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Hedge Fund News: Crispin Odey, Jeffrey Vinik, Elliott Management

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Brexiteer Odey’s Fund Loses 369 Million Euros (Reuters)
Hedge fund manager Crispin Odey lost about 369 million euros (313.03 million pounds) in the year to Nov. 14 despite being one of the biggest financial winners of Britain’s vote to leave the European Union. The Odey European Fund lost 44.1 percent by mid-November, reducing its assets to 468.15 million euros from more than 837 million euros in January, according to investor documents seen by Reuters. Odey’s fund had been down 29 percent leading up to the Brexit referendum but chalked up a gain of more than 15 percent on the Brexit vote from an allocation to gold and a series of short positions betting on falling share prices. One of the more lucrative of those shorts lost him money this month.

Crispin Odey

Investing Legend Jeff Vinik Is Bullish On The Stock Market For The Next Few Years (CNBC)
Investing legend Jeff Vinik shared his views on the market and economy in an interview Monday on CNBC’s “Power Lunch.” On the market: “What we have is good economic growth and relatively low inflation. … The outlook for corporate profits is good. That should be a good backdrop for good market performance in the years ahead.” From 1992 to 1996, Vinik managed the Fidelity Magellan Fund, the world’s largest mutual fund at the time with more than $50 billion under management. He then started his hedge fund Vinik Asset Management and posted annual returns of 17 percent before closing it in 2013. Vinik is the owner of the Tampa Bay Lightning of the National Hockey League.

Elliott Management Asks Marathon Petroleum To Consider Breaking Up (The Wall Street Journal)
Hedge fund Elliott Management Corp. sent a letter to Marathon Petroleum Corp.’s board on Monday saying that the company is drastically undervalued, and suggesting that breaking up the firm may be needed to unlock value. Elliott called for the company to undertake a review of its current structure and consider moves such as a full, tax-free separation of the company into three stand alone business: Speedway, the refining business and the midstream business. Elliott also called on Marathon Petroleum to simplify its midstream operations and structure, which it said would result in a lower cost of capital for the midstream business and a forced revaluation for Marathon Petroleum’s shareholders.

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