That would have been 9.35% in hedge fund fees. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. Get our editors daily picks straight in your inbox! The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past eight years and that a leadership change is overdue. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. Fritz said in a statement that he has been honored to lead the railroad hes worked at for the past 22 years. Western Pennsylvania's trusted news source. Eric Mandelblatt is the founder and CIO of Soroban Capital. Back then they werent called hedge funds, they were called partnerships. It focuses on companies with a catalyst for a change in earnings/cash flow or valuation and industries and transformation. In October, Mandelblatt launched Soroban together with Gaurav Kapadia, who had also been a partner at TPG-Axon, and Scott Friedman, TPG-Axons head trader. Daily Weather Forecast We initially share this idea in October 2018 and the stock already returned more than 150%. In addition, Mandelblatt hired Vito Tanzi, former Kalix Advisors CFO, who is currently a partner at Soroban, as well as its CFO and COO. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. Mr. Mandelblatt currently serves as a board member of the Ronald McDonald House New York City and the University of Florida Investment Corporation. . These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. 3,766 were here. to generate high returns in the 20% to 30% range. Eric Mandelblatt is the founder and CIO of Soroban Capital. Soroban founder Eric Mandelblatt said in the letter new leadership could create significant shareholder value. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. The railroad did post a $1.6 billion profit in the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. UPs lead independent board member Michael McCarthy praised Fritz in a statement Sunday for helping grow the railroads profits through the uncertain times of the pandemic and through the challenges of last years bitter contract negotiations with its 12 unions. Mandelblatt urged the railroad to hire former Chief Operations Officer Jim Vena, who helped overhaul Union Pacific's operations several years ago. He. He is a male registered to vote in Pitkin County, Colorado. Zachary J. Schreiber. . Neither funds have reported a change in their holding of the stock. Soroban Capital Partners is a hedge fund with 7 clients and discretionary assets under management (AUM) of $13,721,867,000 (Form ADV from 2022-09-15). He added that key constituents have understandably lost confidence in Mr. Fritzs ability to lead the company.. 2023 Fortune Media IP Limited. 2023 Trib Total Media | All Rights Reserved. ", And by activities, Stearn means you can literally ski on and off the mountain, right outside your front door. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past . Eric W. Mandelblatt. The railroad did post a$1.6 billion profitin the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. Over the 12-month period between June 2016 and 2017, Sorobans picks returned over 43%. Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time. A solution in the form of a takeover bid had presented itself last year. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. FORTUNE may receive compensation for some links to products and services on this website. Mandelblatt urged the railroad to hireformer Chief Operations Officer Jim Vena,who helped overhaul Union Pacifics operations several years ago. He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. 2023 CNBC LLC. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. These are highly underwhelming results despite UNP having the premier railroad franchise in North America., Today's breaking news and more in your inbox. The railroad did post a $1.6 billion profit in the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. Soroban founder Eric Mandelblatt said in the letter new leadership could create significant shareholder value. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. See Rule 240.13d-7 Eric Mandelblatt is the founder and CIO of Soroban Capital. OMAHA, Neb. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. Union Pacific has embarked on a transformative journey that will result in stronger, more consistent service for our customers, with enhanced earnings growth and value creation for our shareholders, Fritz said. Meet "The Ski Home" owner and developer and tour this megahome in CNBC's new primetime series, "Secret Lives of the Super Rich" premiering Wednesday, Sept. 25 at 9 p.m. ET/PT. KIFI Local News 8 is committed to providing a forum for civil and constructive conversation. If you would like to share a story idea, please submit it here. Twice regulators ordered Union Pacific to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldnt run out of feed for the millions of chickens it raises. Mandelblatt and Meister have been voicing their concerns about Armstrong's leadership since 2013 and have gone activist in a bid to remove him from his position and chart a new growth direction. "Union Pacific Provides Update on CEO Succession Process.". Mandelblatt also told investors in a letter Monday that Gaurav Kapadia, Sorobans co-founder and co-managing partner, is leaving the firm to start his own family office, where he will invest in both public and private companies. A significant number of these women were testing positive for cervical cancer. Do Not Sell or Share My Personal Information. ERIK MANDELBLATT OBITUARY Erik Charles Mandelblatt took his own life in Seattle on February 12, 2007. We follow Soroban alongside more than 800 other funds and offer our readers the possibility to follow these funds closely and receive alerts whenever they disclose updates to their portfolios via 13D and 13G filings with the Securities and Exchange Commission. At Goldman Sachs, he worked as an equity research analyst in the Investment Research Department, where he covered natural gas pipeline and distribution companies and Master Limited Partnerships. The statement came following the boards receipt of a letter from Eric Mandelblatt, managing partner and CIO ofhedge fundSoroban Capital Partners, which is one of the largest investors in Union Pacific, holding a stake valued at about $1.6 billion. Led by Eric Mandelblatt, Soroban said it owns a roughly $1.6 billion stake in Union Pacific, adding that it had on previous occasions privately expressed its "displeasure with years of . Union Pacific has embarked on a transformative journey that will result in stronger, more consistent service for our customers, with enhanced earnings growth and value creation for our shareholders, Fritz said. The asking price has since been reduced to $39,750,000. Union Pacific has been steadily improving its performance since last spring as it hired hundreds of additional employees to operate its trains. Vena was brought in to Union Pacific in 2019 from Canadian National to help the railroad change to a new operating model that relies on fewer, longer trains and significantly fewer employees and locomotives to move freight, but Vena left after less than two years on the job. Jonathon Jacobson was very bullish on the stock, having increased his fund holding by 176% during the quarter to amass 18.9 million shares, as reported inHighfields Capital Managements latest 13F filing. Fritz, who has led Union Pacific since February 2015, wrote that he was looking forward to working with the board to find the new CEO. Soroban was founded in 2010 by Eric Mandelblatt, who serves as Managing Partner and Chief Investment Officer and leads all investment activity. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Warren Buffett took 25% of all returns in excess of 6 percent. Page 1 of 10 Richard E. Witten. We are immensely grateful to have Lances continuing leadership and support and know he will ensure a smooth transition.. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. Lance Fritz, chief executive officer of Union Pacific. Checking your browser. Professional Investors Public Equity He launched his hedge fund in 1956 with $105,100 in seed capital. That would have been 9.35% in hedge fund fees. Eric Mandelblatt of Soroban Capital Partners At Insider Monkey we leave no stone unturned when looking for the next great investment idea. He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. OMAHA, Neb. For example S&P 500 Index returned 43.4% in 1958. (however, see the Notes). All partners where at the fund from the beginning and invested their own money in the fund. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last . former Chief Operations Officer Jim Vena, LinkedIn has officially entered its cringe era, and its working. 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