Larry Robbins Made New Bets on Health and Travel Stocks — Here are His Top Moves (CNBC)
Glenview Capital Management made new bets on reopening stocks and national testing labs during last quarter, according to securities filings. The hedge fund, run by famed investor Larry Robbins, has high concentration in stocks related to the health care industry. During the stock market’s furious second quarter rally, Glenview trimmed many of its largest positions while building up smaller stakes in other companies, according to the filing.
Marble Ridge ‘Grave Mistake’ Roils Neiman Marcus Bankruptcy (Bloomberg)
A money manager at Marble Ridge Capital LP acknowledged he committed a “grave mistake” after a federal watchdog accused him of misconduct for trying to stop a competing bidder from buying some of the assets of bankrupt Neiman Marcus Group Inc. The hedge fund’s managing partner Dan Kamensky said he had been vying to buy shares of MyTheresa, the valuable online unit of Neiman Marcus, from creditors, according to a report from the U.S. Department of Justice. He sent messages to Jefferies, an investment bank that was also looking to buy shares in the unit, to try to influence that firm in a move that could upend the company’s planned reorganization process, the report said, citing Kamensky’s messages.
Hedge Fund Titan Seth Klarman Boosted Bets on 3 Healthcare Stocks and Dumped Tech Giants in the 2nd Quarter (Business Insider)
Seth Klarman‘s Baupost Group is relying less on tech giants and more on biotech stocks posting healthy gains in the second half of 2020. The hedge fund saw the value of its long stock portfolio swell 18% through the second quarter as the stock market rocketed out of its March slump, according to a Securities and Exchange Commission filing disclosed Friday. Klarman maintained large stakes in eBay, Fox Corp, and Liberty Global, but adjusted other elements of his portfolio as investors increasingly crowded cash into popular mega-caps.
Starboard Joins the SPAC Pack (Institutional Investor)
The activist firm is the latest in a growing number of hedge funds seeking money for a blank-check company. Jeffrey Smith’s Starboard Value, the hedge fund firm best known for its activism, is seeking $300 million for its first special purpose acquisition company. The SPAC, Starboard Value Acquisition Corp., was created to do an acquisition in a sector that could include technology, health care, consumer, industrials or hospitality and entertainment…
Andros Capital Launches $250m Energy Fund During Downturn (Opalesque.com)
Texas-based Andros Capital Partners has closed its debut Andros Energy Capital fund on $250 million, launching in the aftermath of a pronounced drawdown in energy. The fund will be involved in private equity investments, credit opportunities and direct asset-level investments across the energy sector. Andros is primarily focused on middle-market transactions requiring between $25 and $200 million of equity, with the potential for co-investments. Andros says the mid-market is underserved when it comes to financing opportunities as a number of banks have stopped funding middle market transactions in the energy space.
No Flatlines for Ress Life (Hedge Nordic)
Stockholm (HedgeNordic) – Ress Life Investments has just reached $200 million under management for the first time, successfully building a well-diversified portfolio of life insurance policies that pays off enough to achieve its return objective of 7-8 percent per annum time and time again. “We buy life insurance policies and they pay out randomly during the whole year,” says Cristina Lugaro of Resscapital. The portfolio, however, is large and well-diversified to cover for the annual return objective. After returning shy of one percent in the first five months of 2020, Ress Life Investments gained 1.3 percent in June and an additional 4.2 percent in July to bring the year-to-date performance to 6.3 percent.
Fir Tree Partners Joins Arcesium Technology & Services Platform (Hedge Week)
Privately owned hedge fund sponsor Fir Tree Partners, has selected Arcesium’s fully integrated technology platform and services solution to support its operational model. Fir Tree will leverage Arcesium’s scalable infrastructure designed to power their investment lifecycle, specifically addressing critical reconciliation, portfolio analytics, data management, treasury, and cash settlement functions. Arcesium’s technology provides Fir Tree with a single repository to manage all of their middle- and back-office workflows, unlocking efficiencies for their staff and streamlining operational processes.