Hedge Fund and Insider Trading News: Bill Ackman, Warren Buffett, Starboard Value, Highbridge Capital Management, State Auto Financial Corp (STFC), Enphase Energy Inc (ENPH), Oxford BioMedica PLC (OXBDF), and More

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Ackman’s Pershing Square Holdings Fund Up 62.8% for the Year (Reuters)
BOSTON (Reuters) – Billionaire hedge fund manager William Ackman, who cautiously hedged his portfolio before the historic market sell-off in March, has extended his gains to 62.8% for the year so far. Last month, Ackman’s publicly traded Pershing Square Holdings portfolio gained 13.4%, lifting the $11.4 billion portfolio to a net gain of 62.8% in the first 11 months of 2020, according to a performance review.

Highbridge Capital Management Closes Convertible Dislocation Fund (PRNewswire)
NEW YORK, Dec. 2, 2020 /PRNewswire/ — Highbridge Capital Management, LLC (“Highbridge or the “Firm”), a wholly owned subsidiary of J.P. Morgan Asset Management, today announced the final closing of its Highbridge Convertible Dislocation Fund (the “Fund”), with total investable capital of more than $2 billion, including approximately $685 million in equity commitments. In response to convertible market dislocations that commenced in March, the Fund was formed to invest in relative value and event driven convertible instruments with a focus on North America and Western Europe. This mandate is consistent with Highbridge’s longstanding commitment to relative value alternative investment strategies. The Fund, which began investing in June 2020, is approximately 50% invested.

Warren Buffett’s Favorite Market Indicator Nears Record High, Signaling Stocks are Overvalued and a Crash May be Coming (Business Insider)
Warren Buffett’s favorite market gauge is flirting with a fresh high, signaling stocks are overvalued and could plunge in the coming months. The “Buffett indicator” divides the total market capitalization of a country’s publicly traded stocks by its quarterly gross domestic product. Investors use it as a rough measure of the stock market’s valuation compared to the size of the economy.

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Hedge Fund Veterans Team with Former BlackRock Exec to Launch Impact Investing Firm (Hedge Week)
Hedge fund veterans Chris James and Charles Penner are part of the founding team behind new impact investor Engine No 1, which will look to create long-term value by driving positive impact through active ownership and investment in public and private companies through multiple strategies. Founded by James, Engine No 1 has an executive team with decades of experience investing in, creating, building, and operating businesses. The firm was founded on the shared belief that a company’s ability to create long-term shareholder value depends on the investments it makes in jobs, workers, communities, and the environment.

Fund Manager Sentenced to 2 Yrs in Prison in Hedge Fund Scandal (The Korea Herald)
A Seoul court sentenced a fund manager to two years in prison Wednesday for fraudulently selling financial products of a hedge fund implicated in a massive fraud and lobbying scandal. The former chief of a branch office of Daishin Securities Co. in southern Seoul was indicted in June for misinforming his clients while selling some 248 billion won (US$225 million) worth of funds of Lime Asset Management Co.

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