Hedge Fund and Insider Trading News: Cathie Wood, Starboard Value LP, Bridgewater Associates, Marshall Wace LLP, Curo Group Holdings Corp (CURO), Uber Technologies, Inc. (UBER), and More

New Hedge Fund Takes Short Bet Against Smurfit Kappa (Business Post)
Marshall Wace, one of the world’s largest hedge fund management firms, has joined Millennium Management in betting against the shares of Smurfit Kappa, the Irish paper and packaging company. Central Bank figures show that between them, Marshall Wace and Millennium, which was founded by Israel ‘Izzy’ Englander, are shorting 1.47 per cent of Smurfit’s shares. At the company’s current share price of around €39, that amounts to nearly €180 million worth of Smurfit’s shares.

Bridgewater Names Karen Karniol-Tambour as Third Co-CIO (Reuters)
Bridgewater Associates, the hedge fund founded by billionaire Ray Dalio, is naming Karen Karniol-Tambour as its third co-chief investment officer. Karniol-Tambour, 37, joins Bob Prince and Greg Jensen as a full partner and will be responsible for the company’s investment strategy and outcomes, according to a company statement on Thursday. She will be Bridgewater’s first female CIO, in an industry still predominantly led by men.

Ritchie Shareholder Deep Field Asset Opposes IAA Deal (Bloomberg)
A small shareholder has come out against Ritchie Bros. Auctioneers Inc.’s acquisition of IAA Inc., opposing a merger that’s received support by the activist Starboard Value LP. Jordan Moelis, managing partner of Deep Field Asset Management LLC, said Ritchie paid an “extraordinary price” to get the backing of Starboard for the proposed deal and shareholders should reject it.

Photo by Austin Distel on Unsplash

Disney Proxy Fight Heats Up as Nelson Peltz Increases Pressure for Board Seat (Los Angeles Times)
Walt Disney Co. has rushed to the defense of a board member who is now a target of activist shareholder Nelson Peltz amid his high-profile campaign for influence at the Burbank entertainment behemoth. On Thursday, Peltz’s hedge fund, Trian Fund Management, asked Disney shareholders to boot board member Michael B.G. Froman to make room for Peltz on Disney’s board.

Activist Funds Excel at Collecting Fees, Not Fixing Companies (Barron’s)
I’m thinking of launching an activist hedge fund that buys big stakes in underperforming companies and demands their board seats. Not the positions – the actual seats. “Everyone stands until the share price doubles,” I’d tell directors in a vigorously leaked letter. “Sincerely, Bottom Up Investment.” I’d charge the standard 2% a year plus 20% of profits, and promise never to offer advice.