BOSTON (TheStreet) -- Maverick Capital, the $9.4 billion hedge fund run by Lee Ainslie, initiated a big stake in Bank of America (BAC) in the fourth quarter. The firm dumped Family Dollar Stores (FDO), now the focus of a private-equity buyout.
The Maverick fund, which has a 76-stock portfolio, held 9.5 million shares of Family Dollar, a chain of self-service retail discount stores aimed at low- and middle-income consumers, at the end of the first quarter of 2010. The fund trimmed it to 2.9 million shares at the end of the third quarter and then eliminated it by year-end, according to a Securities and Exchange Commission filing.
Activist investor Nelson Peltz offered to buy Family Dollar for about $7 billion in cash this week, setting its shares on a run. Hedge fund manager John Paulson, who earned $5 billion for himself last year by betting on gold, also exited Family Dollar.
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