Exclusive: Activist Investor Ferrari Targets Environment, Social Laggards with New Fund (Reuters)
LONDON (Reuters) – Activist investor Gianluca Ferrari, who has led campaigns against a string of mid-cap firms, is setting up a fund targeting companies lagging on environmental, social and governance (ESG) issues. Ferrari, who made his name pushing for change at companies including EDP Renovaveis and Retelit as part of Frankfurt-based Shareholder Value Management, said his firm, Clearway Capital, aimed to launch its first fund early in 2021.
Bill Ackman: Beware of Short-Term Market Volatility (MoneyWeek)
Hedge-fund manager Bill Ackman is upbeat on prospects for markets in 2021, with interest rates staying low and infrastructure spending on the cards. But he’s worried about short-term volatility as coronavirus takes its toll on the US population. “We think the next couple of months unfortunately are going to be tragic and very difficult for the globe and for our country [the US] in particular,” he warned his investors earlier this month. So he has revisited a winning strategy from earlier this year, putting on a new trade that will pay out if fears over corporate solvency increase.
Hedge Fund Spat With Vedanta Shines Spotlight on Jersey Unit (Bloomberg)
A recent tussle between a hedge fund and Indian mining giant Vedanta Ltd. is spotlighting growing scrutiny of a unit based in the British crown dependency of Jersey. That entity is Cairn India Holdings Ltd. (CIHL). Vedanta’s shareholder, hedge fund Kyma Capital, said earlier this month that a $956 million loan from Vedanta Ltd. to its holding company Vedanta Resources Ltd. — channeled through CIHL — represented an “improper transfer of value.”
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Inside Millennium Management’s Sprawling Network of Hedge Fund Spin-Offs (Business Insider)
One could argue that Millennium Management‘s greatest advantage over other hedge funds is its ability to keep talented people in-house. The massive hedge fund – which manages some $46 billion in assets across hundreds of teams – has a unique structure that lets portfolio managers operate in independent silos. The setup, which is grants PMs even more autonomy than fellow multi-strategy funds though with tight risk and loss parameters, helps billionaire founder Israel Englander convince staffers who might leave a more traditional fund to stay in-house – and recruit top talent into his firm.
Is the Mets’ New Owner Funny? An Investigation (The Baltimore Sun)
For a decade, Carlo Cerilli has been telling every New York Mets employee he encountered that the team ought to mark the spot in the parking lot where Cleon Jones caught the final out of the 1969 World Series at Shea Stadium. He had all but given up hope that anyone was listening. That was, until he had an encounter on Twitter with Steven Cohen, the new owner of the team. “I like that one,” Cohen wrote in a reply to Cerilli on Cohen’s newly verified Twitter account. After recovering from the shock that Cohen had actually replied to him, Cerilli thought to himself, “Finally, someone gets it.”
What Did This CEO Just Do with Personal Shares of LaZBoy (NYSE: LZB)? (Analyst Ratings)
On November 23, the COB, Pres & CEO of LaZBoy (LZB), Kurt Darrow, sold shares of LZB for $5.92M. Following Kurt Darrow’s last LZB Sell transaction on March 04, 2019, the stock climbed by 5.4%. In addition to Kurt Darrow, 2 other LZB executives reported Sell trades in the last month. Based on LaZBoy’s latest earnings report for the quarter ending October 31, the company posted quarterly revenue of $459 million and quarterly net profit of $34.94 million.
Diodes Inc (DIOD) President & CEO Keh Shew Lu Sold $4.7 million of Shares (Guru Focus)
President & CEO of Diodes Inc, Keh Shew Lu, sold 72,852 shares of DIOD on 11/25/2020 at an average price of $65.02 a share. The total sale was $4.7 million. Diodes Inc is a manufacturer & supplier of application-specific standard products within the broad discrete, logic, analog & mixed-signal semiconductor markets, serving the consumer electronics, computing, communications, industrial & automotive markets.
Tesla Just Blew Past Warren Buffett’s Berkshire Hathaway in Market Value. Here’s Why That’s Astounding (Business Insider)
Tesla stock rose as much as 4% on Tuesday, boosting its market capitalization as high as $567 billion. It blew past the roughly $544 billion market cap of Warren Buffett‘s Berkshire Hathaway on the way. Tesla’s greater market value reflects its stock price skyrocketing more than 500% since the start of this year. Its shares traded at less than a tenth of their current price as recently as October 2019.
Billionaire Ray Dalio Set to Open Family Office in Singapore (Bloomberg)
Ray Dalio, the billionaire founder of Bridgewater Associates, is opening a family office in Singapore to run his investments and philanthropy throughout the region. Dalio has long held ties to Asia and Singapore, and felt it was “high time” to open a family office there, the hedge fund manager’s spokesperson said in a statement, without elaborating on the timing or staffing plans.
The President of Northern (NASDAQ: NTRS) is Selling Shares (Analyst Ratings)
On November 25, the President of Northern (NTRS), Peter Cherecwich, sold shares of NTRS for $1.5M. In addition to Peter Cherecwich, 4 other NTRS executives reported Sell trades in the last month. The company has a one-year high of $110.48 and a one-year low of $60.67. Currently, Northern has an average volume of 665.10K. NTRS’s market cap is $20.16 billion and the company has a P/E ratio of 16.20. Based on 6 analyst ratings, the analyst consensus is Hold with an average price target of $88.83, reflecting a 8.9% upside.
Hni Corp (HNI) President & CEO Jeffrey D Lorenger Sold $2.3 million of Shares (Guru Focus)
President & CEO of Hni Corp., Jeffrey D Lorenger, sold 61,673 shares of HNI on 11/23/2020 at an average price of $37.47 a share. The total sale was $2.3 million. HNI Corp provides office furniture and hearth products. It manufactures and markets products including metal and wood commercial and home office furniture and gas, electric, wood and biomass burning fireplaces and stoves for home.
