Jim Simons’ RenTech Fund Quadrupled its Tesla Stake Last Quarter – and Boosted its AMC Bet by 38% (Business Insider)
Renaissance Technologies quadrupled its Tesla stake and boosted its AMC Entertainment bet by nearly 40% in the third quarter, Securities and Exchange Commission filings show. RenTech, one of the biggest and best-performing hedge funds in history, increased its Tesla holdings from about 204,000 shares to 814,000 shares. The electric-vehicle company’s stock price jumped 14% last quarter, meaning the value of RenTech’s position surged by about 360% to $631 million. As a result, Tesla was the fund’s 13th most-valuable holding as of September 30, up from 106th on the list at the end of June.
Kyle Bass Doesn’t Anticipate a Lunar Flight for Bitcoin (The Street)
You can count hedge fund heavyweight Kyle Bass, founder of Hayman Capital Management, among those who isn’t looking for Bitcoin to fly to the moon. “From here on out, it’s going to be really difficult to make money [from Bitcoin, because of] intense regulation” from the U.S. government, following China’s ban of Bitcoin earlier this year, he told Investor’s Podcast Network.
Soros Reveals Four New Bets; Raises Stakes in Property and Bank Stocks (Bloomberg)
Soros Fund Management increased its bets on real estate and financial stocks during the last quarter, while the value of its U.S. equity portfolio dipped to less than $5 billion. George Soros’s investment firm disclosed new positions in Hill-Rom Holdings Inc., MGM Growth Properties LLC, JPMorgan Chase & Co. and Goldman Sachs Group Inc., according to a regulatory filing Friday.
U.S. Utility Duke Energy to Add Two Elliott-Backed Directors (Reuters)
Nov 15 (Reuters) – Duke Energy Corp (DUK.N) would add two directors backed by Elliott Management Corp to its board as part of a deal, the company said on Monday, after the activist investment firm had pressed the utility to conduct a strategic review. Elliott went public earlier this year with demands that Duke split into three companies focused on the Carolinas, Florida and the Midwest. The hedge fund said this plan should create $12 billion to $15 billion of near-term value for shareholders.
What’s Behind Sachem Head’s Surge? (Institutional Investor)
Scott Ferguson’s activist fund is being led by several of its largest positions. Sachem Head Capital Management is well on its way to another very successful year.According to a person who is familiar with the results, the activist hedge fund headed by Scott Ferguson was up more than 30 percent for the year through October, easily outperforming the market averages.