These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attainment of more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material covers the period from July 13 through July 19, 2023.
Barden Hill Investment Partners
Barden Hill Investment Partners revealed a new position in the liquefied natural gas firm, with a total of 12,702,588 shares. The majority of these shares, except for 91,945, represent convertible preferred securities while the remaining shares are tied to warrants. On July 12, NextDecade made a positive final investment decision (FID) regarding the construction of liquefaction trains at their Brownsville, Texas export facility. As a result of this FID event, Barden Hill’s convertible preferred shares will be converted to common stock on July 26. When considering both the converted shares and warrants, Barden Hill now holds a 5.3% interest in NextDecade.
Decreases in Holdings
Ivanhoe Electric (IE)
Orion Resource Partners reduced its position in the copper and gold miner to a total of 3,954,383 shares. Between July 13 and July 17, Orion Resource sold one million shares of Ivanhoe Electric at prices ranging from $15.55 to $16.27 per share. As a result, Orion Resource now owns a 3.8% interest in the mining firm, which falls below the 5% threshold that requires further disclosure of any additional Ivanhoe Electric stock sales.
Dell Technologies (DELL)
Silver Lake
Silver Lake recently sold 3,546,891 Class C shares of a well-known computer-tech giant. The shares were sold at prices ranging from $54.30 to $55.85 per share. As a result, Silver Lake now holds 90,765,252 Dell shares, which is equal to 12.5% of the total outstanding stock. This move comes after Dell reported strong first-quarter earnings but saw second-quarter PC shipments decrease by 22% compared to the previous year, according to IDC. Despite this, Dell has been active in the market and has reached an agreement to acquire Moogsoft, a provider of intelligent monitoring solutions driven by artificial intelligence. The transaction is expected to be completed in the third quarter. Dell is scheduled to report its second-quarter earnings on August 31, and the company’s stock has experienced a year-to-date gain of nearly 35%.
Garrett Motion (GTX)
Baupost Group has chosen to reduce its stake in Garrett Motion, an automotive hardware maker. Baupost sold 2,833,000 shares of Garrett Motion between July 13 and July 17 at prices ranging from $7.47 to $7.52 per share, without providing a specific reason for the move. Following these sales, Baupost now holds approximately 8% of Garrett Motion’s outstanding stock. Garrett Motion is set to release its second-quarter earnings on July 27 before the market opens. So far this year, Garrett Motion’s stock has gained around 12%.
TD Synnex (SNX)
Apollo Global Management affiliates have sold 2,300,000 shares of IT enterprise firm TD Synnex, resulting in a smaller stake for Apollo Global Management, which now holds 35,499,882 shares of TD Synnex. The sale was executed through a Rule 144 trade on July 11 at a price of $94.50 per share. Despite the reduction in shares, Apollo remains the largest shareholder of TD Synnex, with a 37.9% interest. Partner and co-head of private equity Matt Nord and partner Robert Kalsow-Ramos currently serve on TD Synnex’s board.