Activist Investor Icahn Raises Stake in Oil Producer Energen (Reuters)
(Reuters) – Activist investor Carl Icahn boosted his stake in Energen Corp (EGN.N), a filing showed on Tuesday, as he eyes a potential takeover of the oil and gas producer. In May, hedge fund manager Keith Meister of Corvex Management and Icahn said they may try to buy the producer, which has operations in the prolific Permian Basin of Texas and New Mexico. Icahn now owns 4.3 percent of the company’s shares, up from 3.8 percent last week, according to the filing. Corvex, which is Energen’s second largest shareholder with an 8 percent stake, sold 2 million shares in the company to Icahn last month and granted him an option to buy another 2 million shares.
Scaramucci’s SkyBridge Sues Premium Point Investments (Reuters)
(Reuters) – SkyBridge Capital II LLC said on Monday it was suing Premium Point Investments LP, claiming it lost nearly $80 million because the investment service inflated the value of its hedge fund assets. SkyBridge Capital, a hedge fund investment firm founded by U.S. President Donald Trump’s former aide Anthony Scaramucci, claims that Premium Point overstated its hedge funds’ valuations by $200 million using false broker quotes that artificially inflated the prices of bonds.
Reviewing Bill Ackman’s Q1 Trading Activity: Sells Nike and Howard Hughes (Benzinga)
The hedge fund underperformed the market in Q1 as revealed in its recent 13F filing with the SEC. I take a closer look at Pershing Square‘s $4.8 billion portfolio and current stock holdings below. Pershing Square’s Largest Holdings: On May 15th, Bill Ackman‘s firm Pershing Square filed its quarterly Form 13F regulatory filing. I reviewed the filing to gain a glimpse into the firm’s large portfolio. Pershing Square’s stock portfolio totals $4.8 billion according to the latest filing. The list value of stock holdings is down -17.7 percent when compared to the last quarter. As a benchmark, the S&P 500 was down 1.2 percent over the same period.
Hedge-Fund Star Sundheim Lures Piles of Cash on His Own Terms (Bloomberg)
(Bloomberg) — For Dan Sundheim, who starts trading outside capital at his new hedge fund in mid-July, it might as well be 2007. That’s when hedge fund managers dominated Wall Street. They could charge high fees, impose long lock-ups on capital and afford to be discerning about which investors they allowed into their funds. Then came the financial crisis and a decade of low returns and client defections. Most startups barely raised any money.