Hedge Funds Drive CRH’s 20% Gain on Switch to US Primary Listing
- Irish building materials maker moved from London to NYSE
- Baupost, Millennium, Balyasny loaded up shares in 3Q: filings
Albert Manifold.
Photographer: Chris Ratcliffe/Bloomberg
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The case for companies staying listed on the British side of the pond just got harder to make.
Irish building product giant CRH Plc’s move to transfer its primary listing from London to New York sparked a rally that lifted the stock 20% in British pound terms since shareholders voted to approve the shift, helped in no small part by becoming one of the most popular hedge fund buys in the third quarter. Hedge fund managers net bought more than 72 million US-listed CRH shares in the three months ended September 30, according to Bloomberg’s analysis of the latest 13F filings.