Jeff Smith is Stepping Down as Papa Johns Chairman (RestaurantBusinessOnline.com)
Jeff Smith is stepping down as chairman of Papa Johns and is being replaced by longtime director Christopher Coleman, the company said on Wednesday. The Louisville, Ky.-based quick-service pizza delivery chain also said it is buying out most of the shares Smith’s Starboard Capital still owns. Papa Johns said it would buy nearly 2.2 million shares from Starboard at $82.52 per share, or nearly $180 million.
Cybersecurity Firm OneSpan Explores Sale – Sources (Reuters)
OneSpan Inc, a U.S. cybersecurity tools vendor that has become the target of activist hedge funds such as Legion Partners Asset Management, is exploring options that include a sale of the company, people familiar with the matter said. OneSpan is working with investment bank Evercore Inc on a sale process that could attract interest from other companies and private equity firms, the sources said, requesting anonymity because the discussions are confidential.
Lazard Says TSMC Is a Top Stock After Buffett Abruptly Dumped It (Bloomberg)
Lazard Asset Management said it’s been scooping up shares of Taiwan Semiconductor Manufacturing Co., the chipmaker that Warren Buffett’s Berkshire Hathaway Inc. abruptly unloaded last month without explanation. Berkshire’s reversal on TSMC was an uncharacteristic move for the world’s most famous buy-and-hold investor. The Omaha, Nebraska-based conglomerate revealed on Feb. 15 that it had slashed its stake by 86%, sending the company’s shares tumbling as investors tried to figure out why.
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The Hedgefond Under Case Fonder’s Umbrella (Hedge Nordic)
Stockholm (HedgeNordic) – Stockholm-headquartered Case Fonder opted to diversify and expand its asset management operations with the acquisition of Celina’s fund operations (formerly known as Catella). The integration of Celina’s funds and hedge funds under the umbrella of Case Fonder is in full effect, with each fund making its place in the Case product range. Case Hedgefond, once a €1.4 billion Catella-branded low-risk multi-strategy hedge fund, is also undergoing an adaptation and restructuring process.
Hedge Funds Positive in January (Hedge Week)
Hedge funds got the year started on an upbeat note, with over three quarters of all funds (78.2%) administered by Citco delivering positive returns in January. Overall, funds achieved a weighted average return of 3.6%. All types of strategies saw positive performance, apart from Commodities, with a -0.3% decline. Event Driven funds performed best at 6.7%, followed closely by Multi Strategy at 4.4%, Equities at 3.6% and Fixed Income Arbitrage at 3.3%.
Crop Traders in High Demand at Hedge Funds Looking to Cash In on Commodities (Bloomberg)
Hedge funds and proprietary trading firms are beefing up agricultural markets expertise by hiring traders as big swings in prices have made even relatively niche corners of commodities trading lucrative during the past year. Prominent moves include Squarepoint Capital LLP’s January hire of Olivier Paturaud from Louis Dreyfus Co., where he headed sugar trading in Asia, and Millennium Management’s hiring of soft commodities specialist Jonathan Kroft from Citadel late last year, according to people familiar with the changes. Marshall Wace brought on Neil Smaldon, who has an agriculture background, as the firm’s head of discretionary commodities.
Man Group: Leading bank raises its price target on stock in the hedge fund manager (Proactive Investors)
Shares in Man Group PLC (LSE:EMG) were 1.3% higher in early trade after Credit Suisse raised its price target on the stock and repeated its ‘outperform’ recommendation. The Swiss bank also increased its estimates for funds under management and management fees but trimmed back its estimate for performance fees following Wednesday’s prelims.
Allocators Increasingly Push for Hedge Fund Hurdle Rates (Institutional Investor)
Institutional investors often overlook high hedge fund fees — if a manager can deliver net returns that justify the outlays. But many are now asking hedge funds to add a hurdle rate — deliver some outperformance before they start paying for it. Investors who pay the highest fees generate the highest returns. In 2022, allocators that generated returns of more than 10 percent paid an average of 6.13 percent in total fees (1.46 percent for management, 3.25 percent for performance and 1.24 percent for expenses), while those that generated negative returns paid 2.27 percent (1.43 percent for management and 0.81 for expenses), according to BNP Paribas’s 2023 Alternative Investment Strategy Survey, which polled 185 allocators.
Thursday 3/2 Insider Buying Report: OGE, NEWT (Nasdaq.com)
At OGE Energy, a filing with the SEC revealed that on Monday, David E. Rainbolt bought 5,000 shares of OGE, for a cost of $36.65 each, for a total investment of $183,235. Bargain hunters can grab OGE at a price even lower than Rainbolt did, with the stock trading as low as $34.88 at last check today which is 4.8% below Rainbolt’s purchase price. OGE Energy is trading up about 0.6% on the day Thursday. This buy marks the first one filed by Rainbolt in the past year. And at NewtekOne, there was insider buying on Thursday, by CEO Barry Sloane who purchased 10,000 shares for a cost of $15.32 each, for a total investment of $153,200. Before this latest buy, Sloane made one other purchase in the past year, buying $101,636 shares at a cost of $24.20 each. NewtekOne is trading down about 0.2% on the day Thursday.
Over $19M Bet On This Healthcare Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Twilio: The Trade: Twilio Inc. (TWLO) CEO Jeff Lawson acquired a total of 158,081 shares an average price of $63.26. To acquire these shares, it cost around $10 million. Omega Therapeutics: The Trade: Omega Therapeutics, Inc. (OMGA) Director Noubar Afeyan acquired a total of 3,323,310 shares at an average price of $5.78. To acquire these shares, it cost around $19.21 million.
