Activist Hedge Fund TCI Gains Cellnex Board Seat (Reuters)
Spain’s Cellnex on Wednesday said it gave a board seat to activist hedge fund TCI, the mobile phone tower operator’s largest shareholder, which has pressured the company’s top management leading to the resignation of two independent members this month. Internal turmoil has marred Europe’s largest mobile phone tower operator after TCI in March sought to remove its chair and two board members, arguing the board had mishandled the search for a new CEO, resulting in insufficient progress.
Boaz Weinstein Preps for Credit Crunch After Wins on Banking Turmoil (Bloomberg)
Even after netting a tidy profit from the recent banking turmoil, Boaz Weinstein isn’t gloating. In fact, he says, the big gains for those wagering on a credit crunch are only just getting started. That’s how his hedge fund, Saba Capital Management, is positioned — with bets on stress he says is probably already ripping through private credit and insurers. Saba runs a tail-risk strategy that thrives in dislocated markets, one of a handful that feed his flagship fund which gained 73% in 2020’s pandemic. The $4.3 billion hedge fund clocked up returns in March from banking turmoil including a trade on Credit Suisse Group AG, according to a person familiar with the matter.
Hedge Fund Company Man Group Brings in $1.1 Billion From Clients in First Quarter (The Wall Street Journal)
Man Group raked in more than $1 billion in inflows into its funds in the first quarter, the company said Wednesday, a sign that demand from investors is returning after a difficult year for hedge-fund strategies in 2022. The London-based company said its assets under management rose to $144.7 billion in March from $143.3 billion at the end of last year. The increase came from clients allocating a net $1.1 billion to its funds, along with $700 million in performance gains. The company said positive currency moves were hit by performance-linked leverage movements.
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Restaurant Group Investor Urges Vote Against Andy Hornby’s ‘Unpalatable’ Pay (The Times)
A Hong Kong-based hedge fund has almost doubled its stake in The Restaurant Group as it urges fellow shareholders to vote against chief executive Andy Hornby’s pay package, which it describes as “disproportionate” and “unpalatable”. Oasis Management Company, which has just upped its holding in the Wagamama and Frankie & Benny’s operator from 6.5 per cent to 12.3 per cent, claims Hornby’s tenure has failed to generate value creation, instead contributing to a 73 per cent fall in the share price.
Harvest Lane, Wesfarmers’ Old Hedge Fund Foe, Pops Up at Silk Laser (AFR.com)
The hedge fund that made life difficult for Wesfarmers last year, as the Perth-based group pursued Australian Pharmaceutical Industries, has begun building a position at the conglomerate’s latest target. Brokers said Harvest Lane Asset Management had been buying up Silk Laser Australia shares since last Wednesday, when Wesfarmers lobbed a $3.15 a share bid for the laser and cosmetics procedures chain.
US Seeks Dismissal of Ken Griffin Lawsuit Over IRS Data Breach (Bloomberg)
The US asked a judge to dismiss a lawsuit by hedge fund manager Ken Griffin against the Internal Revenue Service after the billionaire accused the agency of failing to protect his confidential financial information. The Citadel founder seeks financial damages over a data breach that led to ProPublica’s publication of private data about some of the wealthiest US taxpayers. Griffin accused the IRS of failing to establish appropriate safeguards, saying on “information and belief” that unidentified IRS workers leaked his tax returns and return information to ProPublica between 2019 and March 2022.
Hedge Fund Billionaire Ray Dalio Doesn’t ‘Think a Lot of Bitcoin’ But Still Holds ‘A Little Bit’ (CryptoSlate)
Ray Dalio agrees crypto investing can negatively impact mental well being. American investor Ray Dalio said he holds a little Bitcoin (BTC) but is not a fan – instead, preferring gold. Not a fan of Bitcoin: Sharing his thoughts with former model turned Podcaster Chris Williamson, Dalio said while he prefers gold, Bitcoin still offers things the metal cannot, such as transaction tracking and “not being liked by the government.”
Third Point Investors Hit by Long Equity Exposure in ‘Bruising’ 2022 (Investmentweek.co.uk)
Third Point Investors (TPIL) reported sharp falls in both its NAV and share price return as its long equities exposure hurt performance in what its chair termed a “bruising” 2022. The £625m London-listed closed-ended fund, which invests directly in Daniel Loeb’s flagship hedge fund, reported a 24.4% and 25.5% drop on a NAV total return and share price basis, respectively, in the year to December 2022, according to its annual results.
H&R REIT and activist hedge fund K2 agree truce (Hedge Week)
H&R Real Estate Investment Trust and activist hedge fund activist investor K2 & Associates Investment Management Inc have called a truce and agreed on the appointment of two new directors to the REIT’s board, neither of whom were on K2’s proposed slate, according to a report by The Globe and Mail. Just three weeks after the Toronto-based hedge fund nominated four board candidates, the two parties have reached a compromise, with Lindsay Brand, a former real estate banker and former executive at property developer Dream Unlimited, and Leonard Abramsky, a commercial real estate veteran who is also on the boards of First Capital REIT and Dream Residential REIT, now set to be named as directors.
Tuesday 4/25 Insider Buying Report: CTBI, CFG (Nasdaq.com)
On Friday, Community Trust Bancorp’s Director, M. Lynn Parrish, made a $184,750 purchase of CTBI, buying 5,000 shares at a cost of $36.95 a piece. Investors can grab CTBI even cheaper than Parrish did, with shares changing hands as low as $34.75 at last check today which is 6.0% under Parrish’s purchase price. Community Trust Bancorp is trading off about 1.9% on the day Tuesday. And at Citizens Financial Group, there was insider buying on Friday, by Director Shivan S. Subramaniam who purchased 3,300 shares for a cost of $28.79 each, for a total investment of $95,007. This purchase marks the first one filed by Subramaniam in the past year. Citizens Financial Group is trading down about 0.3% on the day Tuesday.
$59M Bet On This Biotechnology Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Ambrx Biopharma: The Trade: Ambrx Biopharma Inc. (AMAM) 10% owner Cormorant Private Healthcare Fund III LP acquired a total of 5,215,189 shares an average price of $11.30. To acquire these shares, it cost around $58.95 million. RE/MAX Holdings: The Trade: RE/MAX Holdings, Inc. (RMAX) 10% owner Magnolia Group LLC acquired a total of 29,332 shares at an average price of $18.68. To acquire these shares, it cost around $547.91 thousand.
