Julian Robertson's New Contrarian Bet Has Traders Buzzing
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Julian Robertson's Tiger Management hedge fund released its quarterly 13F moments ago, as noted. While not a huge bet, the trade that is getting the most attention on Wall Street is a new trade in beaten up, left for dead, hardwood floor retailer Lumber Liquidators (NYSE: LL).
The filing showed the fund held 238,000 shares as of June 30, 2015, worth approximately $5 million, or $21 per share, at that time. Currently the stock sits at around $13, or about 40% lower.
Given that the data is 45 days old it is unclear if the fund is still in the trade. Nonetheless, it shows that there may still be fundamental reasons to buy the beaten down stock - which traders are doing as we speak. Short interest in the stock was 47% as of July 31, 2015.
Shares of LL last traded at $13.50, up about 5% since the filling was released.
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