Donald Yacktman Cut BlackBerry Stake in Half Before Z10 Debut
Donald Yacktman, whose $21 billion mutual-fund firm was BlackBerry’s fifth-largest investor last year, sold almost half his holdings in the weeks before the debut of BlackBerry 10.
Yacktman Asset Management Co. sold 11.4 million BlackBerry in the quarter ended Dec. 31, according to data compiled by Bloomberg, cutting its stake to 12.1 million shares. The move followed a period of aggressive buying during the previous quarter, when the firm “backed up the truck” to buy the stock on the cheap, Yacktman said in an interview.
That let him take advantage of a rally for the shares, which surged 58 percent in the fourth quarter.
Still, Yacktman sold before an additional 38 percent gain this year, fueled by optimism that the BlackBerry 10 lineup will be a hit.
“The dilemma in a company like this is that there are vast differences in outcome potential,” Yacktman said.
Today, the stock is more expensive, with no guarantee the new phones can turn the company around, he said. “The stock is in a lot different situation at a much higher price.”