A unit of San Francisco-based activist hedge fund ValueAct Capital LP has reduced its stake in Irvine homebuilder Standard Pacific Corp.
ValueAct SmallCap Master Fund L.P. currently counts a 1.9% stake in Standard Pacific, according to a regulatory filing filed with the Securities and Exchange Commission on Friday.
In July, ValueAct had reported a 5.2% stake in the homebuilder.
The hedge fund cashed out on more than $20 million of shares in August and September, when Standard Pacific’s shares were trading between $7.63 and $14.40, filings show. The company was trading at $8.35 on Friday.
The hedge fund’s remaining stake in Standard Pacific was worth about $10 million at last check.
ValueAct also holds a 15% stake in Santa Ana’s Advanced Medical Optics Inc. The shareholder was a vocal critic of the eye care and surgical device maker’s $4.23 billion bid earlier this year for rival Bausch & Lomb Inc. of Rochester, N.Y
Advanced Medical scrapped its bid for Bausch in July.
