Activist Investor Litt Pushes for Sale of Aimco REIT (Bloomberg)
Activist investor Jonathan Litt has built a new position in Apartment Investment & Management Co. and has met with management to discuss ways to improve value for shareholders, including exploring a sale of the real estate investment trust, according to people familiar with the matter. Litt’s Land & Buildings Investment Management owns a stake of just under 5% in Aimco, and believes there is a large pool of potential buyers for the company, the people said, asking not to be identified because the discussions are private. Land & Buildings agrees with the company’s assessment that its assets are worth at least $12 a share, they added, a 30% premium to where they closed Thursday.
Steve Cohen Quietly Setting Up Crypto-only Asset Manager (Blockworks.co)
Hedge fund billionaire Steve Cohen is laying the groundwork for an investment firm focused exclusively on cryptocurrency, according to four sources familiar with the matter. Though the new entity is in its early innings, sources said the business plans to trade spot cryptocurrencies – a segment Cohen’s multi-strategy hedge fund firm, Point72 Asset Management, has yet to touch. It would also trade digital asset derivatives, as well as look to write checks to outside digital asset-focused hedge fund managers, including possible seed deals.
Meister’s Corvex Lifts Kindred Stake to 15% (Casino.org)
Keith Meister’s Corvex Management has boosted its investment in Kindred Group. It could be the latest indication the hedge fund wants the Swedish gaming company to put itself up for sale, and do so soon. Meister’s investment firm now owns 15% of Kindred’s shares outstanding, meaning that since the start of 2022, the hedge fund’s stake in the gaming company has tripled. Under the terms of the European Union’s Transparency Directive, Kindred is obligated to notify shareholders when an investor’s stake falls or rises in increments of 5%.
Dalio’s Bridgewater Exits Alibaba, JD.com, NetEase, Bilibili and Didi Global in US$1 Billion Sale Amid Delisting and Geopolitical Tensions (South China Morning Post)
Bridgewater Associates, the world’s biggest hedge fund, sold its US$1 billion worth of holdings in five major Chinese technology stocks last quarter after a drubbing from a regulatory crackdown and heightened delisting pressure. The Connecticut-based firm dumped all of its stakes in Alibaba Group Holding, Bilibili, NetEase and JD.com in the three months to June 30, according to its latest 13F filing early on Friday with the Securities and Exchange Commission (SEC). The fund also completely exited Didi Global, the controversial ride-hailing group.
The Fate of Millennium’s Index-Rebalance King Glen Scheinberg, and his Profitable Team, has the Hedge-Fund Industry Abuzz (Business Insider)
A corner of the hedge-fund world can’t stop talking about one of Millenium Partners‘ most prominent trading teams. Glen Scheinberg, the portfolio manager whose team has minted billions of dollars for Millenium, became a hot topic on Wall Street. 1. Hedge funders seemingly can’t stop chatting about the fate of Millennium’s index-rebalance king. Searches on the Bloomberg terminal for Glen Scheinberg — the portfolio manager whose team has met with much success at Millenium — spiked to 1,300 one afternoon in June.