Billionaires Druckenmiller, Soros Throw Weight Behind Oil Rally (Bloomberg)
The recovery in the oil industry is attracting some of the most recognized billionaires in money management. Stanley Druckenmiller’s Duquesne Family Office bought 1.68 million shares in VanEck Vectors Oil Services ETF in the second quarter, the third-biggest addition to its portfolio in the period, a regulatory filing showed Tuesday. It also added the Energy Select Sector SPDR Fund. George Soros’s hedge fund bought energy stocks including Chevron Corp.
David Tepper’s Hedge Fund Slashes Facebook Stake (Fox Business)
Appaloosa, the hedge fund founded by David Tepper, the owner of the Carolina Panthers, has slashed its stake in Facebook, selling 5.1 million shares, equivalent to an 18.3 percent cut in its stake in the social media company. The fund also cut its stake in Google parent company Alphabet, by 18.4 percent. Other changes included Appaloosa cutting its stake in Boston Scientific by 35.4 percent to 2.5 million shares and its stake in UnitedHealth Group by 25.1 percent to 529,390 shares. The fund also dissolved its stakes in Allstate and Applied Materials.
Tiger Cubs Tune Into Spotify, PointState Adds Facebook: 13Fs (Bloomberg)
Spotify Technology SA was a big winner among hedge fund investors in the second quarter. Several firms disclosed owning stakes in the music-streaming company, including so-called Tiger Cubs Maverick Capital and Coatue Management. Spotify went public in April and shares have climbed about 47 percent since then.
CLOs Are the New Hedge Funds. Plan Accordingly. (Bloomberg)
A number of hedge fund firms have a hot product. It’s not their hedge funds. Och-Ziff Capital Management’s investors withdrew $418 million from its hedge funds in the second quarter. Total inflow of assets under management, however, were $1.2 billion, its largest increase in assets in four years. The firm’s hot product: Collateralized loan obligations — a derivative debt investment that invests in leveraged loans and is a cousin of the type of funds that blew up in the housing bubble.
Sears CEO’s Hedge Fund Offers to Buy Kenmore Brand for $400 million (Reuters)
(Reuters) – A hedge fund owned by the chief executive of Sears Holdings Corp (SHLD.O), Edward Lampert, has offered to buy the company’s Kenmore appliances brand for $400 million in cash, Sears said in a regulatory filing on Tuesday. ESL Investments also made an offer to buy the Home Improvement business of the company’s home services division for as much as $80 million in cash, according to the filing with the U.S. Securities and Exchange Commission. It said the offers were made in a letter to Sears’ board.
Soros Fund Management Adds Popular Tech Names, BlackRock in Second Quarter (Reuters)
NEW YORK (Reuters) – Soros Fund Management LLC added Facebook Inc, Apple Inc and Twitter Inc, but trimmed stakes in Alphabet Inc and Amazon.com Inc in the quarter through June, according to a regulatory filing on Tuesday. The family office of billionaire George Soros also bought stakes in AT&T Inc, Chevron Corp and T-Mobile US Inc and divested stakes in eBay Inc, Nvidia Corp, Snap Inc and Paypal Holdings Inc. Soros Fund Management also dramatically boosted its shares in BlackRock Inc – the world’s largest asset management firm, overseeing $6 trillion – by nearly 60 percent to 12,983 total shares in the second quarter.