Asian hedge fund capital growth accelerates, HFR reports (TheAsset)
Capital invested in Asian hedge funds surged to its highest level in five years and passed an important growth milestone in the third quarter, according to the latest HFR Asian hedge fund industry report. Total capital invested in the Asian hedge fund industry increased to US$103.8 billion, surpassing the US$100 billion milestone for the first time since the second quarter in 2008, prior to the global financial crisis. Performance gains were led by the HFRX Japan Index, which extended record performance gains in the third quarter this year, while hedge funds in emerging Asia continued to outperform local equity markets.
Billionaire Soros Throws Support Behind Clinton in 2016 Race for the White House (JewishVoiceNY)
Billionaire financier George Soros shows no equivocation with his stance in support of Hillary Clinton on the 2016 Presidential election, after pledging $25,000 to political action committee Ready For Hillary. “His support for Ready for Hillary is an extension of his long-held belief in the power of grassroots organizing,” said Soros spokesman Michael Vachon, according to a report by Reuters. Soros has a long-winded reputation of donating vast sums of money to other candidates in the past, including an estimated $27.5 million for the Democrats in the 2004 election and weighty contributions to Senator Barack Obama in his presidential campaign in 2008.
Netflix Share Swings Top Nasdaq 100 as Value Divides Icahn Clan (BusinessWeek)
Netflix, Inc. (NASDAQ:NFLX) Chief Executive Officer Reed Hastings warned in July that it takes “a strong stomach” to invest in the world’s largest video-subscription company. He wasn’t kidding. …A more than tripling of the stock this year has left Netflix trading at 184 times profit, fueling debate and exposing differences that have even split families. Billionaire Carl Icahn, the largest individual holder, sold more than half his stake this month while son Brett, a fund manager at Icahn Enterprises LP (NASDAQ:IEP), argued the stock is undervalued.
Pimco’s Bill Gross vows to give away his fortune before he dies (LATimes)
Pacific Investment Management Co.’s Bill Gross, who was urged by billionaire Carl Icahn to give at least half his wealth to charity, said he and his wife, Sue, are committed to giving away all their money before they die. Gross, speaking in an interview on the CNBC television network Wednesday, said he’s following a pledge by steel magnate and philanthropist Andrew Carnegie, who called it a disgrace for a wealthy person to die with money. Carnegie’s 1889 article “The Gospel of Wealth” said the wealthy have an obligation to give away their money to improve society.
Sohn Conference Kicks Off in London (WSJ)
Prepare for some stock-moving talk. This afternoon London plays host to the U.K. leg of the Sohn Conference, where hedge fund managers will name the stocks they love and which they hate. There have been some punchy calls in the past and some big swings in prices. …Mr. Armitage co-founded London-based Egerton in 1994 and since then his long/short equity hedge fund has delivered annualized returns of over 15%, with only two down years, in 2008 and 2011, according to investors. This year it is up 22% to October 25, according to a person familiar with the company.
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