Sportech Confirms It Rejected Approaches from US Hedge Fund (Proactive Investors)
Sportech plc (LON:SPO) has confirmed it received and rejected two bid approaches from New York hedged fund Standard General. The approaches regarding potential cash offers to buy the company were pitched at 25p and 28.5p a share respectively, with the most recent received on October 28. Sportech told investors that its board believes the proposed offer prices fundamentally undervalue its businesses and prospects.
David Einhorn Calls Out Tesla ‘Mania,’ Teases New Short Positions, and Says the Tech Bubble is Already Popping (Business Insider)
Investor David Einhorn called out Tesla’s breathless stock rally, predicted tech stocks will tumble, and announced new short positions during Greenlight Capital Re’s earnings call on Thursday. Einhorn chairs the reinsurer’s board and manages its investment portfolio, which eked out a 1.4% gain last quarter — a fraction of the S&P 500’s 8.9% return over the same period.
America Not The Only Thing Putting Painful Chapter Behind It This Week (Deal Breaker)
For six-and-a-half years, the hedge fund formerly known as Och-Ziff Capital Management has been rather eager to put its African misadventures – specifically those involving bribes paid to public officials in exchange for some exciting mining rights – behind it. It spent $400 million and had a subsidiary plead guilty. It (eventually) cut ties with its founder. It changed its very name. And still, the scandal continued to hang over its head, in part because – like the Justice Department—the victims of its little scheme would not just go the hell away. At last, however, they have.
Tiger Global Is Seeking More Capital (Institutional Investor)
The firm is one of the better-performing hedge funds this year despite October’s setback. Tiger Global Management is seeking to raise capital to “replenish” its commitment structure that co-invests with its long-short fund, according to the firm’s third-quarter letter obtained by Institutional Investor.The letter, which did not provide the amount Tiger is targeting, said subscription documents are due November 13 and the structure will be…
ANALYSIS: New ESG Hedge Fund Tops Activist List in Third Quarter (Bloomberg Law)
Inclusive Capital Partners LP, a new hedge fund, has joined the top ten list of activist organizations by the number of campaigns conducted, according to data from the Bloomberg Terminal. During the third quarter, the fund managed four campaigns in total. Inclusive Capital Partners LP is an ESG-focused hedge fund founded in June 2020 by Jeffrey Ubben after he stepped down as CEO of ValueAct Capital Management LLC. Inclusive Capital has been making investments in companies that promote environmental protection, support greenhouse gas emissions reduction, or pursue other sustainability-related goals.
Winning Streak Comes to an End (Hedge Nordic)
Stockholm (HedgeNordic) – The six-month streak of positive returns for Nordic equity hedge funds – that included their best summer on record – came to an end in October. Equity hedge funds in the Nordic Hedge Index fell by 1.2 percent on average last month (87 percent reported), trimming the group’s year-to-date advance to 5.2 percent. Global equity markets were down 2.3 percent in Euro terms in October despite strong gains in the first week of the month. Global equities are now down 5.3 percent year-to-date through the end of October. Eurozone equities, meanwhile, declined by 5.9 percent last month to extend the year-to-date decline to 16.4 percent.
Spring Valley Asset Management Launches Commodity Advantage Portfolio (Hedge Week)
Spring Valley Asset Management, an alternative investment manager specialising in the application of systematic investment strategies, has launched the Commodity Advantage Portfolio. The portfolio pursues a multi-strategy systematic approach to investing across a diverse selection of highly liquid commodity markets (including precious metals, industrial metals, energies, grains, foods, fibres and meats), offering the potential for attractive risk-adjusted returns, controlled downside volatility and distinct correlation benefits within a cash efficient (ie, low margin) investment vehicle.