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Hedge Fund and Insider Trading News: Chase Coleman, Ray Dalio, Daniel Loeb, Ken Griffin, Salesforce.com, Inc. (CRM), Goldman Sachs Group Inc (GS), and More

Chase Coleman’s Hedge Fund Tiger Global Ends 2019 With 33% Gain (Bloomberg)
Chase Coleman’s Tiger Global Management returned 33% last year, beating the broader stock market even after slashing its valuation of beleaguered e-cigarette company Juul Labs Inc. The stock-picking hedge fund was just down 0.2% in December, according to a person familiar with the matter.

Ray Dalio’s Most Prominent Fund Suffers First Annual Loss Since 2000 (Fox Business)
Ray Dalio‘s Bridgewater Associates, the largest hedge fund in the world, saw one of its most prominent funds lose money for the first time in more than a decade, even as the S&P 500 surged. The firm’s Pure Alph II fund fell 0.5 percent last year, according to Institutional Investor, citing an investor in the funds. Overall, Pure Alpha, Bridgewater’s flagship fund, was essentially flat in 2019, ending an 18-year winning streak. It was the fourth time Dalio has lost money in a calendar year since starting Pure Alpha II in 1991, according to Bloomberg.

Ken Griffin’s Citadel Beats Steve Cohen’s Point72 With 19% Gain in 2019 (Bloomberg)
Ken Griffin’s $30 billion Citadel saw its main multistrategy hedge fund soar 19.4% last year, topping rivals including Steve Cohen’s Point72 Asset Management. Citadel’s Wellington fund gained across all five of the firm’s strategies after besting peers for most of the year, a person familiar with the returns said. Its Tactical Trading fund, a separate multistrategy fund that uses equity and quantitative approaches, rose about 20%. Point72 advanced about 16%, people said.

Insider Trading Back

Luis Louro / shutterstock.com

Hedge Funds See 9 Percent Gain in 2019 After Previous Year’s Losses (Newsmax.com)
Hedge funds rebounded last year with a 9% gain, yet trailed the broader market. The industry recovered from a 5.9% loss in 2018 as stocks sank, according to the Bloomberg Hedge Fund Indices. The longest-running equities bull market in history is rewarding investors with outsized returns putting pressure on hedge fund managers to justify their fees. The S&P 500 Index soared about 32%, with dividends reinvested, in 2019.

Fees Trending Lower (Hedge Nordic)
Stockholm (HedgeNordic) – Hedge fund fees have been trending lower in the past several years, and 2019 was no exception. According to data from Eurekahedge, the hedge funds launched last year are charging investors an average performance fee of 13.4 percent, compared with an average fee of 15.0 percent charged by the hedge funds launched in 2018. Performance fees decreased year-over-year across most of the world. The average performance fee charged by North American hedge funds launched last year equals 14.8 percent, down from the 16.3 percent charged by funds started in 2018.

When Elliott’s After You, Don’t Give It Ammunition (Bloomberg)
Elliott Management Corp.’s activist attack on Capgemini SE’s lowly 3.6 billion euro ($4 billion) bid for rival IT consultancy Altran Technologies SA is getting help from an unusual source: the bidder. Capgemini’s recent statements about the deal may merely be an incentive for Altran shareholders to sit tight. The target’s investors need to feel some fear if they’re to accept the 14 euros a share offer before it closes in late January. In particular, they need to be afraid that if they say no, Altran shares will fall a long way below the bid price. Such worries were already being eased by the fact that the market, and Altran’s peers, have climbed since the takeover was launched in June.

U.S. Hedge Fund Group MFA Names New Chief (Reuters)
(Reuters) – Managed Funds Association (MFA), a hedge fund lobby group in the United States, on Wednesday named Bryan Corbett its new chief executive officer. Corbett was most recently a partner and managing director at investment firm The Carlyle Group (CG.O), where he managed U.S. government and regulatory issues affecting the firm. He replaces Richard Baker, who helmed the group since 2008. Baker’s departure was announced in March last year, the MFA said.

Third Point Cuts Its Stake in Campbell Soup by 2.1 million Shares (MarketWatch)
Daniel Loeb‘s hedge fund Third Point Capital sold off about 2.1 million shares of Campbell Soup Co. CPB, -1.51%, according to a Securities and Exchange Commission filing late Tuesday. From Nov. 5, 2019 to Monday, Third Point sold shares ranging in price from $46.50 to $48.45, with the bulk of the sold shares, 1.9 million, being sold on Monday. Campbell Soup shares were flat after hours, and closed up less than 0.1% at $48.19. Following the sale, the hedge fund still owns 12.5 million shares, or a 4.1% stake in the company, according to the filing. Back in November 2018, Campbell Soup added two Third Point-nominated board members, appointed Third Point-approved Chief Executive Mark Clouse in December 2018, and the hedge fund had been adding to its stake as recently as last February.

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