Jane Street Group, one of the most formidable quantitative trading firms on Wall Street, has disclosed a 5.0% stake in Hertz Global Holdings. The filing, a Schedule 13G submitted to the SEC on July 2, landed with all the drama of a spreadsheet update, but the sheer size of the position makes it worth paying attention to.
The firm reported beneficial ownership of 15,802,256 shares of Hertz common stock as of June 26.
Breaking down the position
The ownership structure tells an interesting story about how Jane Street operates internally. The bulk of the stake, some 14,153,179 shares representing 4.5% of Hertz, sits under Jane Street Global Trading, LLC. The remaining 1,649,077 shares, accounting for the other 0.5%, belong to Jane Street Capital, LLC.
Both entities report shared voting and dispositive power over their respective holdings.
