Adding to its position via the Oceanwood Global Opportunities Master Fund, an event-driven vehicle managed by chief investment officer Christopher Gate, Oceanwood now owns more than 9% of WH Ireland.
Gate invests in companies undergoing a fundamental shift, such as a corporate deal or a management shakeup, and which as a result trigger mispricings missed by the wider market.
WH Ireland recently saw its former chief executive Paul Compton quit, and subsequently its share price fell significantly. Compton was later replaced by Richard Killingbeck.
Oceanwood’s Global Opportunities portfolio typically holds 20-40 investment ideas with 15 core positions, depending on the manager’s conviction levels and the environment.
Each idea can comprise multiple lines of securities, long or short. Position size is evaluated within the context of the particular strategy, the portfolio as a whole and the manager’s own view of the current environment. The average holding period is nine months, with a typical range of three to 15 months.
The Oceanwood fund launched in 2006 and has assets of more than $1.1 bn. It now owns 2.26m shares in WH Ireland, equivalent to 9.54% of the company.
On the same day, Dave Whelan, founder of JJB Sports, sold out of his 5% position in WH Ireland.
Whelan was part of the consortium which bought up a 25% stake in WH Ireland back in 2010. Other members of the investor group, which include Southampton FC chair Rupert Lowe, have remained invested in the firm.
