NEW YORK May 15 Billionaire investor Carl Icahn
acquired a new 19.8 million share stake in business services
provider Conduent Inc in the first quarter and sold out
of pharmaceutical firm Allergan Plc and speech
technology group Nuance Communications Inc, according
to regulatory filings on Monday.
Icahn raised his stake in truck manufacturer Navistar
International Corp, according to the regulatory filing.
The changes also reflected the takeover of Federal-Mogul
Holdings by his publicly traded company Icahn Enterprises LP
Icahn increased his stake in Herbalife Ltd, which he
has been acquiring against the backdrop of a public feud with
hedge fund manager William Ackman. Pershing Square Capital
Management, run by billionaire Ackman, has had a short position
in the nutrition supplements distributor for several years.
David Einhorn's Greenlight Capital Inc acquired a
6-million-share stake in Conduent during the first quarter.
The quarterly disclosures of manager stock holdings, in what
are known as 13F filings with the U.S. Securities and Exchange
Commission, are always intriguing for investors trying to divine
a pattern in what savvy traders are selling and buying.
But relying on the filings to develop an investment strategy
comes with some peril because the disclosures are backward
looking and come out 45 days after the end of each quarter.
Still, the filings offer a glimpse into what hedge fund
managers saw as opportunities to make money on the long side.
The filings do not disclose short positions, bets that a stock
will fall in price, and there is little disclosure regarding
bonds and other securities that do not trade on exchanges.
Upon request, the SEC also permits managers to omit
sensitive stock positions from 13F filings. As a result, the
public filings do not always present a complete picture of a
manager's stock holdings.
(Reporting by Jennifer Ablan; Editing by Tom Brown)