Hedge Fund and Insider Trading News: Mike Novogratz, Stanley Druckenmiller, Chase Coleman, Michael Burry, Coatue Management, Starboard Value LP, Elliott Management, Jana Partners, Choice Hotels International Inc (CHH), and More

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Crypto Bull Mike Novogratz Sees Any Bitcoin Pullback to this Level as a Buying Opportunity (CNBC)
Mike Novogratz told CNBC on Tuesday he remains bullish on bitcoin over the long-term, shrugging off concerns about the world’s largest cryptocurrency facing struggles over roughly the past month. Bitcoin traded around $44,000 per token Tuesday, down more than 30% from its all-time of nearly $65,000 that was reached on April 14 around the time of Coinbase’s blockbuster direct listing. “Markets aren’t supposed to be easy. If they were easy, we’d all be rich,” Novogratz said on “Squawk Box,” noting bitcoin is still up over 50% year to date. “Markets get ahead of themselves. They correct. This is kind of natural in markets,” the former hedge fund manager added.

Jana Partners Builds Vonage Stake After Review Ends (Bloomberg)
Activist investor Jana Partners plans to push for changes at Vonage Holdings Corp. after building a new position in the telecommunications services company, according to people familiar with the matter. The New York-based hedge fund run by Barry Rosenstein said in a regulatory filing Monday that it has built a 2.3% stake in Vonage. Jana believes the company is undervalued, the people said, asking not to be identified because the matter is private. The new position was reported earlier by Bloomberg News.

Billionaire Investor Stanley Druckenmiller Loaded Up on Palantir, Added Bank Stocks, and Sold Carnival Cruise Line in the 1st Quarter of 2021 (Business Insider)
Stanley Druckenmiller‘s Duquesne Family Office took up new stakes in Palantir, Citigroup, and newly public Coupang during the first quarter of 2021. The billionaire investor liquidated his positions in cyclical stocks like Disney, Carnival, and Live Nation, filings show. In a recent interview, Druckenmiller said a “monkey could make money in this market,” due to the Fed’s liquidity-pumping measures.

Covalis Capital's Returns, AUM and Holdings


Duke Energy Urged by Hedge Fund Elliott to Split Into 3 Firms (The Street)
Duke Energy (DUK) – is being urged by Elliott Management, the hedge fund run by Paul Singer to consider separating into three companies, the New York-based fund said Monday. Shares of the Charlotte, N.C., power provider at last check were up slightly at $103.66. Elliott said it had sent a letter to the utility’s board in which it argued that Duke’s “long-term underperformance has not been reflective of its high-quality assets and that the company should explore a separation to increase operational focus and improve performance.”

Alderwood Capital appoints two new Partners (Hedge Week)
Alderwood Capital (Alderwood), a London-based fund manager, has further expanded its team with two senior hires. Rick Potter and Jeremy Bassil will each be joining the rapidly growing firm as Partner, Senior Adviser. Potter will also be appointed Chair of the Investment Committee. Rick and Jeremy were founding partners of Northill Capital alongside Jon Little, Managing Partner at Alderwood.

Box Stock Is a Buy As Activist Investor Starboard Shakes Things Up (Investor Place)
Shareholders of cloud storage company Box (NYSE:BOX) should be getting used to surprises by now. Yesterday, activist hedge fund Starboard Value LP issued an open letter to management, citing concerns over the company’s $500 million convertible preferred equity financing. This move follows Starboard’s proxy battle earlier this month to take greater control of the company. Activist battles like this one are nothing new. But, if Starboard succeeds and gains majority control of BOX’s board, the hedge fund has the potential to dramatically change the trajectory of the company — and BOX stock.

Millennium Management Eyes Up to 80K SF in Brickell (Commercial Observer)
Wall Street’s hunt for Miami outposts heats up: Millennium Management, the New York-based private investment firm run by Israel Englander, is in talks for a large chunk of office space in Brickell, Commercial Observer has learned. The hedge fund is in the market for 60,000 to 80,000 square feet in Miami, according to two brokerage sources not involved with the deal, one of whom is familiar with the discussions. The firm will be growing its presence in Miami, where it already has an office, according to Bloomberg, which first reported about Millennium’s plans in South Florida.

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