Investing Like Ackman Lifts Canada Index as Valeant Gains (Bloomberg)
Hedge fund investor Bill Ackman is used to taking big bets for big rewards, as he’s done with Valeant Pharmaceuticals International Inc. Buyers of Canadian index funds may be on a similar thrill ride without even knowing it. Valeant is rapidly becoming the 800-pound gorilla of the Standard & Poor’s/TSX Composite Index, Canada’s benchmark equity gauge after an acquisition spree supported by Ackman, the drugmaker’s second-biggest shareholder.
Trian’s Peltz Says Prospects for DuPont Settlement ‘dim’ (CNBC)
Nelson Peltz, activist investor and principal of hedge fund Trian Fund Management, on Monday told CNBC that the prospects for a last-minute settlement with DuPont in a proxy battle were “dim.” DuPont has refused to add Peltz to its board and has rejected his demand to split the company’s volatile materials business from the more stable units such as agriculture, nutrition and health, and industrial biosciences.
Paul Singer’s Billion Dollar Hedge Fund Is Going to War Over $58,000 (Bloomberg)
When it comes to hedge-fund manager Paul Singer’s defaulted-debt claims against Argentina, the billionaire has the law on his side. Actually getting paid, however, is a different matter. Snubbed by Argentina for more than a decade, not even his legal victories in U.S. courts — or a second default that they triggered in July — have been enough to compel the nation to repay the $1.7 billion it owes. That’s left Elliott Management, Singer’s $25 billion hedge-fund firm, to scour the world for any seizable asset, large or small, that it can find.
Hedge Fund Brands U.K. Bank Levy a ‘Disaster’ (The Wall Street Journal)
A hedge fund that focuses on financial stocks and bonds, which has previously advised the U.K. government on its bank holdings, has slammed Britain’s bank levy, warning it is a “disaster” for the U.K. Davide Serra, founder of hedge fund Algebris Investments, which manages $2.5 billion said: “The bank levy is totally unsustainable. If the U.K. takes 25% of U.K. banks’ profitability, no bank will want to be domiciled here. It is a total disaster for the U.K.”
Billionaire Paulson Said to Score Hedge Fund Wins In April (Bloomberg)
Billionaire John Paulson’s hedge funds gained in April after successful wagers on energy, mergers and Greek banks. Paulson & Co.’s merger strategy, which comprises more than half of the firm’s $19.5 billion in assets, profited on potential takeovers in health care, media and telecommunications, said two people with knowledge of the returns, who asked not to be named because the information is private. Paulson Partners gained 1.5 percent last month and 6.1 percent this year, said the people. A version that uses borrowed money rose 2.9 percent in April and 13 percent for 2015.