Billionaire Investor David Einhorn Just Revealed his Top 10 Holdings. Here’s Why the Hedge-Fund Chief Bought Each Stock — Plus Why He Likes Rivian More Than Tesla (Business Insider)
David Einhorn enjoyed a strong fourth quarter as his hedge fund Greenlight Capital outperformed the S&P 500’s 11% gain by returning 18.6%, according to the billionaire investor’s latest 13F filing. Einhorn also revealed he’d bought 1,000 put contracts against Tesla shares and shared his analysis of some of the fund’s top holdings in a letter to Greenlight’s investors.
Melvin Dumps Mastercard, Alphabet in Portfolio Overhaul (Bloomberg)
Gabe Plotkin’s Melvin Capital Management sold its entire position in Mastercard Inc. during the fourth quarter, a stake it had held for more than five years, and also liquidated its shares of Google parent Alphabet Inc. as he sought to rebound from last year’s losses. Melvin unloaded 2 million Mastercard shares that were worth $695.4 million at the beginning of the quarter, and it was one of almost two dozen positions he exited during the period, according to a regulatory filing Monday.
Sachem Head Seeks Control of US Foods’ Board, Nominates 7 Directors (Reuters)
BOSTON, Feb 15 (Reuters) – Investment firm Sachem Head Capital Management is trying to take control of US Foods Holding Corp’s (USFD.N) board and has nominated seven directors, arguing the food distributor has been lagging its peers.
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Third Point’s Dan Loeb Cuts His Disney Stake by Half, Adds Tech and Reopening Trades (CNBC)
Third Point’s Dan Loeb slashed his Disney holding by half in the fourth quarter after two years of pushing the media giant to ramp up its streaming services. The hedge fund also added a slew of technology names and shares that would benefit from a successful economic reopening.
Alden Global Capital Loses Lawsuit to Nominate its Slate of Candidates for Lee Enterprises’ Board (Poynter.org)
A Delaware Chancery Court judge ruled Tuesday that Lee Enterprises followed its bylaws in rejecting hedge fund Alden Global Capital’s bid to nominate two candidates for Lee’s eight-member board of directors. Vice Chancellor Lori W. Will wrote that an Alden affiliate simply missed the deadline for properly making nominations. In addition, she said, the affiliate had not completed a transfer of stock that would make it a shareholder of record – a requirement to make nominations.
Brummer & Partners Seeds New Strategy (Hedge Nordic)
Stockholm (HedgeNordic) – In anticipation of higher volatility and more dispersion both within and between asset classes and countries, Brummer Multi-Strategy will seed a new systematic macro strategy launched by Brummer & Partners-backed alternative markets trend-follower Florin Court Capital (FCC). The new strategy, named Florin Court Capital Systematic Macro Fund, focuses on capturing non-trend, cross-sectional relationships within alternative markets.
