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Hedge Fund and Insider Trading News: Citadel, Moore Capital Management, Baupost Group, Elliott Management, Sleep Number Corp (SNBR), Ashland Global Holdings Inc (ASH), and More

Baupost Sheds Puerto Rico Debt That Drove Ivy League Protest (Bloomberg)
Baupost Group, which was targeted by student divestment campaigns over its investments in Puerto Rico bonds, exited its position in the bankrupt territory’s debt in first quarter of 2019, according to an investor letter seen by Bloomberg. The firm’s decision to shed its stake came during the same period when Puerto Rico allowed owners of its sales-tax-backed debt to trade in their securities for new bonds at a discount, sharply cutting what the island’s government owed in the biggest restructuring so far in its record-setting bankruptcy. The bonds traded heavily after the restructuring as hedge funds and others that speculated on the outcome locked in their gains.

Elliott Can Make a Quick Buck From SoftBank (The Wall Street Journal)
Fundamental change at the Japanese conglomerate is a long shot, but may not be necessary to give Elliott a return on its $2.5 billion stake. Activist hedge fund Elliott Management has set its eyes on SoftBank. The question is whether it is in for a quick ride or a long journey. The $40 billion New York-based investor wants SoftBank to take steps to boost its share price after building a more than $2.5 billion stake, or roughly 3%, in the Japanese technology conglomerate. Elliott’s proposals include buybacks worth between $10 billion and $20 billion and better and more transparent investment decisions at SoftBank’s $100 billion Vision Fund.

Moore Capital ‘Didn’t Try That Hard’ at Succession (Institutional Investor)
A glimpse inside Louis Bacon’s big decision to cash out clients. Moore Capital Management never found an heir to founder Louis Bacon because, at least in part, Bacon didn’t want a successor. “We tried it; we failed,” Moore Capital’s president Elaine Crocker said of succession planning during a Thursday session at the Cayman Alternative Investment Summit. “We didn’t try that hard to be perfectly honest.” Moore Capital shocked many in the industry last fall by choosing to cease managing outside clients’ money after nearly 30 years in that business, and simply trade its own assets. The Financial Times first reported in November that Moore was closing down, which Crocker still disputes as inaccurate.

Countries with the Smallest Government Per Capita in the WorldCountries with the Smallest Government Per Capita in the World

Steve Cohen could be Blocked from Buying Another MLB Team After Mets Mess (
Steve Cohen broke the agreement he signed to buy the New York Mets and it is now an open question whether he would be allowed to buy a team again, two sources said. The hedge fund billionaire months ago signed a non-binding deal to buy the Mets, called a term sheet, in which Cohen would gain more than half of the team’s equity immediately but leave Fred Wilpon as the Mets control person for five years running the club, two sources said.

Citadel Dominates Multistrategy Peers With 3.4% Gain (Bloomberg)
Ken Griffin’s $30 billion Citadel extended its lead over multistrategy rivals, as its flagship hedge funds jumped 3.4% last month. Citadel’s Kensington and Wellington funds, which beat peers including Point72 Asset Management and Millennium Management in 2019, made money across all of the firm’s strategies in January, according to a person with knowledge of the matter. Global equity markets fell and bonds rallied last month amid concerns that the spread of the coronavirus will hurt growth.

Fiesta Restaurant Group Adds Hedge Fund Exec to Board (Seeking Alpha)
Fiesta Restaurant Group (NASDAQ:FRGI) announces that Andrew Rechtschaffen will be added to the board as a new independent director. The Board will expand to nine directors with the addition of Rechtschaffen. Rechtschaffen is the founder of Arex Capital Management and a former partner at Greenlight Capital. “Fiesta has a long history of constructive engagement with all of our shareholders, including AREX,” says Fiesta board chair Stacey Rauch. Arex Capital has a stake in Fiesta of around 8.5%.

Friday 2/7 Insider Buying Report: ASH, NWBI (
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys. On Thursday, Ashland Global Holdings’ CEO, Guillermo Novo, made a $1.01M purchase of ASH, buying 12,900 shares at a cost of $78.35 a piece. Ashland Global Holdings is trading up about 0.4% on the day Friday. And at Northwest Bancshares, there was insider buying on Thursday, by Director Timothy M. Hunter who bought 10,000 shares at a cost of $15.82 each, for a trade totaling $158,200.

The President & COO of Camden Property (NYSE: CPT) is Selling Shares (Analyst Ratings)
Yesterday, the President & COO of Camden Property (CPT), Malcolm Stewart, sold shares of CPT for $2.53M. Following Malcolm Stewart’s last CPT Sell transaction on June 20, 2019, the stock climbed by 7.7%. Based on Camden Property’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $267 million and quarterly net profit of $95.01 million.

Insider Weekends: Gail Boudreaux Purchases $2 Million Of Anthem Stock (Seeking Alpha)
Insider buying increased last week. Notable Insider Buys: Anthem, Inc., Discover Financial Services, B. Riley Principal Merger Corp.., Freeport-McMoRan Inc., and Cadence Bancorporation. Notable Insider Sells: BlackRock, Inc., Lockheed Martin Corporation, Lennar Corporation, JPMorgan Chase & Co., and Datadog, Inc. Insider buying increased last week with insiders purchasing $31.09 million of stock compared to $11.65 million in the week prior. Selling also increased with insiders selling $614.24 million of stock last week compared to $569.34 million in the week prior.

Sleep Number Corp (SNBR) SVP & CFO David R Callen Sold $1 million of Shares (Guru Focus)
SVP & CFO of Sleep Number Corp., David R Callen, sold 18,405 shares of SNBR on 02/05/2020 at an average price of $55.01 a share. The total sale was $1 million. Sleep Number Corp offer consumers with individualized sleep solutions and services, which include a complete line of SLEEP NUMBER beds and bedding accessories. Sleep Number Corp has a market cap of $1.52 billion; its shares were traded at around $53.33 with a P/E ratio of 19.81 and P/S ratio of 1.01.

Second Hedge Fund Manager Targeted in Danish Cum-Ex Probe (1) (Bloomberg Tax)
Danish officials have frozen the assets of a second fund manager at Solo Capital Partners LLP as part of a widening crackdown on banks and financial professionals linked to the Cum-Ex tax scandal. Edo Barac, a former money manager, was allowed by a London court Friday to access some assets targeted by the regulators. The freeze is part of a global order obtained in 2018 against 47 people and firms totaling 12.7 billion danish kroner ($1.86 billion).

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