Hedge Fund News: Stanley Druckenmiller, Carl Icahn & Christopher Hansen

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Hologic adopts poison pill following Icahn’s ownership disclosure (BizJournals)
The board of directors at Hologic, Inc. (NASDAQ:HOLX), a manufacturer and supplier of diagnostic and medical imaging equipment, have adopted a poison pill intended to dissuade activist investors from building an ownership stake in the company of greater than 10 percent. According to the Associated Press, Hologic’s new plan will provide shareholders the right to acquire additional shares if and when a person or group acquires a 10 percent or greater share of the company’s outstanding common stock. The new shareholder right can be exercised as of Dec. 2. The move comes less than a week after takeover artist Carl Icahn disclosed that he and his affiliates had acquired a 13 percent stake in Hologic…

Carl Icahn as viking

Bitcoin Fund is best performing hedge fund year-to-date (HedgeWeek)
The Bitcoin Fund, which is traded exclusively on the EXANTE fund platform and was launched in late 2012, is the best performing hedge fund year to date with a return of 4847 per cent. The Bitcoin Fund gives institutions and high-net worth individuals secure and real-time access to the bitcoin market with a licensed, regulated product. Since the bitcoin virtual currency was first launched in 2009 and achieved its initial success, institutional investors and hedge fund managers have sought a regulated investment vehicle for bitcoin placements. EXANTE provided this solution by giving simple access to the Bitcoin Fund.

Elliott Associates sells 1% in Property Fund. (HispanicBusiness)
The largest shareholder in Romania’s restitution Property Fund [ Fondul Proprietatea ] – hedge fund Elliott Associates , has sold a 1% stake under the Fund’s recently completed buyback operation, news agency Mediafax reported. Elliott will thus cash in EUR 31.2mn. The Fund’s market capitalisation is EUR 2.5bn – but the buyback was carried out at a higher price per share. Elliott’s participation in the Fund will thus decrease to slightly above 17% from slightly above 18% before. Elliott controls the stake through Manchester Securities Corp and Beresford Energy Corp.

Ex-Soros Adviser’s Dalton China Fund Returns 25% This Year (SFGate)
The Dalton Greater China Fund, run by James Rosenwald III, a former adviser to funds linked to billionaire George Soros, beat peers with a 25 percent return this year, an investor newsletter seen by Bloomberg News showed. The $64 million fund outperformed the Eurekahedge Greater China Long-Short Equities Hedge Fund Index by almost 10 percentage points in the first 10 months. Bets on Taiwanese technology companies including Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) and Hong Kong-based property developers drove performance, Tony Hsu, Rosenwald’s Shanghai-based co-manager, said in an e-mailed response to Bloomberg News queries.

Hedge Funds Have Been Getting Smoked This Year (BusinessInsider)
Not many people are able to invest directly in hedge funds. And that’s not necessarily a bad thing. Through Q3 of this year, hedge funds on average have returned a measly 6% year-to-date. This is according to Goldman Sachs Group, Inc. (NYSE:GS) latest Hedge Fund Trend Monitor report, which examines the performance of 783 hedge funds with $1.7 trillion of gross equity positions. This year’s hedge fund returns compare with a 25.3% gain in the S&P 500. Even mutual funds returned 24.8%.

Tiger Cub Christopher Hansen’s Valiant Catches A Break (InstitutionalInvestorsAlpha)
Tiger Cub Christopher Hansen seems to have stabilized his embattled hedge fund, Valiant Capital Partners Offshore, at least for now. Hansen’s firm, Valiant Capital Management, is based in San Francisco. Its global long-short hedge fund has made money in two of the past three months — including 0.77 percent in October — as well as in the third quarter after losing money for three straight quarters. This passes for a minor victory, although the fund did lag the major benchmarks in the September period.

Hedge fund exodus from sugar ‘has further to run’ (AgriMoney)
The hedge fund exodus from bets on rising sugar prices may not be over yet, even after one of the fiercest sell-downs on record, amid a broad turn bearish on agricultural commodities. Managed money, a proxy for speculators, cut its net long position in futures and options in the top 13 US-traded farm commodities by more than 78,000 contracts in the week to last Tuesday, according to data from the Commodity Futures Trading Commission regulator.

Multiples don’t fall off until ‘real inflation’: Larry Robbins (CNBC)

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