Elliott Buys Tiny Stake in Wipro in First India IT Firm Holding (Bloomberg)
Billionaire Paul Singer’s Elliott Management Corp. has bought a stake in Wipro Ltd., its first ever purchase of an Indian-based software outsourcer. The New York hedge fund acquired 1.855 million American depositary receipts, or about 0.04 percent of Wipro’s share capital, according to a filing with the U.S. Securities & Exchange Commission. Though tiny when compared with Elliott’s stake of more than 4 percent in rival Cognizant Technology Solutions Corp., which has the bulk of its operations in India, the holding in Wipro gives the fund another foothold in the nation’s $167-billion IT services industry at a time its main players are re-tooling to shore up margins amid tighter client budgets.
Shares of Ugg-maker Deckers Drop More Than 7% After Activist Fund Dumps Stake (CNBC)
Shares of Deckers Outdoor, the maker of Ugg boots, dropped more than 7 percent on Monday after Marcato Capital Management exited their stake in the company. Marcato held an 8.5 percent stake in Deckers Outdoor as of Jan. 19, according to a 13D filing. The activist fund’s exit comes after its board nominees were not elected in December so it appears to be moving on and that is not making some shareholders happy. The stock was up more than 21 percent prior to Monday’s drop and hit a 52-week high last week.
Polar Capital’s Gavin Rochussen Gets More Bullish on Chip Giants Advanced Micro Devices, Inc. (AMD) and Micron Technology, Inc. (MU) (SmarterAnalyst.com)
Gavin Rochussen is a strategic leader who knows how to make the tough cuts. After all, under Rochussen’s guiding hand, special asset management group Polar Capital cut four funds that were underclassing the market. All the same, the hedge fund firm pulled out a good fourth quarter complete with solid net inflows- and by January, Polar was managing £11.7 billion. This marks £2.4 billion more from the end of March this time last year. For a firm that prioritizes diversifying fund strategies to client segments and client geography, how does Polar bet on chip giants Advanced Micro Devices, Inc. (NASDAQ:AMD) and Micron Technology, Inc. (NASDAQ:MU)?
Apple And 4 Other Stocks That Fit Buffett’s Investing Style (Forbes)
The much-anticipated release of Warren Buffett‘s annual letter to Berkshire Hathaway (BRK.A) shareholders at the end of February ignited the internet with a flurry of market and investment commentary. Some focused on the Berkshire’s hefty cash balances against the dearth of acquisition opportunities, while others expanded on the famous ten-year, million-dollar bet Buffett waged—and won—that the S&P 500 would outperform a bundle of hedge funds (selected by investor Ted Seides).