Hedge Fund Highlights: Jeffrey Altman, Seth Klarman & Ken Griffin

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Top hedge fund bets on Danish debt crisis (Irish Independent)
Owl Creek Asset Management, one of last year’s best-performing hedge-fund firms, is betting against Denmark’s sovereign bonds in anticipation of a debt crisis, sources told Bloomberg. The $3.2bn New York-based firm also bought credit default swaps on Danske Bank, the country’s biggest lender, founder and investment chief Jeffrey Altman said last week. Danes owe their creditors 321pc of disposable incomes, a world record that Mr Altman referenced. One catalyst for a debt crisis may be the country’s $550bn (€407bn) home-loan industry, the world’s biggest per capita, which grew after cheap credit fed a borrowing spree, Mr Altman said, according to the people.

Jeffrey Altman

Baupost Group Discloses 35 Percent Stake In Idenix Pharmaceuticals (ValueWalk)
Baupost Group, the hedge fund founded and managed by Seth Klarman, disclosed ownership of 53,331,109 shares (a 35.38% stake) in Idenix Pharmaceuticals Inc (NASDAQ:IDIX) based on its 13D filing with the Securities and Exchange Commission (SEC), and as first reported by ValueWalk. The hedge fund increased its stock holdings in Idenix Pharmaceuticals Inc by 44.49% from its previous position of 36,910,869 shares at the end of December 2013. Based on its regulatory filing, the board of directors and the committees of the company granted Baupost Group observer rights as a result of their discussion.

Citadel Investment Group’s Recent Moves Involve RF Micro Devices Inc (RFMD) and Take Two Interactive Software Inc. (TTWO) (Insider Monkey)
Citadel Investment Group, managed by Ken Griffin, has revealed, in a couple of new filings with the Securities and Exchange Commission tweaking its holdings in RF Micro Devices, Inc. (NASDAQ:RFMD) and Take-Two Interactive Software, Inc. (NASDAQ:TTWO). The hedge fund has purchased an additional 8.17 million of RF Micro Devices taking its total holding to 16.92 million shares representing 6% of the company’s common stock. Citadel has also informed the SEC that it has increased its holdings in Take Two Interactive Software to 4.91 million shares from 2.03 million shares held earlier. The hedge fund now holds a 5.0% stake in the company.

Elliott readies own director slate as Juniper finalizes turnaround plan: sources (Hedgeworld)
Hedge fund Elliott Management Corp., which owns a 6.2 percent stake in Juniper Networks, Inc. (NYSE:JNPR), has prepared a slate of directors in the event that the network equipment maker’s pending turnaround plan does not achieve goals laid out by the activist investor, people close to the matter said. Elliott, which in January urged Juniper to return cash to investors, consider cutting costs and conduct a strategic review of its product portfolio, said in a statement on Monday [Feb. 3] that it has recruited a team of leading executives who have the “operational skills” and “deep industry experience” to make its plan a reality.

Jabre the ‘maverick’ out to top 2013 vintage (Financial News)
Over the past 18-months Philippe Jabre, one of Europe’s best-known hedge fund managers and the founder of $2 billion Jabre Capital Partners, placed bold bets on European stocks. It paid off. His JabCap Global Balanced Fund gained 48% in 2013, while the JabCap Multi Strategy Fund, which trades equities, convertible bonds and other strategies, achieved 43%. The average equity hedge fund gained 14.4 % in 2013, according to figures from HFR. Early last month, Jabre sold out of some of his equity positions and took profits, believing that markets were overstretched. As the European markets have sold off – the EURO STOXX 50 Index was down 4% in January – he is cautiously starting to buy stocks again.

The latest Herbalife twist (CNBC)

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