauds up with virtual transparency!!!
yes
I liked that http://www.corgentum.com piece! Did you see the book Scharfman put out "Hedge Fund Operational Due Diligence". Was a great read
Activism - finally!
Finally, we are seeing some real activists. About time! I read a good piece on this operational activism/ due diligence recently put out by http://www.corgentum.com ( http://www.corgentum.com/research-tenquestions.html ) More activism on operations. YEAH!
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Agreed
Ashley on Feb 25, 2009 07:40 PMRight quitely... I liked the Corgentum piece you referenced. I also found their piece on operational risk ratings quite though provoking (http://www.corgentum.com/research-whatswrong.html). Worth an activists read as welL!