Innospec Inc. (NASDAQ:IOSP) develops and markets fuel additives, personal care and fragrance products and other specialty chemicals. Here’s how Google Finance describes the business:
The Company’s products are sold to oil refineries, personal care and fragrance companies, and other chemical and industrial companies globally. Its specialty chemicals provide effective technology-based solutions for its customers’ processes or products focused in the personal care; household, industrial & institutional; and fragrance ingredients markets. Innospec operates into three distinct segments: Fuel Specialties, Active Chemicals and Octane Additives.
Recently, Market Folly looked at a recent form SC 13G filed with the SEC, which shows that Jeffrey Gendell’s hedge fund Tontine Capital had cut its holding by 14% between March 31st and June 13th:
Jeffrey Gendell’s hedge fund firm Tontine Capital recently filed a 13G with the SEC regarding shares of Innospec (IOSP). Due to trading on June 13th, Gendell’s firm has disclosed a 10.9% ownership stake in the company with 2,578,651 shares.
This is a slight decrease in their position size as they’ve trimmed their stake by 14% since March 31st when they owned 3,008,651 shares.
According to Bloomberg, Tontine Capital was a high flyer before the recession (as of 2008)
based in Greenwich, Connecticut, had been one of the industry’s best performers, with its four funds returning an average of 38 percent annually since opening. Tontine Capital Partners plunged 77 percent this year through October and Tontine Partners fell 67 percent through September.
Covestor models that hold IOSP as of 7/1 include:
- Deep Value, Enterprise Value and Opportunistic Value by Analytic Investment
- Quantum Opportunity Value by Tong Li
- Market Comparables by Richard Moore
Sources:
Company description from Google Finance, http://www.google.com/finance?q=iosp
“Jeffrey Gendell’s Tontine Capital Trims Innospec (IOSP) Stake” Market Folly. 6/24. http://www.marketfolly.com/2011/06/jeffrey-gendells-tontine-capital-trims.html
“Gendell’s Tontine Capital to Liquidate Two Stock Hedge Funds” Bloomberg. 11/2008. https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aT8LUeAWXeGU
