Editor’s Note: Related Tickers: AngloGold Ashanti Limited (ADR) (NYSE:AU), Gleacher & Company Inc (NASDAQ:GLCH), JPMorgan Chase & Co. (NYSE:JPM), ViaSat, Inc. (NASDAQ:VSAT), Marvell Technology Group Ltd. (NASDAQ:MRVL)
Paulson’s Advantage fund stung by plunge in gold (Reuters)
Hedge fund billionaire John Paulson‘s best-known fund is down 2.4 percent in April, largely due to the sharp selloff in gold, a source familiar with the numbers said on Thursday. The Paulson & Co Advantage fund is making money for the year, but just barely, with a 1.3 percent gain, the source said. The fund’s substantial holdings in several gold mining stocks, including a bet on AngloGold Ashanti Limited (ADR) (NYSE:AU), which is down 40 percent this year, have dramatically cut into the Advantage fund’s returns.
Meet Britain’s wealthiest hedge fund chiefs: male, rich and Tory donors (The Guardian)
A secretive Tory party donor who made a fortune betting on the collapse of the Greek economy has been named the UK’s wealthiest hedge fund manager. Alan Howard, founder of Brevan Howard, has seen his personal fortune grow to £1.5bn, up from £1.4bn in 2012, to top the Sunday Times list of Britain’s 25 richest hedge fund managers for the second year in a row. Howard, the publicity-shy son of an engineer, is the 48th richest Briton, according to the list, and is friends with George Osborne. He is followed by fellow Tory donor Alexander Knaster, a Moscow-born US citizen who is based in London and heads Pamplona Capital Management, who has a personal fortune of £1.09bn.
Moscow targets hedge fund boss (Sydney Morning Herald)
Russia is seeking an arrest warrant for British hedge fund manager Bill Browder in a move that will escalate tension between Moscow, the US and Britain. Mr Browder’s company, Hermitage Capital Management, said it had received notice a Moscow court had been asked by Russia’s Interior Ministry to issue a warrant for his arrest in absentia for tax evasion. The fund manager is accused of ”stealing” shares in Gazprom and ”interfering” with the energy company’s strategic policies. In an embarrassing twist, the Moscow judge refused to issue the warrant, saying Mr Browder had not been given enough warning.
Group Backed by Activist Hedge Fund Reports 7.7% Stake in Gleacher (Wall Street Journal)
A group backed by the activist hedge fund Clinton Group reported a 7.7% stake in Gleacher & Company Inc (NASDAQ:GLCH) and released the names on a slate of 12 candidates for the board as a battle for control of the struggling company heats up. The nominees include Gleacher’s Chief Executive Officer Thomas J. Hughes as well as former Gleacher CEO Lee Fensterstock and two executives of the Clinton Group. In a securities filing on Thursday, Clinton Group said the nominees would “help create value” by executing a rapid turnaround plan for Gleacher that includes “redefining it as a publicly traded asset management firm with the capacity to generate a consistent source of revenue and profitability.”
JPMorgan Chase & Co. (JPM) Among Clint Carlson’s +3% Yielders (Insider Monkey)
Carlson disclosed ownership of 1.3 million shares of JPMorgan Chase & Co. (NYSE:JPM) in the filing, up slightly from three months earlier. One of the most popular financial stocks among hedge funds during Q4 (see more financial stocks hedge funds loved), the bank grew its earnings by 33% in the first quarter of 2013 versus a year earlier (although revenue growth was much lower). JPMorgan Chase & Co. (NYSE:JPM) trades at 8 times earnings, whether we use trailing results or analyst consensus for 2014, and with a P/B ratio of 0.9 it certainly looks like a candidate for value status to us. The dividend yield here is 3.1%.
Georgetown’s Business School Will Now Offer A Meditation Class Inspired By Hedge Fund God Ray Dalio (Business Insider)
It’s a well-known fact that hedge fund god Ray Dalio, who runs Bridgewater Associates, loves to meditate. In fact, he has attributed the practice to…