Hedge Fund News: Bill Miller, Warren Buffett & Alberto Micalizzi

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Apple’s Run Isn’t Over – AAPL (WallStreetPit)
Former Legg Mason Chairman and Chief Investment Officer Bill Miller believes Apple Inc. (NASDAQ:AAPL) shares will go higher. With the ticker of the tech giant trading above the $600 level for the first time since October 2012, Miller thinks its run isn’t over. “It is not as attractive as it once was, but I still think it’s worth $700, $750,” he told CNBC’s “Closing Bell” Tuesday. Miller, the current chairman and CIO of LLM, also talked about his views on the market, noting he’s still bullish and stands by his statement last month that “after this correction you can throw a dart at the market and about anything you hit is gonna go up the next six months.”

Bill Miller

Hedge fund growth crushed in choppy markets (CNBC)
It was meant to be the year of the hedge fund. After near indiscriminate gains for shares in 2013, the choppier markets of this year were hailed as the perfect conditions for the specialist and skilled active fund manager. It has not turned out that way. While equity markets in the developed world have gyrated, many of the world’s most acclaimed stock pickers have underperformed. At the same time, the hedge funds that specialise in predicting the direction of the global economy have struggled as winning trades in interest rates and currency markets have gone into reverse.

Hedge fund returns disappoint in April amid worse start since 2008 (BizJournals)
The global hedge fund industry suffered through another sour month in April, posting its worst start to the year since 2008. Overall returns for the industry were -0.15 percent in April, following returns of -0.17 in March and first quarter returns of 1.23 percent for the first quarter, according to British financial research firm Preqin. Event-driven strategies were top performers in April, posting 0.60 percent returns. Long/short strategies performed worst with -0.42 percent returns.

Barclays Healthcare Expert Readies Hedge Fund (Finalternatives)
A former Barclays PLC (ADR) (NYSE:BCS) analyst is set to launch an emerging-markets healthcare hedge fund next month. Jason Mann’s Hong Kong-based Fenex Capital Management has been seeded by Stempar Sciences Chairman Hoyoung Huh, Reuters reports, and features former Hong Kong Alternative Investment Management Association Chairman Christophe Lee as an adviser. It is unclear how much Fenex will manage at inception. Mann was a Greater China healthcare equity research analyst at Barclays until last year.

Buffett’s Buying This Telecom — And It Looks Set To Pop (Nasdaq)
The major telecommunication stocks always seem to be in focus in one way or another. When not involved in mergers or acquisitions, or being roiled by lawsuits or federal regulations, they are often the focus of dividend-seeking investors. Last week, we found out that Warren Buffett‘s Berkshire Hathaway Inc. (NYSE:BRK.B), Paulson & Co. and Third Point added positions in Verizon Communications Inc. (NYSE:VZ) when the hedge funds revealed their latest quarterly regulatory filings. This information is obviously on a time lag, but the media and public pay attention nonetheless…

Israeli hedge funds rise 33 percent in two years (StLJewishLight)
The value of assets managed by Israeli hedge funds has grown by one-third since 2012. According to survey data collected by the hedge fund administrator Tzur Management, Israeli hedge funds managed $2.7 billion in assets in 2014. Thirty new hedge funds were opened in 2013, according to a news release. The Tzur Capital Management Index of Israeli Hedge Funds also found that Israeli hedge funds performed better than the global hedge fund average in both 2012 and 2013, when Israeli hedge funds reported returns of 13 and 17 percent, respectively. The majority of the funds’ total assets are invested outside Israel.

Billionaire hedge funder doubles down on climate fight (CNBC)

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