Hedge Fund Highlights: Warren Buffett, John Paulson & Bain Capital

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Warren Buffett’s BNSF and Canadian Pacific Railway gets U.S. deadline to solve grain backlog (Financial Post)
Warren Buffett’s BNSF Railway Co. and Canadian Pacific Railway Ltd. face a June 27 deadline to say how they will clear a backlog of grain shipments that has some farmers fuming over rotting wheat and late deliveries. The U.S. Surface Transportation Board ordered the railroads to outline by then how they will deal with service disruptions, including a timeline for doing so, and to subsequently provide weekly updates about their progress. “The board remains very concerned about the limited time period until the next harvest, the large quantities of grain yet to be moved, and the railroads’ paths toward meeting their respective commitments,” the STB said in a decision released June 20.

 

Warren Buffett

Exclusive: Paulson & Co amasses large stake in Allergan: sources (Reuters)
Hedge fund Paulson & Co has amassed a large stake in Allergan, Inc. (NYSE:AGN) of more than 6 million shares and supports a deal between the Botox maker and Valeant Pharmaceuticals Intl Inc (NYSE:VRX), people familiar with the matter said on Wednesday. The position is expected to make the prominent U.S. hedge fund, led by John Paulson, one of the top 10 to 15 holders of Allergan, according to Thomson Reuters shareholder data as of March 31. Valeant and its ally, Bill Ackman‘s Pershing Square Capital Management, are seeking to call a meeting to elect new directors to Allergan’s board, which could pave the way for a takeover of the company.

Hedge fund firm rehired by state for pension advice (Boston Globe)
As the Massachusetts state pension fund overhauls the way it invests in hedge funds, it has rehired a money management firm the fund once dropped — this time only to offer advice about funds run by others. The state’s Pension Reserves Investment Trust has tapped Arden Asset Management of New York as its new hedge fund consultant. Arden, which manages $6.3 billion by investing money in other hedge funds, was one of many firms ensnared in the Bernard Madoff scandal. The Madoff bankruptcy trustee sued Arden to recover $43.4 million in a case that remains unresolved.

Bain’s Balson Strikes Out On His Own (FINalternatives)
A two-decade veteran of Bain Capital has left that firm to found a private-equity shop of his own, focused on unusually long-term investments. Andrew Balson’s as-yet-unnamed Boston-based firm will eye investments to hold for 10 years or more, The New York Times reports. The average p.e. firm owns a company for just three to five years. Bain Capital informed investors that Balson, who has been with the firm since 1996, would be leaving in December.

Soros Fund Boosts Stake in Penn Virginia While Pressing for Sale (Wall Street Journal)
Penn Virginia Corporation (NYSE:PVA) said its largest shareholder, Soros Fund Management LLC, has increased its stake to 9.53%. In addition, the hedge fund, founded by billionaire investor George Soros, reiterated in a letter sent to the Penn Virginia board on Wednesday that the best path to maximize shareholder value would be a sale of the oil-and-gas company. Share recently traded up 9.2% at $16.13.

Diversifying portfolio key for hedge funds: Pro (CNBC.com)

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