Hedge Fund News: Kyle Bass, Jim Rogers & Odey Asset Management

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KYLE BASS: China Isn’t Just Slowing Down — It’s Contracting (BusinessInsider)
For the last several years, nobody has been more outspokenly bearish on Japan than Kyle Bass. In a recent talk, Bass reiterated his doubts about Japan’s chances of averting a debt crisis. What’s more, he also said China’s economy will fall below expectations. Bass changed one aspect of his outlook on Japan. Instead of predicting a collapse of the Japanese bond market, he focused on a severe weakening of the yen – without predicting when that might happen. His predictions for China were equally distressing. He said that its banks will be saddled with non-performing loans and that its economy is actually contracting. “I don’t think the markets are discounting what’s really happening in China,” he said.

Kyle Bass

Arts center officials hope charity auction a sign art’s for-profit potential in Lawrence (LJWorld)
Art auctions in New York City and Europe bring in not only artists and curators but also financiers, hedge fund managers and investors of all sorts. Art is big business in many parts of the globe, with big money at stake and some even suggesting that there’s a bubble in the art market. With art, as with so many things, Lawrence is a bit different. Art auctions are rarities in Lawrence. By far the largest and most prominent is the Lawrence Arts Center’s annual benefit auction, and it’s an altogether different animal than the auctions of New York or Paris, not least because its goal is not profit, but to raise money for the nonprofit center’s exhibitions program.

Hedge funds in worst start to year since financial crisis (Telegraph)
Some of London’s biggest and best hedge funds have had millions of pounds wiped off the value of the their portfolios after being wrong-footed by turbulence in emerging markets and falling tech and bank stocks. Lansdowne Partners, Odey Asset Management and Brevan Howard are among the stellar hedge funds to have had a poor start to the year. Overall, global hedge funds have had their worst start to the year since the financial crisis, reporting average returns 1.2pc, according to Preqin, the industry data provider. Experts have blamed market uncertainty, caused by the unrest in areas like Ukraine, which has led to unpredictable volatility. Big sell-offs in technology companies, including Google Inc (NASDAQ:GOOG) and Amazon.com, Inc. (NASDAQ:AMZN), as well as regulatory uncertainty over the banks, have also taken their toll.

Israeli Hedge Funds Outperform Foreign Funds, Industry Experiencing ‘Significant Growth’ (Algemeiner)
Israel-based hedge funds grew assets by 33 percent between 2011 and 2013 and outperformed foreign funds and the local equity market, according to a survey released recently by Israel fund administrator Tzur Management. In a statement, Tzur Management CEO Yitz Raab said, “When considering the impressive performance of Israeli hedge funds in recent years, it’s no surprise that we’re witnessing significant growth of both assets under management and the number of Israel based funds.” A new hedge fund index, Tzur Capital Management Index of Israeli Hedge Funds (TCMI), showed that Israel outperformed the global hedge fund industry in both 2012 and 2013, with average returns of 13 per cent and 17 per cent, respectively.

Sony boss pledges turnaround exit in 2015 (BRecorder)
Sony Corporation (ADR) (NYSE:SNE)‘s chief executive pledged on May 22 to drag the embattled electronics giant out of a painful restructuring in the current fiscal year and pointed to high-definition technology as a possible saviour for its money-losing TV unit. Kazuo Hirai made the comments as he unveiled Sony’s newest turnaround strategy, just a week after the Japanese company posted a $1.26 billion annual loss. …Hirai has repeatedly shrugged off pleas to abandon the television unit, which he insists remains central to Sony’s core business. The firm also rejected a call from a US hedge fund billionaire to spin off part of its profitable movie business, which includes a Hollywood studio.

Weiss bought Ocwen Financial (CNBC)

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