Starboard Set to Win Eight Board Seats at GCP Applied Technologies-Sources (Reuters)
(Reuters) – Hedge fund Starboard Value LP is close to having eight directors elected to the board of GCP Applied Technologies Inc (GCP.N) at the chemical company’s annual meeting, people familiar with the matter said on Wednesday. While not all votes have been cast before Thursday’s annual meeting and the result could change, preliminary figures indicate Starboard will see its entire slate elected by GCP shareholders, the sources said.
Silver Lake Buys Stake in Blank-Check Company, Renews Push for Global Blue Deal (The Wall Street Journal)
Technology investor Silver Lake has continued its recent acquisition spree with an unusual deal: a stake in Far Point Acquisition Corp., a public blank-check company tied to hedge-fund executive Daniel Loeb. Silver Lake has built up a 12% stake in Far Point by investing around $100 million in the listed company this month through an affiliated fund, according to a U.S. Securities and Exchange filing.
Bill Ackman Exits Investments in Berkshire Hathaway, Blackstone (Bloomberg)
Activist investor Bill Ackman said he has exited his investments in Warren Buffett’s Berkshire Hathaway Inc. as well as his recently acquired investments in the Blackstone Group Inc. and Park Hotels & Resorts Inc. Ackman’s Pershing Square Capital Management sold off Blackstone and Park Hotels because it wasn’t able to build large enough positions at attractive prices before markets rebounded, he said in a conference call Wednesday.
Trading Through the Turmoil: Argonaut Capital Looks to Maintain Momentum Post-Lockdown (Hedge Week)
After generating double-digit returns during the coronavirus-fuelled market downturn with short alpha bets, Argonaut Capital Partners is now building key positions in cyclical industries to take advantage of the post-lockdown recovery. The London-based equities-focused firm’s core long/short hedge fund strategy, the Argonaut Absolute Return Fund, advanced an eye-catching 23 per cent in the first quarter, trading a mix of UK, US and European equities.
Hedge Funds Pay Up in U.S. to Poach From Rivals Stung by Turmoil (Bloomberg)
Izzy Englander sent his Millennium Management staff to work from home in early March. Since then, about 100 people have quietly joined the $42 billion hedge fund. He’s not the only one snapping up talent as a deadly pandemic roils markets and upends offices. Dmitry Balyasny has recruited 12 portfolio managers at his eponymous firm this year, and Michael Gelband’s ExodusPoint Capital has added 20, according to people with knowledge of the matter. Across the industry, hiring by multimanager shops is on pace with last year’s robust level.
Tice Betting Virus Will Boost Gold, Silver (HFAlert.com)
Prominent stock market bear David Tice has lined up a bullish bet on precious metals companies via his latest hedge fund. Tice this month partnered with precious metals specialist Garic Moran to form Moran Tice Capital, which will invest on the premise that the coronavirus pandemic will lead to a prolonged global recession and higher inflation. The new entity, which has begun trading, taps a number of investors from TG Moran Capital, a hedge fund firm Moran had been running since 2016. Moran handles the bulk of the firm’s trading from Atlanta, while Tice, based in Dallas, heads marketing.
Billionaire Ray Dalio is One of the World’s Richest Hedge Fund Managers. Here are His Best Quotes on Everything from the Markets to Meditation. (Business Insider)
Legendary hedge fund investor Ray Dalio is renowned figure in the world of finance, but is equally famous for his views on life, investing, and much more. The founder of Bridgewater Associates made a whopping $2 billion last year, the Institutional Investor’s annual Rich List, shows. Dalio recently said the American dream “does not exist” right now and that if leaders don’t act the whole economic system of capitalism could collapse during the coronavirus-induced recession.