Lone Star’s Rare M&A Concession Earns Hedge Funds Quick Money (Bloomberg)
Hedge funds including Segantii Capital Management are set to make some fast returns after Lone Star made a rare concession in a contentious U.K. takeover tussle. Lone Star boosted its bid for retirement home developer McCarthy & Stone Plc on Monday to 647 million pounds ($862 million) following investor opposition. The last-minute sweetener of 5 pence a share translates into an extra 27 million pounds for shareholders, which helped ensure they approved the deal later in the day.
BlueCrest Capital Management to Pay $170 Million to Settle SEC Claims (The Wall Street Journal)
BlueCrest Capital Management Ltd. will pay $170 million to settle claims that it misled clients about an internal fund that invested its traders’ own money, while its flagship fund was managed by an underperforming algorithm, the Securities and Exchange Commission said Tuesday. Once one of Europe’s biggest hedge-fund managers, BlueCrest stopped managing money for outside clients in 2015 after a sharp drop in assets and a run of poor returns from its flagship macro fund. It continued trading its employees’ own money.
Same, Same But Different (Hedge Nordic)
Stockholm (HedgeNordic) – From time to time, investors unavoidably face episodes of volatility on their investing journeys. Financial markets, market participants and ordinary people tend to dislike uncertainty. The existing and prospect investors of Oslo-based multi-strategy hedge fund Polar Multi Asset happen to dislike uncertainty and volatility just like everyone else. After gaining over 20 percent in March alone but then giving up 22 percent during the summer, “both existing fund-investors and potential investors have expressed a desire for somewhat lower volatility in our fund,” Kent Torbjørnsen, the CEO of Polar Asset Management, tells HedgeNordic.
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The ‘Warren Buffett of Bonds’ is Stepping Back from Managing Portfolios. He has Plenty in Common with the Berkshire Hathaway Boss (Business Insider)
An 87-year-old investor nicknamed the “Warren Buffett of bonds” is taking a step back from managing portfolios. However, like his 90-year-old namesake, he isn’t ready to retire just yet. Dan Fuss will celebrate his 45th year with Loomis Sayles next March. He will mark the milestone by ceasing to co-manage the investment firm’s flagship $9.1 billion bond fund or any of its mutual or offshore funds, Loomis Sayles announced on its website.
Investor Bill Ackman and NBA’s Chris Paul Back Housing Fund (The Wall Street Journal)
An impact investment firm has won the backing of NBA All-Star Chris Paul and activist hedge-fund investor Bill Ackman, whose family foundations are investing in funds targeting America’s affordable housing shortage. Turner Impact Capital has raised $357 million for its second fund focused on providing affordable housing to people who earn too much to qualify for subsidized housing but not enough to afford homes in the areas where they live and work.
The Bake-Off Judges Must Decide on Elliott’s Dish (Bloomberg)
It was too much to hope that Elliott Management Corp.’s attempted takeover of the firm behind Otis Spunkmeyer cookies would stay amicable. The hedge fund on Monday made a thinly veiled appeal to shareholders to pressure Aryzta AG’s board into swallowing its 794 million-franc ($891 million) takeover offer, pointing out the directors hold the key to putting it to an investor vote. This is a risky strategy compared to presenting the board with a knockout bid, but that’s Elliott’s choice.
Hedge Funds Gather Pace Ahead of Year End, as Equities, Event Driven and Crypto Strategies Soar in Market Upturn (Hedge Week)
Hedge funds are storming into the final weeks of 2020, having notched up some of their biggest gains in decades on the back of the US presidential result and positive developments in the search for a coronavirus vaccine, with equity, event driven and cryptocurrency strategies all riding high last month. Hedge Fund Research’s main Fund Weighted Composite Index grew 6.24 per cent last month, its best monthly return since December 1999, and its second biggest monthly rise since the index launched 30 years ago. Since the start of 2020, the index – a global equal-weighted measure of more than 1,400 single manager hedge fund – has advanced 7.32 per cent.
Energean Block Raises £42m for Third Point (GlobalCapital.com)
New York-based hedge fund Third Point has offloaded a £42.3m chunk of its stake in Energean, the London-listed oil and gas producer focused on the Eastern Mediterranean. Third Point Hellenic Recovery, the fund set-up by Third Point to invest in the economic regeneration of Greece after the financial crisis, was the seller. Launched after the market close on Monday evening following a pre-sounding exercise, the sale consisted of 6m shares, a 3.4% stake in Energean.
Tuesday 12/8 Insider Buying Report: HMHC, AVT (Nasdaq.com)
On Friday, Houghton Mifflin Harcourt’s Director, Daniel M. Allen, made a $507,882 buy of HMHC, purchasing 150,000 shares at a cost of $3.39 each. Allen was up about 9.3% on the purchase at the high point of today’s trading session, with HMHC trading as high as $3.70 in trading on Tuesday. Houghton Mifflin Harcourt is trading up about 2.2% on the day Tuesday. This purchase marks the first one filed by Allen in the past twelve months. And on Thursday, Director Oleg Khaykin bought $290,520 worth of Avnet, buying 9,000 shares at a cost of $32.28 a piece. This purchase marks the first one filed by Khaykin in the past twelve months. Avnet is trading down about 0.2% on the day Tuesday. Khaykin was up about 2.6% on the purchase at the high point of today’s trading session, with AVT trading as high as $33.11 in trading on Tuesday.
Pvh Corp (PVH) Chairman & CEO Emanuel Chirico Sold $34.3 million of Shares (Guru Focus)
Chairman & CEO of Pvh Corp., Emanuel Chirico, sold 378,622 shares of PVH on 12/04/2020 at an average price of $90.47 a share. The total sale was $34.3 million. PVH Corp is apparel company, which designs and markets branded dress shirts, neckwear, sportswear, jeanswear, intimate apparel, swim products, handbags, footwear and other related products. Its brands include Tommy Hilfiger and Calvin Klein.
The Senior Vice-President & Chief Financial Officer of Ball (NYSE: BLL) is Selling Shares (Analyst Ratings)
Yesterday, the Senior Vice-President & Chief Financial Officer of Ball (BLL), Scott C Morrison, sold shares of BLL for $2.82M. Following Scott C Morrison’s last BLL Sell transaction on September 16, 2020, the stock climbed by 9.6%. In addition to Scott C Morrison, 11 other BLL executives reported Sell trades in the last month.
SEC Issues Multiple Whistleblower Awards Totaling Nearly $3 Million (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission today announced whistleblower awards to five individuals for information provided in three different enforcement actions for combined payments of nearly $3 million. In the first order, the SEC awarded the whistleblower nearly $1.8 million. The whistleblower, a company insider, provided information that would have been difficult to detect in the absence of the tip and provided extraordinary assistance to SEC staff resulting in the return of money to investors.
