Apollo-Led Lenders Sell Yellow Loan to Citadel (The Wall Street Journal)
Apollo Global Management and other lenders exited a $500 million loan to trucking giant Yellow and sold it to investment firm Citadel as the bankrupt company negotiates with rival lenders for additional funding to wind down its business, according to people familiar with the matter. Apollo led a group of Yellow lenders that proposed extending an additional $142 million in credit in the form of a debtor-in-possession facility after the company filed for chapter 11. Apollo’s offer lost out to rival proposals, including from another trucking business that offered Yellow a bigger loan and more time—180 days—to wind down its business and sell assets.
Billionaire Bill Ackman Upped His Bet on Google Parent Alphabet. Here’s Why That Could Be a Smart Move (The Motley Fool)
This top hedge fund manager isn’t hedging at all with his investment in this tech giant. Some super-wealthy investors strongly believe in diversification. But not all of them. Bill Ackman is a good case in point. Ackman’s net worth currently stands at $3.6 billion, according to Forbes. His Pershing Square Capital Management owns only eight positions. And two of them are Google parent Alphabet (GOOG 0.03%) (GOOGL -0.06%), with the hedge fund holding both the class A shares and the class C shares. What’s more, Ackman just upped his bet on Alphabet. Here’s why that could be a smart move.
Tepper’s Appaloosa Bets Big on Tech and Semiconductor Stocks (Investopedia)
David Tepper‘s Appaloosa Management made a host of major tech-stock purchases in the second quarter, ballooning the hedge fund’s holdings to $5.4 billion from $1.9 billion, according to a recent 13F filing. Key Takeaways: Appaloosa Management nearly tripled its stockholdings to $5.4 billion in the second quarter. David Tepper’s hedge fund made sweeping purchases across the tech and semiconductor sectors, with a particular focus on companies based in China. All told, Appaloosa Management entered nearly 20 new positions last quarter. Tepper also boosted his existing positions in Alibaba, Amazon, Meta Platforms, Microsoft, and more. The hedge fund trimmed positions in a number of energy companies, and exited positions in Tesla, Disney, Salesforce, HCA Healthcare, among others.
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Exclusive: Bridgewater’s Flagship Fund was Bearish on US Stocks as Rally Fizzled (Reuters)
Bridgewater Associates‘ flagship fund had a bearish view on U.S. stocks in late July just as a rally that saw the benchmark S&P 500 soar this year was about to lose steam, according to a presentation to investors seen by Reuters. The July 25 investor briefing, a part of which was seen by Reuters and had not been previously reported, showed the hedge fund founded by legendary investor Ray Dalio was “moderately” bearish on U.S. stocks and Treasuries in its Pure Alpha pool.
Hedge Funds Upped Activision Stakes Ahead of Key Court Decision (Hedge Week)
Pentwater Capital Management, Jericho Capital Asset Management, Balyasny Asset Management, and Citadel Advisors, all upped their holdings in Activision Blizzard during Q2 ahead of a key court ruling on the video-game maker’s proposed $69bn merger with Microsoft, according to a report by Bloomberg. The report cites the latest 13-F filings as revealing that the funds’ move to boost their stock positions came before Microsoft’s court win over regulators in July which ended eight months of uncertainty over Activision’s future and cleared the way for the deal to proceed, subject to approval by the UK authorities.
