TPG-Axon's bull of steel charges ahead

Wed Apr 30, 2008



By Pete Gallo

If Superman, the "man of steel," were a real person, Dinakar Singh's hedge fund team at TPG-Axon Capital would no doubt be tracking him down in order to buy an option on his cape.

Not that TPG-Axon would need it. Singh's hedge fund is already flying high this year, thanks to some supersize investments in all things steel and in allied industrial sectors, such as copper and zinc. In fact, nearly one in five of TPG's current portfolio picks follow this theme, regulatory filings show.

Among the larger of these positions is a 6-million-share stake in Reliance Steel & Aluminum, a Los Angeles outfit that specializes in alloy production and steel processing services.

TPG-Axon owns 8.3% of the company's common stock, regulatory filings show. And between January and mid-April, Reliance shares rose from $45 to $62.

Helping...

ISSN: 2151-1845 / CDC10004H

TAKE A FREE TRIAL

The full contents of this article are available to active AR subscribers and trialists only.

To continue reading please,
take a free trialsubscribe or log in to AR.

Subscribe

Subscribers have unlimited access to all current and archive content. Start your subscription today - click on the button below.

Subscribe now