Elliott Stake Report Spurs Japan Stock’s Biggest Jump Since 2008 (Bloomberg)
Dai Nippon Printing Co. notched its biggest daily stock-price gain since 2008 after a report that activist investor Elliott Management Corp. is building a stake in the venerable Japanese company. Shares of the printing and electronic products firm jumped 15% Wednesday, with volume almost nine times the daily average. The Financial Times reported that Elliott had increased its investment to about $300 million, equivalent to nearly a 5% stake, becoming the third-largest holder.
What’s the Link Between Top-Earning Hedge Fund Citadel and GameStop Stock? (The Street)
2022 was phenomenal for Citadel‘s flagship hedge funds, which posted a record annual profit of $16 billion and outperformed all hedge fund peers. In January 2021, Citadel was involved in GameStop’s massive short squeeze and has been the target of criticism from retail investors ever since. Last year, Citadel’s Ken Griffin said in an interview that the decline of speculative assets like meme stocks, cryptocurrencies, and NFTs is healthy for the economy.
Housebuilder Glenveagh Sees Swiss Hedge Fund Build 19% Stake (Irish Times)
One of the main backers of Glenveagh Properties’ initial public offering in 2017, Singaporean sovereign wealth fund GIC, has cut its stake in the housebuilder by a third in recent weeks, just as a Swiss activist hedge fund continued to build up its holding. GIC sold 17.3 million shares in Glenveagh last Friday, reducing its holding to 6.3 per cent, according to a stock market disclosure issued on Tuesday. This followed the sale of about 4.4 million shares two weeks ago.
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Brummer Multi-Strategy Navigates 2022’s “Perfect” Storm (Hedge Nordic)
Stockholm (HedgeNordic) – 2022 experienced a “perfect” inflation storm due to an unprecedented amount of monetary and fiscal policy stimulus during the pandemic, war, and supply chain disruptions, among other factors. Central banks’ aggressive inflation-fighting efforts sent financial markets into chaos, with equities, bonds, and other asset classes incurring deep losses. The multi-manager, multi-strategy fund of Brummer & Partners managed to weather this “perfect” storm in 2022, ending the year up about seven percent (and 12 percent in the two times levered version).
Activist Oasis Takes 5% Stake in Wagamama Owner (Hedge Week)
Oasis Management, an activist hedge fund based in Hong Kong, has acquired a 5% stake in The restaurant Group, the casual dining and pub operator and owner of the UK-based, Japanese food-inspired restaurant chain Wagamama, according to a report by the Financial Times. The report cites a company filing as revealing that Oasis, which owns 423 venues across the UK, including the Mexican themed Chiquito restaurant chain and Italian-American themed Frankie & Benny’s, in November last year.
