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Hedge Fund and Insider Trading News: Bill Ackman, Chris Hohn, Ray Dalio, Elliott Management, Hudson Bay Capital Management, Continental Resources, Inc. (CLR), PennantPark Investment Corp. (PNNT), and More

Bill Ackman Exits Market Hedges, Uses $2 Billion He Made to Buy More Stocks Including Hilton (CNBC)
Pershing Square manager Bill Ackman exited his market hedge positions earlier this week and used the more than $2 billion in proceeds to bulk up on his fund’s existing stakes as well as reinvest in coffee chain Starbucks. In a letter to Pershing stakeholders dated Wednesday, Ackman said the fund completed the exit from his bets against the market on March 23 and generated $2.6 billion compared with premiums paid and commissions totaling $27 million. He first announced his market hedges on March 3.

Hudson Bay Plans to Raise Funds Amid ‘Outstanding Opportunities’ (Bloomberg)
The $5 billion hedge fund Hudson Bay Capital Management is seeking to raise capital for a new share class designed to take advantage of the market sell-off. “The dislocations to come will provide amongst the most outstanding opportunities of my career,” Sander Gerber, who oversees the New York-based firm, said Tuesday in a letter to investors. “To take full advantage of these opportunities, we will be setting up new share classes within our multistrategy fund to supplement investments in the main portfolio.” A Hudson Bay representative declined to comment.

Plunging Conditions Drag Down Hohn’s TCI (
Plummeting stock prices have sent TCI Fund Management’s returns deep into negative territory. Sources said the London firm recently was running a year-to-date loss of more than 20% through its flagship vehicle, The Children’s Investment Fund. The situation worsened late last week, with industry participants pegging the entity’s slide at about 30%. TCI’s losses illustrate a trouncing that value-oriented equity managers have experienced as the financial market craters in response to the coronavirus pandemic, with many suffering their worst losses since the 2008 market crash. The flagship fund from Ricky Sandler’s Eminence Capital, for example, was posting a month-to-date loss around 15% in mid-March, a source said.

Telecom Italia’s CEO Says Network Solid as Elliott Cuts Stake (Reuters)
MILAN/ROME (Reuters) – Telecom Italia’s (TIM) network can cope with the surge in traffic driven by the coronavirus crisis, CEO Luigi Gubitosi was quoted as saying on Wednesday, as U.S. activist hedge fund Elliott Management cut its stake in the group. The strategic role of TIM’s telecoms network – as well as the need for an upgrade – has taken center stage in the healthcare emergency, which has confined Italians to their homes and forced millions to embrace remote working and online learning.

Ray Dalio’s Bridgewater Scales Down European Short Bets After €4bn Windfall (
Bridgewater Associates, the world’s biggest hedge fund, has retreated from shorting European stocks after making an estimated €4bn, as its founder and co-chairman Ray Dalio contends with recent performance struggles. According to analysis from Breakout Point, the data analytics firm, $160bn US-based Bridgewater disclosed more than 70 reductions in net short positions in European companies in the week ending 20 March. European companies in which Bridgewater has cut its short positions include financial institutions BBVA , Banco Santander and Old Mutual, travel technology company Amadeus IT Group and CRH, the building company.

Preqin Special Report: Top Performing Hedge Funds in 2019 (
Hedge fund managers across a wide variety of strategies and trading styles were able to generate considerable gains in 2019, a year that provided positive market conditions for many. This report showcases the top performing hedge funds and most consistent top performing hedge funds in the industry. Categorized by strategy, trading style, geography, and assets under management, we present the top performers in 2019 and on a three-year basis, and look at the most consistent top performing funds over both three and five years. The report also lists the top performing CTAs, liquid alternative funds, and funds of hedge funds.

Korean Hedge Fund Joins Michael Burry to Bet on U.S. Game Seller (Bloomberg)
A Seoul-based hedge fund has joined hedge fund investor Michael Burry in betting U.S. game retailer GameStop Corp. is oversold. The stock has already lost 32% this quarter after sinking in each of the past six years on multiple disappointing earnings reports and an aborted effort to sell itself. And yet, Must Asset Management, which oversees $400 million, raised its stake in the Grapevine, Texas-based company to 5% over the past six months, according to a regulatory filing last week and Kim Doo-yong, the firm’s chief executive officer.

Pacific Fund Merger Complete (Hedge Nordic)
Stockholm (HedgeNordic) – Multi-asset, multi-strategy fund Pacific Multi Asset merged into Pacific Precious on March 23. The merger was announced in December after hedge fund house Atlant Fonder acquired fellow asset manager Pacific Fonder to strengthen its management organization, marketing organization and fund offering. Pacific Precious is a multi-strategy fund that provides exposure to the price development of precious metals. Managed by portfolio manager Mattias Gromark (pictured), the precious metals-focused fund currently allocates one half of its portfolio to exchange-traded commodities backed by precious metals and the other half to high-quality companies active in the mining, exploration or funding of exploration projects in precious metals.

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