Inside Kyle Bass’s Favorite Mortgage Servicer Play (InstitutionalInvestorsAlpha)
These days it’s difficult to miss Kyle Bass, the founder of Hayman Capital Management, trumpeting Nationstar Mortgage Holdings Inc (NYSE:NSM). The Dallas-based hedge fund manager is betting against a New York State government inquiry and on the recovery of a stock that went public two years ago but has since dropped 45 percent off its high last September. Bass is being contrarian when it comes to Nationstar; other hedge fund managers shrank their stakes last year. Bass might just be onto something: Nationstar is a former hot momentum play that has matured into a value stock but has been beaten down by regulatory concerns…
Political Donors Hit Up for More Money Hours After Court Ruling (NewsMax)
Within hours of a U.S. Supreme Court decision paving the way for a new gusher of political cash, Ben Barnes’s telephone starting ringing. He and his daughters had already given the maximum amount for this year’s congressional elections to candidates and committees under federal law. After that donation cap was overturned in a 5-4 court ruling issued by the justices yesterday, Barnes found himself on the telephone with two Texas Democratic members of Congress seeking more money. …For example, billionaire former hedge-fund manager Tom Steyer has pumped $11 million this year and last into a super- PAC he formed to help Democratic candidates interested in environmental issues.
Investcorp Joins Rush to Invest in European Distressed Debt (NYTimes)
Investcorp, an investment firm based in Bahrain, made a splash investing in European luxury brands like Gucci and George Jensen. Now it is making a play for distressed investments by partnering with the hedge fund Eyck Capital Management. Through its $5 billion hedge fund arm, Investcorp has agreed to put $50 million to $100 million of capital behind a fund started by Khing Oei, a former managing principal at Halcyon and founder of Eyck Capital. Investcorp is joining many other hedge funds and private equity firms looking for opportunities to scoop up European companies slowly emerging from a continentwide financial crisis.
Steben & Company launches registered multi-strategy fund of hedge funds (HedgeWeek)
Alternative investments provider Steben & Company has launched a new fund of hedge funds, the Steben Select Multi-Strategy Fund. “For 25 years, Steben has built its reputation on our ability to select and screen what we believe are some of the best alternative investment managers from around the world,” says Ken Steben, president and chief executive officer. “The Steben Select Multi-Strategy Fund brings together multiple top tier hedge fund managers whose historical performance has low correlation to both traditional investments and a number of other alternative investment styles in one easily accessible product under the oversight of our highly experienced research and risk management team.”
Sports Direct forced to cancel AGM after shareholder revolt (Standard)
Sports Direct has been forced by shareholders to scrap its annual general meeting, which had been planned to take place on Friday. The meeting, which was called last month to approve the executive bonus share scheme, has been shrouded in controversy over founder Mike Ashley’s proposed £66m bonus. Ashley currently receives no salary or bonus from the retailer. …At the time it was reported that the largest institutional shareholder – the hedge fund manager Crispin Odey, who has a 7.3 per cent stake – had indicated that he would vote to approve the package.
Why Micron Technology Might Be Able To Continue Its Absurd Growth (Investing)
Micron Technology, Inc. (NASDAQ:MU) is set to report FQ2 2014 earnings after the market closes Thursday, April 3rd. Micron Technology is an American semiconductor company which has been all over the news lately. MIcron received a ton of attention in March when a pseudonymous blogger on Seeking Alpha allegedly leaked that hedge fund manager David Einhorn of Greenlight Capital had added a position in the company. Einhorn has since announced that he has identified the leaker and has handled the matter privately.