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) 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.

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)

and communications company

Cincinnati Bell

(CBB)

.

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)

and airline operators

United Continental

(UAL)

and

Delta Air Lines

(DAL)

.

On the other hand, WL Ross & Co. dumped its entire stake of 1.8 million shares of electric-utility company

Dynegy

(DYN)

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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