ESL Investments - Investor Profile
|One Lafayette Place||Total AUM ($MM):||NA|
|Greenwich, CT 06830||Equity AUM ($MM):||12,270|
|United States||Investment Style:||Value|
|Phone: 203-861-4600 ||Orientation:||Active|
|Investor Type:||Hedge Fund Manager|
Institutional Investor Background
ESL Investments is a value focused hedge fund manager that was founded in 1988 by Edward 'Eddie' S. Lampert. Prior to founding ESL, Lampert worked on Goldman Sachs' risk arbitrage desk. The firm was originally seeded with capital from Richard Rainwater.
Eddward 'Eddie' Lampert is known to have carefully studied the investment strategies of Warren Buffet and has even been called the next Buffet by a number of major publications.
Eddie Lampert became Chairman of Sears Holdings following the March 2005 acquisition of Sears, Roebuck and Co. by Kmart Holding Corp. ESL Investments owns more than 40% of Sears.
ESL Investments is a private investment firm that manages several hedge funds, including RBS Partners, for wealthy investors. ESL Investments describes itself as an 'aggressive conservative' investor. The firm focuses on absolute returns in making investments and builds substantial positions in a few highly researched holdings.
The firm typically holds on to investments for a number of years and has at a given time only three to fifteen stocks.
Positions are generally greater than 5% of outstanding shares while ESL mainly invests in distressed or undervalued assets and often takes an activist role.
During its bottom-up research effort, ESL Investments seeks to do a few things well, namely:
-Understand the business
-Understand the people running the business
-Get safety from the price that they pay
In addition the firm seeks out a sound business plan, strong fundamentals, short-term industry or organizational downturns, and growth catalysts.
Investor Regional and/or Country Focus: North America, United States
Founders and Key Executives of ESL Investments: Eddie Lampert; William C. Crowley; Richard Rainwater*
Entities related to ESL Investments: ESL Institutional Partners; ESL Investments Inc; Kmart Holding Corp*; RBS Partners; Sears Holdings (NASDAQ: SHLD)
|Goldman Sachs Principal Strategies*; ||Grant Capital Partners*|
*Denotes that the person or entity is no longer related to the firm. **If you would like to submit investor updates, please click here. ***Relevant firms may include firms where founders previously worked, funds that were spun-off from the firm, funds that were seeded by the firm and/or unrelated firms that were founded by veterans of the fund. For specific details, please review the Investor Background sections for each firm of interest.
ESL Investments's Top 10 Equity Holdings
|Sears Holdings Corp (SHLD)
|AutoNation Inc (AN)
|Gap Inc (GPS)
|Genworth Financial Inc (GNW)
|iStar Financial Inc (SFI)
|Orchard Supply Hardware Stores Corp (OSH)
|Capital One Financial Corp (COF)
|Autozone Inc (AZO)
|Safeway Inc (SWY)
|Big Lots Inc (BIG)
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|Date: June 8th, 2010|
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|Date: April 7th, 2010|
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|Date: September 21st, 2009|
|Paulson & Co, Adage Capital Partners, D.E. Shaw & Co and ESL Investments all saw their US equity assets jump by over $1 billion over the 2nd Quarter of...|