BOSTON ( TheStreet) -- Billionaire investor Wilbur Ross said he bought assets last week as global markets plunged on Standard & Poor's downgrade of U.S. debt. As it turns out, Ross was purchasing stocks before the plunge, initiating positions in companies such as Buffalo Wild Wings (BWLD - Get Report) during the second quarter.
Ross, who founded WL Ross & Co., is known for his expertise in distressed securities. Last week, Ross, 83, told Bloomberg that buying stocks during the sharp decline on Monday "will prove to be a uniquely rewarding experience" in a few years' time. During the second quarter, Ross saw opportunity as well, picking up new positions and increasing stakes in other companies before the market plunge.
|Wilbur Ross of WL Ross|
According to the latest 13F filing for WL Ross & Co., the firm initiated three new stakes in companies during the second quarter. The firm bought 40,000 shares of Buffalo Wild Wings, which had a market value of $2.7 million as of June 30. WL Ross & Co. also established new positions in industrial equipment-maker Manitowoc (MTW - Get Report) and communications company Cincinnati Bell (CBB - Get Report).Asset managers and hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines. WL Ross & Co. ended the second quarter with only 16 reported holdings with a market value of $1.2 billion. >>View Wilbur Ross' portfolio In addition to the firm's three new acquisitions, WL Ross & Co. increased stakes in Sun Bancorp (SNBC - Get Report) and airline operators United Continental (UAL - Get Report) and Delta Air Lines (DAL - Get Report). On the other hand, WL Ross & Co. dumped its entire stake of 1.8 million shares of electric-utility company Dynegy (DYN - Get Report) and 210,000 shares of the Financial Select Sector SPDR (XLF) ETF. The firm also cut positions in four companies, including Cooper Tire & Rubber (CTB). -- Written by Robert Holmes in Boston.
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