Bill Ackman’s Publicly Traded Hedge Fund Hits Its High-Water Mark (Institutional Investor)
Pershing Square bucks a down market with August gains. After posting gains in August — a month when the broader market fell — Bill Ackman’s publicly traded Pershing Square Holdings fund has finally hit its high-water mark.Pershing Square Holdings, which is now Ackman’s largest fund with more than $5.8 billion in assets, gained 54.5 percent through August, according to…
A Hedge-Fund Manager Is Auctioning His $35 Million Philadelphia Dream Home (The Wall Street Journal)
Hedge-fund manager Andrew Barroway, a minority owner of the Arizona Coyotes hockey team, first listed his elaborate Pennsylvania estate in 2016 for $28 million. Now, he is auctioning the property with a reserve price of just $14.9 million. “I’m an impatient person, and I don’t want to list the property, I want to sell the property,” he said. An attorney and managing partner of hedge fund Merion Investment Management, Mr. Barroway said he recently sold a 95% stake in the Coyotes to billionaire Alex Meruelo, retaining a 5% interest…
Hedge Fund Veterans See Argentina as Cautionary Tale for Brazil (Bloomberg)
Fund managers Jose Tovar and Bruno Garcia have endured all the ups and downs Latin America has thrown at them in recent years, from populist governments to soaring inflation and countless sketchy economic plans. This year, the founders of the Rio de Janeiro-based asset-management firm Truxt Investimentos are especially concerned about the slow pace of recovery for the region’s largest economy. And they believe the turmoil taking place in Argentina is sending a message to Brazil’s President Jair Bolsonaro: growth needs to pick up for the government’s market-friendly agenda to succeed.
Starboard Discloses 7.5% Stake in Box, Shares Rise (Reuters)
(Reuters) – U.S. hedge fund Starboard Value LP revealed here a 7.5% stake in cloud service provider Box Inc (BOX.N) on Tuesday, calling its shares “undervalued”. Box shares were up about 7% at $15.84 after the bell. Up to Tuesday’s close, the stock had fallen 12% this year. Starboard is now the second-biggest stakeholder in the company after Vanguard Group Inc, which has an 11.41% stake as of June 30, according to Refinitiv data.
Activist Investor Takes 9 percent Stake in Outback Steakhouse Owner, Bloomin’ Brands (Tampa Bay Times)
TAMPA — The same activist investor who pushed the owners of Outback Steakhouse to explore a sale have purchased another large share of the restaurant company. Jana Partners, LLC, a New York hedge fund, now holds about a 9 percent stake in Bloomin’ Brands. The hedge fund purchased $127.7 million worth of shares between July 9 and Aug. 30, according to a filing with the Securities and Exchange Commission made on Friday.
Activist Investor Seek Four Board Seats at Amag Pharmaceuticals (Bloomberg)
Shares in Amag Pharmaceuticals Inc. jumped after activist investor Caligan Partners said it planned to ask shareholders to replace four of the company’s directors, including Chairman Gino Santini. Caligan owns about 10.3% of the pharmaceutical company, which is launching the female libido drug Vyleesi. The New York-based hedge fund has been pushing for changes at Amag Pharma, including calling for a strategic review, cost cuts and the international expansion of its Feraheme kidney drug, according to a statement Wednesday, confirming an earlier report by Bloomberg.
Hedge Funds Cautious on Oil, Wait for Economy (HellenicShippingNews.com)
Hedge funds are becoming slightly more pessimistic about the outlook for oil and the economy, though position changes remain small owing to the holiday season in North America and Europe. Hedge funds and other money managers were small net sellers of petroleum futures and options last week for the third time in the last four weeks, according to an analysis of data published by regulators and exchanges. Fund managers sold a total of 26 million barrels in the six most important futures and options contracts, reducing their net long position to 525 million barrels in the week to Aug. 27.