Gates Down on His Position in Crocs (CROX)
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In a Form 13F filed with the SEC Thursday afternoon, Bill Gates' The Bill and Melinda Gates Foundation Trust disclosed a small stake in Crocs (Nasdaq: CROX). According to the new 13F for the quarter ended June 30, 2008, Gates' fund now holds 1 million shares of the footwear designer and manufacturer. In Gate's last 13F, which reported for the quarter ended March 31, 2008, the Foundation did not show any position in Crocs.
With shares of Crocs currently hovering around its 52-week low, it would be interesting to see where Gates was pulling the trigger on this beaten down company. In the span of March 31 to June 30, shares of Crocs plummeted from about $17 to around $8. Following a series of sharp declines on the back of separate profit warnings, Crocs has since fallen further. Now just above $4, Gates is likely at a loss on his position in Crocs unless he has continued accumulating the stock recently.
Crocs, Inc. and its subsidiaries design, develop, and manufacture consumer products from specialty resins worldwide.
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