SeekingAlpha – PG-Axon Management is a New York based hedge fund with more than $2.9 billion in reported long equity positions in U.S. listed stocks. The fund operates a concentrated portfolio of diverse names, including Sprint Nextel Corp., Mosaic Co. and Coca-Cola Enterprises But according to their latest SEC Form 13F, the fund made a big 83,000,000 share wager on satellite radio company, Sirius XM Radio.
At the end of last quarter, this stake represented the fund’s third largest equity position. During the last quarter, the share price traded as low as $1.63 during the intra-day but also floated well above $2 per share. It is possible that the fund’s cost basis is at or above current price levels.
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