Einhorn’s Greenlight Gains Despite Green Mountain Surge (InstitutionalInvestorsAlpha)
David Einhorn‘s Greenlight Capital hedge fund rose 0.9 percent in August. This is quite a feat given that most market indices fell sharply for the month. For example, the S&P 500 dropped 3.1 percent, the Dow fell 4.4 percent and the Nasdaq declined 1 percent. New York-based Greenlight’s main fund is now up 11.7 percent for the year, and is on pace to record its best year since 2009, when it surged 32.1 percent. Greenlight is the first hedge fund to report results for the entire month of August.
ValueAct Hedge Fund’s Huge Microsoft Victory (Forbes)
Microsoft Corporation (NASDAQ:MSFT) -0.45% called it a cooperation agreement and made the announcement late on Friday, just prior to the Labor Day weekend and some pretty big deal making news, but there is no masking the huge victory that hedge fund ValueAct has scored in Redmond, Wash. Despite owning a mere 0.8% stake in Microsoft Corporation (NASDAQ:MSFT), ValueAct Capital Management has forced its way onto the board of the software giant days after longtime Microsoft CEO Steve Ballmer announced he would be quitting within a year—a move that appeared to have ValueAct’s finger prints all over it.
Citigroup dialing back its ‘alternative’ holdings (eFinancialNews)
The nation’s third-largest bank by assets last week sold a $4.3 billion private equity fund called Citi Venture Capital International for an undisclosed price to Rohatyn Group, a private equity fund run by Nick Rohatyn, son of financier Felix Rohatyn, said people familiar with the matter. It couldn’t be determined what price the fund fetched. On August 9, Citigroup Inc (NYSE:C) sold a $1.9 billion emerging markets hedge fund to the fund’s managers, the people said. Citigroup Inc (NYSE:C) once was a big player in so-called alternative investments, such as hedge funds and private equity…
Kyle Bass Discloses 5.2% Stake in J.C. Penney (WSJ)
Hedge-fund manager Kyle Bass, of Hayman Capital Management LP, disclosed a 5.2% stake in J.C. Penney Company, Inc. (NYSE:JCP), placing Mr. Bass among the struggling department-store chain’s largest stockholders. J.C. Penney shares were up 2.6% at $12.80 in recent premarket trading. The stock is down by 37% this year, including a drop of roughly 15% last month. Mr. Bass holds 11.4 million of the department store retailer’s shares, according to a filing with the Securities and Exchange Commission.
Ex Psagot execs to set up hedge fund (Globes)
Former Psagot Investment House Ltd. CEO Roy Vermus is returning to the capital market. He will establish a hedge fund with Psagot Provident Funds and Pension CEO Shlomi Bracha, who will leave the investment house. Vermus has been out of the capital market since 2010, following the nostro scandal at Psagot, which resulted in his ouster from the investment house. The case against him was closed a few months ago without an indictment. Vermus and Bracha’s hedge fund will focus on investing in bonds of companies undergoing debt settlements, a subject on which they are experts.
Trustee’s hedge fund indicted for fraud (BrownDailyHerald)
After years of mounting investigations into alleged insider trading at his hedge fund, Corporation Trustee Steven Cohen P’08 P’16 took two big hits this summer when federal authorities filed a civil case against him and criminal charges against the fund, SAC Capital Advisors L.P. Administrators still have not said whether or how the charges might affect Cohen’s status as a trustee. As of Monday evening, Marisa Quinn, vice president for public affairs and University relations, had not responded to requests for comment.
Mad Money, August 30, 2013 (CNBC)