Hedge Fund and Insider Trading News: Element Capital, Odey Asset Management, Fortress Investment Group, Glenview Capital, Affiliated Managers Group, Inc. (AMG), KB Home (KBH), and More

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Evanston Redeploys After Exiting Element (HFAlert)
By pulling its money from Element Capital, fund-of-funds operator Evanston Capital removed the largest position in its portfolio – and a significant contributor to its returns in recent years. Evanston was among several investors to submit redemption notices after Element founder Jeffrey Talpins said in July that he planned to double the performance fees for accounts representing most of the firm’s assets under management, to 40%. Talpins’ goal: To reduce his New York global-macro shop’s $18 billion asset base by 20%. Now comes word that the Element Capital Master Fund accounted for 9.2% of the assets held by Evanston’s flagship Weatherlow Fund 1 in July, or some $300 million. That position was fully redeemed at yearend.

Hedge Fund Odey to Vote Against Anglo’s ‘Unfair’ 405 Million STG Sirius Bid (Reuters)
LONDON (Reuters) – Hedge fund Odey Asset Management said it would oppose Anglo American’s (AAL.L) 405 million pounds ($526 million) bid to acquire a huge fertilizer project from Sirius Minerals (SXX.L), saying the terms do not represent fair value. The asset under a national park in North Yorkshire, northern England, is Britain’s biggest mining project and has political resonance as the government works to create jobs in an economically disadvantaged part of the country.

This is What 2019′s Highest Paid Hedge Fund Manager is Betting on Now (CNBC)
The hedge fund manager who took home biggest payday last year has several large bets for 2020, including tech giants and railroad companies. Chris Hohn, the founder and manager of TCI Fund Management, was the highest paid hedge fund leader last year. Hohn made more than $1.8 billion last year as his fund gained 41%, according to Bloomberg. Hohn founded TCI in 2003, and the activist investor typically holds a concentrated portfolio without major turnover. TCI reported that it had 17 stock positions at the end of the fourth quarter.

Covalis Capital's Returns, AUM and Holdings


Fortress Said to Increase Offer to Purchase Mt. Gox Claims (Bloomberg)
Fortress Investment Group LLC increased its offer to purchase creditor claims from the defunct Mt. Gox cryptocurrency exchange in the wake of this year’s Bitcoin rally. The private-equity and hedge-fund firm sent letters this week to creditors offering $1,300 per Bitcoin, or 88% of its estimated account value, according to the one-page proposal, which Bloomberg News obtained from a person who said they weren’t authorized to speak on the matter. In December, the firm offered $755, and when Bitcoin traded lower, it dropped the price to as little as $600 per Bitcoin last March.

After a Blockbuster 2019, Larry Robbins’ Glenview Capital Flagship Fund Lost 7% in January (Business Insider)
After a sizzling 2019, Larry Robbins‘ flagship fund has come back down to Earth. Glenview Capital‘s main hedge fund lost roughly 7% in January, sources tell Business Insider, after returning nearly 30% in 2019. The average hedge fund last month was flat as concerns around coronavirus’ economic impact took hold, according to Hedge Fund Research. Glenview, the firm founded by Robbins in 2000, declined to comment. The New York-based manager has been a big investor in healthcare-related companies, like insurer Cigna and hospital administrator HCA Healthcare.

Hedge Funds Lost the Most Money in a Decade in 2019 (Market Watch)
Hedge fund clients continued to pull out their money in December, marking the second-straight month of outflows and the worst full-year outflows since 2009. Globally, outflows totaled $29 billion in December, up from $4.7 billion in November, and bringing the full-year total to $109.6 billion, or 3.8% of assets, according to the Barclay Fund Flow Indicator. For comparison, in 2018, investors pulled $89.2 billion, or 3.1% of total industry assets, out of hedge funds. In 2009, the outflows totalled 12.5% of assets.

Tom Steyer: 5 Things to Know (Fox News)
Billionaire and Democratic donor Tom Steyer went from financing climate change activism and Trump impeachment efforts to running a liberal campaign for president in 2020, and has had some limited success trying to break through in the polls thanks to his large advertising expenditures. Here are five things to know about the 62-year-old as the 2020 presidential election cycle is officially underway. 1. He’s the poorest billionaire in the presidential field: Steyer is one of three billionaires seeking the White House in 2020, along with President Donald Trump and former New York City Mayor Michael Bloomberg.

More Investment Funds Reduce Ties With Family Behind Purdue Pharma (The Wall Street Journal)
Two hedge funds are reducing their ties to the embattled Sackler family that owns OxyContin maker Purdue Pharma LP. DeepCurrents Investment Group LLC and Sunriver Management LLC have each redeemed investments by a private Sackler investment firm, Kokino LLC, according to people familiar with the changes. Kokino is the family office of Jonathan Sackler, a former Purdue board director and the son of a Purdue co-founder.

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