Why Bill Ackman Will Salvage Pershing Square (Forbes)
Pershing Square Capital Management is one of the world’s largest publicly traded hedge funds, whose founder and chief executive, Bill Ackman needs no introduction. Ackman popularized contrarian activism in the early 2000s with landmark deals involving Wendy’s and Barnes & Noble. In April 2018, after a multi-year losing streak and several high profile blunders, Pershing Square announced a $300M tender offer which closed in early May 2018. SumZero sat down with Garrett Arms, Portfolio Manager at Knoxville-based Moon Capital Management about his long call on Pershing Square, the tender offer results, the resilience of Bill Ackman, and his value investing philosophy.
Tepper Posts 7% Hedge Fund Gain While Tackling Football Deal (Bloomberg)
David Tepper, who won the bidding contest for the Carolina Panthers this week, has been beating most of his hedge fund rivals too. His Appaloosa Management returned about 7 percent this year through April for clients paying a 2 percent management fee and 25 percent of profits, according to a person familiar with the matter. That tops the slight gain of the Hedge Fund Research multistrategy index and the broader stock market, which fell.
Rawpixel / shutterstock.com
RANKED: The 10 Biggest Hedge Funds in the US (Business Insider)
Hedge funds are the wild cards of financial markets. Some sharply criticize their activities, but others say they bring valuable diversity to markets and act as shock absorbers against volatility. The sector saw it’s best results since 2013 last year, producing an 8.5% return, up from 5.4% in 2016. But despite the stronger outlook, back-to-back losses in recent months caused by trade disputes, tech sector setbacks, and interest-rate hikes by the Federal Reserve have dampened returns. Even in the midst of these adverse conditions hedge funds are still a formidable power, wielding billions of dollars in assets and significant influence in financial markets. Here’s a list of the biggest funds in the US, created by data and research provider HFM Absoloute Return and ranked by assets under management (AUM)…
Three Hedge Fund Managers Face Down Wall Street’s Dollar Doom (Bloomberg)
Three hedge fund managers are going head-to-head with Wall Street’s top strategists over the fate of the dollar, wagering the currency’s best run in three years is far from over. IPM Informed Portfolio Management, Millennium Global Investments and Rhicon Currency Management stand at odds with a growing chorus of sell-side analysts recommending investors avoid the greenback after a five-week, 4.4 percent rally.
Insider Buying: Vanguard Natural Resources (VNRR) Insider Acquires $426,358.64 in Stock (LedgerGazette.com)
Vanguard Natural Resources Inc (OTCMKTS:VNRR) insider Contrarian Capital Management, bought 84,932 shares of Vanguard Natural Resources stock in a transaction dated Friday, May 11th. The stock was acquired at an average price of $5.02 per share, for a total transaction of $426,358.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission.
Insider Buying: Accelerate Diagnostics, Inc. (AXDX) Director Buys $1,933,000.00 in Stock (RegistrarJournal.com)
Accelerate Diagnostics, Inc. (NASDAQ:AXDX) Director Jack W. Schuler acquired 100,000 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The shares were purchased at an average price of $19.33 per share, with a total value of $1,933,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Insider Selling: CalAmp Corp. (NASDAQ:CAMP) CEO Sells 12,500 Shares of Stock (TheLincolnianOnline.com)
CalAmp Corp. (NASDAQ:CAMP) CEO Michael J. Burdiek sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 1st. The shares were sold at an average price of $19.58, for a total transaction of $244,750.00. Following the completion of the sale, the chief executive officer now owns 495,934 shares in the company, valued at $9,710,387.72. The transaction was disclosed in a document filed with the SEC.
Insider Buying: Legacy Reserves LP (LGCY) Major Shareholder Buys 50,398 Shares of Stock (LedgerGazette.com)
Legacy Reserves LP (NASDAQ:LGCY) major shareholder Baines Creek Capital, Llc bought 50,398 shares of the firm’s stock in a transaction on Monday, April 30th. The stock was purchased at an average cost of $5.66 per share, with a total value of $285,252.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission.
Insider Buying: Spirit of Texas Bancshare (STXB) Director Acquires 11,000 Shares of Stock (WeekHerald.com)
Spirit of Texas Bancshares Inc (NASDAQ:STXB) Director Robert S. Beall acquired 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 8th. The shares were bought at an average cost of $21.00 per share, for a total transaction of $231,000.00. The purchase was disclosed in a filing with the SEC.
Insider Buying: Energy XXI Gulf Coast, Inc. (EGC) Insider Purchases $70,700.00 in Stock (MaconDaily.com)
Energy XXI Gulf Coast, Inc. (NASDAQ:EGC) insider Douglas E. Brooks acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 14th. The shares were purchased at an average cost of $7.07 per share, with a total value of $70,700.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.
