Carl Icahn Gets a Win Against Dell (Bloomberg)
Dell Technologies Inc. has one class of publicly listed stock outstanding, a tracking stock (referred to as DVMT) that it issued as part of its acquisition of EMC Corp. in 2016 and that was supposed to track the value of EMC’s (now Dell’s) stake in VMware Inc. Earlier this year, Dell offered to swap the DVMT stock for regular common stock of Dell itself, simplifying its share structure and making Dell a normal public company with listed common stock.
Hedge Fund Toscafund Says UK Equity Stocks “Incredibly Cheap” (Reuters)
LONDON, Nov 16 (Reuters) – UK share price losses following the release of Prime Minister Theresa May’s draft agreement on exiting the European Union make British stocks even more undervalued than previously, and thus more attractive, UK-based hedge fund Toscafund Asset Management said. Toscafund, which did not comment on its positions, was among a small minority of hedge funds to openly support Britain’s exit from the European Union prior to the vote. “UK stocks are incredibly cheap,” Toscafund chief economist Savvas Savouri, whose firm runs $4 billion in assets under management, told Reuters on Friday.
‘I’m Very, Very Bullish on My Firm’: Anthony Scaramucci’s Betting on a Rebound After His Fund Beat Its Peers During Red October (Business Insider)
Anthony Scaramucci has found religion – again – in his business. He lost it briefly last year, living in “an alternative universe” that saw him spend 10 days as White House communications director and attempting to sell his alternatives firm SkyBridge Capital to a Chinese conglomerate. Now, in an interview with Business Insider, the Long Island native says that he’s back and bullish, despite seeing $2 billion in outflows last year.
After Shorting the Pound, Crispin Odey Says It May Plummet 20% (Bloomberg)
Bearish hedge-fund manager Crispin Odey says the pound could lose a fifth of its value if the U.K. exits the European Union without a deal. Odey, who has repeatedly warned of market chaos and has lost money betting on it in the past, is currently shorting sterling along with U.K. equities. He also doubled down on his wagers against long-dated gilts last month, according to an investor letter seen by Bloomberg.
Campbell Soup’s Fate Hangs on Duel Between Founder’s Heirs and ‘Interloper’ (The New York Times)
Daniel Loeb is happy to play the barbarian at the gate. He’s got the money, about $3.1 billion. He’s got the office, a sleek white space that is a quintessential hedge fund aerie, with art by Jean-Michel Basquiat, Jeff Koons and Andy Warhol. And in taking on the old-money family that owns more than 40 percent of Campbell Soup Company, he’s found the perfect foil for his new-money ambitions.
Hedge Funds Jump Into California Utilities, and Some Get Hurt (Bloomberg)
PG&E Corp., the California utility beset by potential costs tied to state wildfires, attracted investments from some of the nation’s best-known hedge funds just before its share price swooned. Baupost Group, the Boston-based hedge fund run by Seth Klarman, added 14.5 million PG&E shares last quarter, according to the Form 13F the firm filed this week with the U.S. Securities and Exchange Commission. Hound Partners, Viking Global Investors and Appaloosa were also buyers. On a combined basis, the four firms owned 6.8 percent of California’s largest utility as of Sept. 30, up from 1.2 percent at the end of June.
Hedge-Fund Boss Who Predicted ‘87 Crash Says Get Ready for Some ‘Really Scary Moments’ (MarketWatch)
Paul Tudor Jones, a hedge-fund luminary, said he’s stress-testing his portfolio of corporate debt because he expects a tumultuous road ahead on the back of the Federal Reserve’s apparent commitment to normalizing interest rates and buttressed by corporate tax cuts from the Trump administration. Speaking at an economic forum in Greenwich, Conn., a hotbed for hedge funds, Jones said the Fed faces real challenges amid “the end of a 10-year run” of economic growth that many anticipate will soon come to a screeching, cyclical end.