A Hedge Fund Is Doubling Down on Under Armour Stock (Barron’s)
Under Armour stock (ticker: UAA) sure didn’t spend 2018 riding the pine. Class A shares of the maker of athletic apparel and footwear were sporting a 16% year-to-date gain through Monday. Hedge fund Adage Capital Partners is going with a winner. Adage disclosed in a form it filed late last week to the Securities and Exchange Commission that the fund nearly doubled its investment in Under Armour class A shares. Adage owned 11 million class A shares of Under Armour as of Dec. 13, a stake of 5.9% of that stock class. As of Sept. 30, Adage owned only 5.9 million class A shares of Under Armour, according to SEC records. The fund’s ownership level rising above 5% triggered the need for the latest regulatory filing.
Billionaire Robert Citrone Cuts Loose in Advanced Micro Devices (AMD) and Micron (MU) Stocks (SmarterAnalyst.com)
With a net worth of about $1 billion, Robert Citrone is at the helm of Discovery Capital Management (DMC), a hedge fund with a portfolio value of nearly $1.7 billion. Before launching DCM, Citrone worked as a portfolio manager at Tiger Management and is known as a “Tiger Cub.” Citrone is a graduate of the Darden School of Business at the University of Virginia and holds minority ownership of the Pittsburgh Steelers. The plurality of the fund’s investments goes to technology companies, followed by basic materials and consumer goods companies; the fund’s largest holding is in satellite services provider Intelsat, which commands more than 10% of the fund’s value.
Do Millionaires Really Leave the State When Taxes Get Higher? (HartfordCourant.com)
“People move because of professional opportunities,” said University of Connecticut economist Fred Carstensen, who heads the Connecticut Center for Economic Analysis. “They retire and choose a lifestyle, which leads some to move. Taxes have ranked as a particularly strong driver. It’s not that important. But it’s a convenient thing to talk about.” But former hedge fund manager David Stemerman of Greenwich, a Republican who centered his 2018 gubernatorial bid on a message that Connecticut taxpayers have been taken for granted for decades, said a reckoning is underway.
Hedge Funds and Banks Prodded Trump Administration to Lift Sanctions on Russian Oligarch (Yahoo News)
One hedge fund that is especially close to Deripaska is Mason Capital Management, a $12 billion New York hedge fund. Deripaska is an investor in the firm, two of the sources said, and he is friendly with several of the principals. The firm advocated with the Trump administration to lift the sanctions on Deripaska’s businesses, the two sources said.