Hedge Fund Titans Aurelius and Elliott Clash in Distressed Deal (Bloomberg)
Years after leaving the New York-based hedge fund Elliott Management Corp., Mark Brodsky often found the firm he later started, Aurelius Capital Management, aligned with his old employer. The two fought side by side in many high-profile trades including a grueling, decade-long battle with Argentina over defaulted bonds. But now Brodsky finds himself at odds with Elliott — and his former boss there, Paul Singer — in a new controversial default saga. This one centers on Windstream Holdings Inc., a U.S. telecom company that suddenly sank into default last month after Judge Jesse Furman ruled in favor of Aurelius’s lawsuit against the company for breaking bond covenants.
DoubleLine Publishes a New Paper on Active Asset Allocation (MarketWatch)
LOS ANGELES, March 20, 2019 /PRNewswire/ — In a new paper posted on DoubleLine.com, Ryan Kimmel reviews the history of the differentiated performance of stocks, Treasuries, corporate credit and commodities in different stages of the business cycle and inflation environments and then explains how DoubleLine Capital uses this perspective to allocate portfolios under its Multi-Asset Growth investment strategy.
Where Carl Icahn Went Wrong (Institutional Investor)
The activist won the battle for Newell Brands — but so far isn’t winning the war. Carl Icahn’s big win with consumer products company Newell Brands has been nothing short of a Pyrrhic victory.Last year, Icahn thwarted an activist proxy contest by activist hedge fund firm Starboard Value by promising Newell CEO Michael Polk he could keep his job, according to people familiar with the situation.
Head of Top Hedge Fund Association to Step Down (TheHill)
Former House lawmaker Richard Baker, who has led the Managed Funds Association (MFA) for more than a decade, announced Wednesday that he will step down at the end of the year. MFA, which represents the hedge fund industry, said its board will soon begin the process of selecting Baker’s successor. The former Louisiana Republican served in the House from 1987 to 2008 before joining MFA. “The financial crisis dominated my first year at MFA. It also set the stage for a sweeping revamp of our financial regulatory structure. From the first meetings about the Dodd-Frank Act until now, I have been proud to lead an exceptional team which, without fanfare, effectively advances the interests of our members and their investors,” Baker said in a speech announcing his retirement.
Eric Schmidt Does Not Share His Beautiful Women With Hedge Fund Managers (DealBreaker)
Eric Schmidt’s got $13 billion. Atlantic Investment Management founder Alex Roeper’s hedge fund merely manages about a fifth of that. So forgive him if he can’t quite understand his girlfriend’s infatuation with another substantially less-well-endowed man—and a hedge fund manager at that, just like her ex-husband. Page Six has learned that married Alphabet Inc. chairman and former Google CEO Eric Schmidt dumped glamorous divorcée Ulla Parker because he got tired of her simultaneously dating hedgie Alex Roepers.
Pzena Investment Management Opts for IHS Markit’s EDM (HedgeWeek.com)
Pzena Investment Management, a USD37 billion equity manager based in New York, is to implement IHS Markit’s Enterprise Data Management (EDM) solution. The firm will be using EDM to master securities and issuers and will also leverage the solution as a data hub for prices, accounts and other entities in the future. “Following an internal data and operations review, we decided that it was the right time to invest in an enterprise data management solution,” says Evan Fire, Chief Information & Operations Officer and Chief Information Security Officer at Pzena Investment Management. “We conducted a review of several EDM providers before selecting IHS Markit due to their ability to meet all of our unique needs and their established presence in the North American market.”
Energy Investor HITE Dangles No-Fee Offer (HFAlert.com)
Energy-focused HITE Hedge Asset Management is offering the ultimate fee discount for its latest hedge fund. Investors whose contributions are among the first $25 million received by the HITE Carbon Offset fund would pay no management or performance fees for five years. Those who remain invested after that point would pay fees equal to 1% of assets and 20% of profits. HITE Carbon Offset, which launched in June 2018, represents a bet by the Boston manager that the world will “decarbonize” more quickly than expected, punishing the shares of carbon-reliant businesses along the way. It’s a niche strategy for which HITE so far has raised just $6 million. The no-fee offer is designed to boost assets to the point where the fund would be fair game for smaller institutional investors.
Bondholders Accuse LBI and HPS of Insider Trading (The Wall Street Journal)
Bondholders say Spanish-language broadcaster LBI Media Inc.’s bankruptcy-exit plan is a product of insider trading and fraud, a violation of the rules of engagement in a market where aggressive trades are the norm.
What Did This CEO Just Do with Personal Shares of Brady Corp (NYSE: BRC)? (AnalystRatings)
Today, the President & CEO of Brady Corp (BRC), Michael Nauman, sold shares of BRC for $880.5K. In addition to Michael Nauman, 8 other BRC executives reported Sell trades in the last month. This is Nauman’s first transaction since reporting a Buy transaction on MOLX back in May 2009. BRC’s market cap is $2.46B and the company has a P/E ratio of 20.49. Currently, Brady Corp has an average volume of 23.78K.
Wednesday 3/20 Insider Buying Report: PLUG, PRGX (Nasdaq.com)
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy – they expect to make money. So let’s look at two noteworthy recent insider buys. On Monday, Plug Power (PLUG)’s Director, George C. McNamee, made a $233,840 purchase of PLUG, buying 100,000 shares at a cost of $2.34 each. So far McNamee is in the green, up about 12.5% on their purchase based on today’s trading high of $2.63. Plug Power is trading up about 1% on the day Wednesday. This purchase marks the first one filed by McNamee in the past twelve months.
A Lifetime Of Market Beating Insider Insights With Jonathan Moreland (Podcast) (SeekingAlpha)
Jonathan Moreland of Daily Insider Ratings has been tracking insider buy and sell behavior for 30 years – pre-dating when this data was publicly available via the internet. Despite what many investors believe, using insider trading patterns to determine whether a stock is worth owning involves a lot more than simply adding up insider buys and sells. Moreland uses insider trading as a starting point to narrow down the universe of publicly traded equities to a more manageable size, performing additional due diligence before taking a position.
Insider Trade: Saba Capital Management – L.P. Paid for 11,397 Shares of BlackRock Muni New York Intermediate Duration Fund, Inc. (MNE); Addvantage Technologies Group (AEY) Shorts Increased By 5.77% (The Moveefy)
Addvantage Technologies Group Inc (NASDAQ:AEY) had an increase of 5.77% in short interest. AEY’s SI was 5,500 shares in March as released by FINRA. Its up 5.77% from 5,200 shares previously. With 6,400 avg volume, 1 days are for Addvantage Technologies Group Inc (NASDAQ:AEY)’s short sellers to cover AEY’s short positions. The SI to Addvantage Technologies Group Inc’s float is 0.12%. The stock decreased 1.44% or $0.02 during the last trading session, reaching $1.37. About 29,434 shares traded or 105.75% up from the average. ADDvantage Technologies Group, Inc. (NASDAQ:AEY) has risen 3.01% since March 20, 2018 and is uptrending. It has underperformed by 1.36% the S&P500.
Kroger Co (NYSE:KR) Insider Trading Activity – Director Sold 80,000 shares of Stock (MarketExclusive)
Insider Trading Activity For Kroger Co (NYSE:KR): Robert D Beyer , Director of Kroger Co (NYSE:KR) reportedly Sold 80,000 shares of the company’s stock at an average price of 24.52 for a total transaction amount of $1,961,600.00.