Hedge Fund Perry Capital Bets On Paper Mills, Puerto Rico (Finalternatives)
Perry Capital, the $10.9 billion hedge-fund firm run by Richard Perry, is betting on the paper and packaging industry anticipating that the value of companies could double if they adopt a new tax structure. Perry took positions or increased holdings in International Paper Company (NYSE:IP), Rock-Tenn Company (NYSE:RKT) and KapStone Paper and Packaging Corp. (NYSE:KS), according to a second-quarter letter to investors, a copy of which was obtained by Bloomberg News. Perry said that containerboard management teams can create master limited partnerships for their paper mills, which would increase earnings…
Multi-Strategy Funds Win Big At The Hedge Funds Review Americas Awards 2014 (HedgeCo)
Hedge Funds Review and partner BarclayHedge have announced the winners of this years “Hedge Funds Review Americas Awards 2014.” Multi-strategy hedge funds were the big winners at the Hedge Funds Review Americas Awards, with Whitebox Advisors named ‘Best overall hedge fund group’ and Millennium Management winning ‘Hedge fund of the year’. …The Whitebox Credit Arbitrage fund was named ‘Best arbitrage hedge fund’. Other winners included: Glenview Capital Management, which won ‘Best long/short equity hedge fund’; P. Schoenfeld Asset Management, for ‘Best event driven hedge fund’; and Deer Park Road Corporation, which snagged the ‘Best fixed income/credit hedge fund’ award.
Hedge fund Greenlight details short bets, still likes Apple (Reuters)
Hedge fund manager David Einhorn‘s Greenlight Capital told investors on Friday that it has short bets against supermarket chain Safeway Inc. (NYSE:SWY) and Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) which was is being taken over by Mallinckrodt Pharmaceuticals. The firm is also short cigarette maker Lorillard Inc. (NYSE:LO). Martin Marietta Materials, Inc. (NYSE:MLM) and said that Mallinckrodt might make for an “attractive short sale candidate” if the merger is completed. Einhorn, whose comments on stocks are widely watched, also threw his weight behind long-time favorites Apple Inc. (NASDAQ:AAPL) and Marvell Technology Group Ltd. (NASDAQ:MRVL) plus Micron Technology, Inc. (NASDAQ:MU), saying they have “strong prospects and are undervalued.”
Citigroup Taps Boyle To Lead Equity Derivatives Division (Finalternatives)
Citigroup Inc (NYSE:C), the third-biggest U.S. bank by assets, appointed James Boyle as global head of equity derivatives, replacing Simon Yates who left this month to join a hedge fund. Boyle, 44, who’s currently Asia-Pacific head of equity trading, will remain in Hong Kong until he relocates to New York at the end of the year, according to an internal memo obtained by Bloomberg News. Godwin Chellam, a Hong Kong-based spokesman, confirmed the contents of the document.
Why a Private Takeover Would Be Good For PetSmart (Minyanville)
PetSmart, Inc. (NASDAQ:PETM) has been in the news recently after activist hedge fund Jana Partners took a big stake in the company and advocated potential changes, including a possible private equity takeover or a return of capital to shareholders. Of those two options, a private takeover would by far be the better choice for PetSmart. PetSmart is currently doing a good job of creating economic value, but the pressures of the quarterly earnings game and the need to return cash to shareholders has kept the company from making the best long-term decisions.