Sahm Adrangi is the founder and chief investment officer of Kerrisdale Capital, a hedge fund that manages approximately $180 million in assets. The hedge fund is known as an activist short seller. In 2011, Kerrisdale returned over 200% to its investors, as Adrangi correctly bet against several disreputable Chinese firms. Adrangi is also a value investor, looking for an edge by purchasing shares of disfavored companies.
One such company that Sahm Adrangi likes is Jones Lang LaSalle. Jones Lang LaSalle is a global commercial real estate services company. It also has specialties in investment management and professional services. The company is the second largest commercial real estate services group that is publicly traded.
Sahm Adrangi has long owned shares of Jones Lang LaSalle. He has taken advantage of dips in the company’s share price to add to his position, while paring it back when the stock price rises. The company’s share price has more than doubled since 2013, earning Adrangi and his investors a healthy profit.
Adrangi first began to acquire shares of Jones Lang LaSalle in 2013, after the company missed its earnings forecast and the stock plummeted sharply. Adrango viewed the earnings miss as a one-time event that was not part of a larger trend. He believed that Jones Lang LaSalle survived the financial crisis in much better shape than its peers in the commercial brokerage business. Adrangi purchased Jones Lang LaSalle shares at a discount because, at the time he purchased, the commercial real estate market had yet to recover from its financial crisis trough. Sahm Adrangi has held shares of Jones Lang LaSalle as a long-term investment and this position is one of the largest that Kerrisdale Capital holds.
Sahm Adrangi has recently been adding to this position. In the first quarter of 2018, Adrangi more than doubled his firm’s position in the stock, purchasing 29,316 shares. His most recent Securities and Exchange Commission filings show that his firm owns 47,617 shares of Jones Lang LaSalle.