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ESL Investments - Wikipedia 1/12/2021 ESL Investments - Wikipedia ESL Investments ESL Investments is a privately owned hedge fund based in Greenwich, Connecticut. ESL Investments are not associated ESL Investments with ESL International, the stock market investment Type Private technology company. Industry Investment Genre History Hedge fund Founded April 1988 ESL Investments is managed by Edward Lampert, who Founder Eddie Lampert founded it in April 1988 and named it after his initials. The Headquarters Greenwich, firm invests in the American public equity and hedging Connecticut markets. Managing the fund with a contrarian investing Key people approach, Lampert is the company's chairman and chief Eddie Lampert executive officer, and William Crowley is its president and (chairman and CEO) chief operating officer.[1] ESL is fairly unusual as a hedge fund in that it takes large stakes in a small number of companies Kunal S. Kamlani and holds them for many years.[2] Most of ESL's portfolio (president) consists of retail companies, particularly Kmart (now Harold Talisman Transform SR Brands LLC), by far the company's largest CPA (CFO) holding (53.5% ownership as of June 2010).[3] The revenue Robert Karl Breyer from Kmart plays a big part in helping ESL acquire other (CCO) companies.[4] Owner Eddie Lampert Lampert began trading in stocks at the investment bank Divisions Sears · Kmart [5] Goldman Sachs during the 1980s. In 1988 Lampert founded Subsidiaries Transform SR ESL Investments with the backing of investor Richard E. Brands LLC · [5] Rainwater and an initial outside investments worth $28 Seritage Growth [6] million. Properties It was reported in 2004 that from 1988 through 2004 the fund returns averaged 29% a year.[5] His clients have included David Geffen (1988 - 2007),[7] Michael Dell, the Tisch family (owners of Loews Corporation), and the Ziff family (owners of Ziff Davis) (1988 - 2013).[4][7] In 2004, the fund made Lampert the first hedge fund manager ever to make more than $1 billion in a year, when the fund grew 69%, following his decision to buy Kmart and merge it with Sears.[8] At the start of the financial crisis of 2007–2010, however, ESL's retail holdings were severely affected due to a drop in consumer spending, and the company's investment in Citigroup in September 2007 saw a significant drop in value since the fund made its investment.[9] Through the fund, Lampert is worth approximately $2 billion.[4] Lampert, who typically invests in undervalued stocks, is known to have modeled his investing style on Warren Buffett's style by analyzing his annual shareholder letters.[2] https://en.wikipedia.org/wiki/ESL_Investments 1/3 1/12/2021 ESL Investments - Wikipedia Assets under management AUM in Bil. Year USD$ 1988[6] .028 2003[10] 5 2004[4] 4 2005[11] 10 2006[12] 17.5 2011[7] 10 2012[7] 5 References 1. "ESL Investments Inc" (http://investing.businessweek.com/research/stocks/private/snapshot.as p?privcapId=1546464). BusinessWeek. Retrieved 2010-06-04. 2. Weiss, Miles; DiStefano, Joseph N. (2007-05-16). "Lampert's ESL Fund Holds $800 Million Citigroup Stake (Update4)" (https://www.bloomberg.com/apps/news?pid=20601103&sid=ai5qQ cW6SJTI&refer=us). Bloomberg. Retrieved 2010-06-04. 3. "Sears Holdings Corp: Ownership" (https://web.archive.org/web/20100223224256/http://money central.msn.com/ownership?Symbol=SHLD). MSN Money. Archived from the original (http://m oneycentral.msn.com/ownership?Symbol=shld) on 2010-02-23. Retrieved 2010-06-04. 4. Berner, Robert; Rutledge, Susann (22 November 2004). "The Next Warren Buffett?" (https://w ww.bloomberg.com/news/articles/2004-11-21/the-next-warren-buffett). United States: Bloomberg Businessweek. Bloomberg L.P. Retrieved 4 June 2010. 5. Sorkin, Andrew; Atlas, Riva (18 November 2004). "The Architect Behind Kmart's Surprising Takeover of Sears" (https://www.nytimes.com/2004/11/18/business/the-architect-behind-kmarts -surprising-takeover-of-sears.html). New York Times. United States. The New York Times Company. p. C1. Retrieved 14 May 2019. 6. Channick, Robert (18 April 2019). "Who is Edward Lampert? The hedge fund billionaire survived kidnapping and Kmart. Then came Sears" (https://www.chicagotribune.com/business/ ct-biz-cb-edward-lampert-sears-20190418-story.html) (Business). United States: Chicago Tribune. Tribune Publishing Company. Retrieved 14 May 2019. 7. Smith, Randall (5 December 2013). "Investors, Dismayed by Losses at Sears, Pull Money From Hedge Fund" (https://dealbook.nytimes.com/2013/12/05/investors-pull-back-from-lampert s-fund-2/). New York Times (DealBook). New York, N.Y., United States. The New York Times Company. p. B1. Retrieved 14 May 2019. 8. Litterick, David (2005-05-28). "Pay packet worth $1bn makes US hedge fund manager king of the castle" (https://www.telegraph.co.uk/finance/2916456/Pay-packet-worth-1bn-makes-US-he dge-fund-manager-king-of-the-castle.html). The Telegraph. Retrieved 2010-06-04. https://en.wikipedia.org/wiki/ESL_Investments 2/3 1/12/2021 ESL Investments - Wikipedia 9. Krantz, Matt (2007-11-29). "Hedge, private-equity managers bruised" (https://abcnews.go.com/ Business/story?id=3934534&page=1). ABC News. Retrieved 2010-06-04. 10. Spirojan, Leah (19 January 2003). "With Kidnapping of Executive, Security Has Become an Issue" (https://www.nytimes.com/2003/01/19/nyregion/with-kidnapping-of-executive-security-ha s-become-an-issue.html). New York Times. United States. The New York Times Company. p. CN14. Retrieved 14 May 2019. 11. Atlas, Riva (7 December 2005). "For Sears Shareholders, Silence Stirs Anxiety" (https://www.n ytimes.com/2005/12/07/business/for-sears-shareholders-silence-stirs-anxiety.html). New York Times. United States. The New York Times Company. p. C3. Retrieved 14 May 2019. 12. Mackintosh, James (24 May 2007). "Biggest hedge funds tighten grip" (https://ftalphaville.ft.co m/2007/05/24/4759/biggest-hedge-funds-tighten-grip/) (Alphaville). Financial Times. Nikkei. Retrieved 24 May 2019. Retrieved from "https://en.wikipedia.org/w/index.php?title=ESL_Investments&oldid=985144595" This page was last edited on 24 October 2020, at 06:51 (UTC). Text is available under the Creative Commons Attribution-ShareAlike License; additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization. https://en.wikipedia.org/wiki/ESL_Investments 3/3.
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