shows interest in non-conventional investments
Loeb fund raises Sotheby’s stake
By Elizabeth Paton in New York
Activist investor Daniel Loeb has raised his stake in Sotheby’s, sending shares in the auction house as much as 6 per cent higher on Monday.
According to a filing with the Securities and Exchange Commission, Third Point, the hedge fund run by Mr Loeb, now holds a 5.7 per cent stake in the New York-based house, or 3.9m shares worth $156.7m.
This is a 2 percentage point increase from the 3.7 per cent stake, or 2.5m shares, held by the fund as of June 30.
The move follows activity earlier this summer that suggests other industry activists believe Sotheby’s shares to be undervalued, after its stock gained more than 30 per cent in the first half of 2013.