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Hedge Fund News: Paul Singer, Michael Karsch, Vale SA (ADR) (VALE)

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Editor’s Note: Related tickers: Vale SA (ADR) (NYSE:VALE), Yahoo! Inc. (NASDAQ:YHOO), Expedia Inc (NASDAQ:EXPE), Goldman Sachs Group, Inc. (NYSE:GS), Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR), Icahn Enterprises LP (NASDAQ:IEP)

Singer eyeing court $upport (NYPost)
Billionaire hedge-fund mogul Paul Singer may ask a Manhattan federal appeals court to force Argentina to fork over $1.4 billion in bond payments as soon as next month, sources told The Post. Singer is weighing such a move after Argentina’s President Cristina Kirchner went on local TV and suggested a way of side-stepping a recent court order. The Manhattan appeals court ruled Argentina has to pay Singer’s Elliott Management and other investors about $1.4 billion due on their unrestructured bonds — but stayed the order pending the country’s full appeal. After Kirchner’s move, Singer is weighing asking the court to lift the stay, sources said.

Paul Singer ELLIOTT MANAGEMENT

Michael Karsch to close down $1.8bn hedge fund firm (Opalesque)
Various media reported that Michael Karsch is shutting down his 13-year-old hedge fund firm Karsch Capital Management and would return most of the firm’s $1.8bn assets to investors by the end of September, and the rest in January after the fund’s audit. New York-based Karsch Capital is mostly invested in Yahoo! Inc. (NASDAQ:YHOO) and Expedia Inc (NASDAQ:EXPE). The flagship hedge fund was up 6.1% YTD through mid-August and outperformed the Standard & Poor’s 500 index by at least 100 percentage points over its life span with one-third of the volatility, said Karsche in a letter dated Aug.28, according to 4-traders.com. The firm also manages a $500m long only fund which returned 16%.

Vale SA (ADR) (NYSE:VALE) shares shows a significant decline (FinancialsTrend)
There had been hefty hedge fund activity in the stock of Vale SA (ADR) (NYSE:VALE) in the recent quarter to ascertain the bullishness of the price trends. It was observed that there were totally 23 hedge funds which were holding effective long positions in this stock in the recent quarter which was observed to be a significant increase of 10% over the previous quarter. Further many new hedge fund managers had also taken up long positions in this stock during the quarter to assert that the company possesses bright prospects for growth in the near future. Renaissance Technologies was found to occupy the largest hedge fund position in the stock of Vale SA (ADR) (NYSE:VALE) with shares worth $50.9 million occupying around 0.1% of the fund’s total portfolio…

Elena Ranguelova joins Investcorp’s hedge fund group (HedgeWeek)
In this newly created role, Ranguelova (pictured) will be responsible for supporting the growth of both investments in emerging managers and the Single Manager Platform, the firm’s hedge fund seeding business. Before joining Investcorp, Ranguelova served as global head of credit and event driven strategy research at Pioneer Investments, where she also served as a member of the board of directors for Pioneer Alternative Investments New York. Earlier, she ran Goldman Sachs Group, Inc. (NYSE:GS)‘ fundamental strategies team in New York. In this role, she facilitated investment ideas for institutional clients across credit and equities, as well as advised the firm’s proprietary traders on hedging and portfolio solutions. She began her career as a structured credit strategist with Lehman Brothers.

Noble Wins Court Order to Liquidate Ebullio Master Fund (Bloomberg)
Noble Group Ltd. (NOBL) won a court order appointing liquidators for Ebullio Commodity Master Fund LP, which Asia’s largest raw-materials trader said had failed to pay it about $4.9 million for contract breaches. Judge Andrew Jones of the Cayman Islands Grand Court accepted Noble’s petition and appointed Matthew Wright of RHSW (Cayman) Ltd. and Finbarr O’Connell of Smith & Williamson LLP as liquidators of the hedge fund, according to an Aug. 23 order.

Man Group shuts down products after performance fails (HereistheCity)
Bloomberg News reports that the company decided this month to shut Man Vision Ltd., a $40m pool that sought to generate returns of more than 10 percent annually, according to an Aug. 12 letter sent to clients. Man Group is also closing similar offerings that, like Vision, were tied to the performance of AHL Diversified, the firm’s biggest hedge fund, said a person with knowledge of the moves who asked not to be identified because they aren’t public.

Bond battle with Argentina (CNBC)

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