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Hedge Fund News: Dan Loeb, Carl Icahn, Andrew Hall

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Loeb Credit Bet Returns 15% in Quarter on Junk Energy Holdings (Bloomberg)
Hedge fund manager Dan Loeb’s corporate credit portfolio returned 15 percent in the second quarter, helped by a bet on high-yield bonds. “Performance was largely driven by positive returns from performing credit investments in the energy sector,” Loeb said Friday in a conference call discussing results at Third Point Reinsurance Ltd., the Bermuda-based company that counts on him to oversee investments. “We maintain minimal distressed credit exposure at present.” Loeb, 54, started amassing more than $1 billion in energy credit in February, he said previously in a second-quarter letter to his hedge fund’s clients, adding that he felt there was too much pessimism in the market.

Third Point

Carl Icahn Can Profit From Trump Taj Mahal Casino Flop (CNBC)
Yes, activist hedge fund investor Carl Icahn took a loss on his investment in the Trump Taj Mahal — he says it was for a whopping $100 million. Icahn’s a savvy investor, but even he couldn’t have foreseen the issues that would come to hurt the properties that bear Trump’s name: according to data from Foursquare, foot traffic to his places of business have been hurt during his campaign for the presidency. But there’s still a way Icahn can swing a profit on the failure of the Trump-affiliated gaming house. He just needs Trump’s former patrons in Atlantic City to head over to the Tropicana.

Oil bull Hall’s Astenbeck Capital down 16 pct in July; slashing annual gain (Reuters)
Aug 5 Famed oil bull Andy Hall‘s Astenbeck Capital Management lost about 16 percent in July as crude oil prices fell as much that month, the energy-focused hedge fund said in a note to its investors on Friday. Combined with its June loss of around 2 percent, the Southport, Connecticut-based Astenbeck was up less than 2 percent for the year as of end-July, according to the note seen by Reuters. Astenbeck had earlier shown an annual gain of 24 percent at end-May, after three straight months of profits powered by a rally in crude prices. (Reporting by Barani Krishnan; Editing by Jonathan Oatis).

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