Ackman’s Pershing Square L.P. Fund Rose 3.8% Last Month (Wall Street Journal) While Bill Ackman’s short bet against Herbalife Ltd. (NYSE:HLF) may get most of the attention, the hedge-fund manager scored big last month thanks in part to his investment in alcoholic-beverage maker BEAM Inc (NYSE:BEAM). Mr. Ackman’s flagship Pershing Square L.P. fund rose 3.8% in January, according to an investor update. The offshore Pershing Square International Ltd. fund gained 4.1%, the update said. The performances far outpaced hedge-fund peers that lost an average of 0.24% in a poor month for stocks, according to the HFRX Global Hedge Fund Index.
Keystone foe billionaire Tom Steyer calls for review of ‘defective’ pipeline report (Financial Post) Billionaire Tom Steyer, a Democratic Party donor and Keystone XL foe, called on U.S. Secretary of State John Kerry to begin a review of the “defective” environmental analysis on the pipeline released last week. The final environmental impact statement on Keystone “has suffered from a process that raises serious questions about the integrity of the document,” Steyer, who hosted President Barack Obama at his San Francisco home in April, wrote to Kerry yesterday in a letter. Steyer is the former chief executive officer of the hedge fund Farallon Capital Management LLC and a major donor to Obama, who is being pressed by Democratic donors to reject the pipeline amid more signs it is headed for approval.
Billionaires Steven Cohen and Stephen Mandel Disclose Huge Stakes in Lumber Liquidators Holdings Inc (LL) (Insider Monkey) In a couple of new filings with the SEC, Stephen Mandel's Lone Pine Capital, and SAC Capital Advisors, managed by Steven Cohen, disclosed holding significant positions in Lumber Liquidators Holdings Inc (NYSE:LL). Lone Pine has initiated its position in the company and currently holds 2.19 million shares, equal to 7.9% of the stock. SAC Capital reported boosting its stake to 1.39 million shares, which represent 5.0% of the common stock, from 60,144 shares owned by the fund previously.
Succession exposes risks for hedge funds (Financial Times) “As we age, time becomes our most precious commodity.” So wrote Robert Karr, one of the “Tiger cub” hedge fund managers to have learnt their craft at Julian Robertson’s Tiger Management, who decided last week that he would shut down his $5bn fund, Joho Capital. Mr Karr told outside investors that he wanted to spend more time with his teenage children before they went off to college, and wanted to “try new recipes” with his wife Suzanne.
US Hedge Fund Hayman Capital Bets on Argentine Bonds Despite Default Risk (International Business Times UK) Hedge fund manager Kyle Bass believes investors can still profit by lending to Argentina, Latin America's third-largest economy. Bass does not think Argentina's $475bn (£291bn, €351bn) economy will burden creditors with losses an eighth time. Bass, who purchased Argentine bonds at 55 cents on the dollar in 2013, has no plans to sell them. He profited by betting against US mortgages in 2007. However, global investors say there is an 86% chance that Argentina will quit paying in the next five years.
Billionaire Hedge Fund Manager Marc Lasry Bought A $US33 Million Penthouse In The 'Ghostbusters' Building (Business Insider Australia) Billionaire hedge fund manager Marc Lasry purchased the famed penthouse at 55 Central Park West last week, the New York Times reported. Lasry, who runs Avenue Capital, paid $US33 million for the Upper West Side co-op. The listing price had been $US35 million. The 55 Central Park West building is famous for its role in “Ghostbusters.” We can expect that Lasry will have a great time decorating this place for Halloween.