Legendary Investor Carl Icahn Slams McDonald’s For ‘Glaring Cruelty’ In Pig Supply Chain As Proxy Fight Intensifies (Forbes)
TOPLINE Ahead of McDonald’s annual shareholder meeting this year, billionaire investor Carl Icahn has doubled down on his effort to overhaul the fast-food chain’s animal welfare practices, sending a letter to investors slamming the company’s failure to meet a supply chain pledge from ten years ago and urging shareholders to vote in favor of his two activist board nominees.
Melvin Capital Management to Restructure as Losses Mount (The Wall Street Journal)
Buffeted by continuing losses, Gabe Plotkin’s Melvin Capital Management plans to shrink and take the unusual step of starting to charge incentive fees again even though clients remain significantly underwater on their investments. Melvin, which was burned badly in the meme-stock rally last year, plans to shrink to $5 billion from the $8.7 billion it managed at the end of March, according to a letter the hedge fund sent to clients Thursday that was viewed by The Wall Street Journal. The fund is also making a raft of other changes in the terms of its agreements with investors, Melvin told clients.
Ken Griffin Goes ‘All In’ to Make Mayor of Key Trading Hub the Governor of Illinois (Bloomberg Quint)
(Bloomberg) — You’d never guess that wealth and power in America converge here, at the intersection of Diehl and Eola roads, off Interstate 88, west of Chicago. But not everything is as it seems in Aurora, Illinois. This unassuming city — the setting of “Wayne’s World,” the Mike Myers and Dana Carvey comedy about two dweeby metalheads with a public-access TV show — has suddenly become a big-money political battleground. On one side is hedge-fund billionaire Ken Griffin, a rising power in Republican money circles. On the other is Governor J.B. Pritzker, a Democrat and billionaire heir to the Hyatt Hotels fortune.
Lipper Awards for Nordic Hedge Funds (Hedge Nordic)
Stockholm (HedgeNordic) – Refinitiv Lipper has unveiled the winners of the 2022 Refinitiv Lipper Fund Awards for the Nordic countries, with two members of the Nordic Hedge Index featuring among the winners. Nordea’s Alpha 10 MA Fund picks up two prizes and Rhenman Healthcare Equity L/S takes the top spot in the “Alternative Long/Short Equity Global” category. There were 3,717 funds eligible for a Refinitiv Lipper Fund Award in the Nordics, with the universe for the Nordic fund awards being composed of funds with a sales registration in at least one country out of Denmark, Finland, Norway and Sweden.
David Einhorn Warns the Russia-Ukraine Conflict May Tip the US Economy into Recession — and Dismisses Fears of a Housing-Market Crash (Business Insider)
David Einhorn warned the Russia-Ukraine conflict could tip the US economy into a recession, and accused the Federal Reserve of moving too slowly to curb inflation, in his first-quarter letter to Greenlight Capital‘s investors, which was published by ValueWalk this week. The elite investor’s hedge fund returned 4.4% last quarter, bucking the S&P 500’s 4.6% decline. Einhorn explained why the US government may be exacerbating the energy crisis, and dismissed fears of an impending housing crash.