Hedge Fund and Insider Trading News: Steve Cohen, Firefly Value Partners, Altos Capital, Elliott Management, The GEO Group Inc (GEO), Hersha Hospitality Trust (HT), and More

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Hedge Fund Firefly Nominates Two Members to Gulfport’s Board (Reuters)
March 2 (Reuters) – Firefly Value Partners said on Monday it has nominated two candidates to Gulfport Energy Corp’s board, months after the hedge fund asked for a seat and criticized the company’s “half-measures” to improve its financial performance. Firefly, which owns 13.1% stake in the oil and gas company, said Gulfport has suffered more severely than its peers amid falling natural gas prices, because of the board’s failures and bad decisions.

Elliott Reaches Deal With Evergy to Add Two Seats to Board (Bloomberg)
Evergy Inc. reached a settlement with activist investor Elliott Management Corp. that includes appointing two new directors to the utility’s board. The agreement also includes the creation of a special committee to “explore ways to enhance shareholder value,” the Kansas City-based company said Monday in a statement. Evergy shares rose 3% before the start of regular trading in New York.

Altos Capital Launches Flagship Hedge Fund (Hedge Week)
Trader Jeff Tompkins has launched his flagship hedge fund, Altos Capital. The main objective of the fund is to outperform the S&P. Tompkins makes investment decisions based principally on trend and volatility analysis available to the firm through proprietary research and modelling systems, including advanced charting software and market momentum data. Altos Capital will primarily utilise a proprietary trading strategy based upon an algorithm of momentum and volatility studies, applied in the context of broader market analysis. In its first month the Altos Capital fund outperformed the S&P 500 index with a net return of 2.64 per cent. During that same time period the S&P 500 was down for the month. The main objective of the fund is to outperform the S&P and Tompkins has been able to accomplish that right out of the gate.

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Steve Cohen Just Told Staff that the Head of Point72’s Cubist Unit is Leaving the Firm in the Coming Months (Business Insider)
One of Steve Cohen‘s top quant investors and head of the firm’s Cubist unit is leaving the firm in the middle of the year, according to a memo sent by Cohen this morning that was seen by Business Insider. Ross Garon, who joined Point72‘s predecessor SAC Capital in 2009, is retiring after more than a decade leading of Cohen’s quant strategies. Garon previously worked for D.E. Shaw, one of the other prestige quant hedge funds in the industry, and founded his own fund, Tykhe Capital, which was named after the Greek god of fortune.

Capital Four Crowned Best in High Yield (Hedge Nordic)
Stockholm (HedgeNordic) – Danish sub-investment credit manager Capital Four Management has been awarded “Best Fixed Income – High Yield Hedge Fund” at the Hedgeweek European Awards 2020. Capital Four and the winners in the remaining categories were presented with awards at a ceremony in London on February 26. The winners were decided by a poll of Hedgeweek readers that include industry professionals at hedge fund firms, investors, fund administrations, custodians, accountants, auditors, law firms, consultants and fund distributors. Capital Four was the only Nordic name among the winners at the Hedgeweek European Awards 2020.

British hedge fund billionaire Hohn launches campaign… (InfoSurhoy.com)
LONDON, March 2 – British hedge fund billionaire Chris Hohn has launched a campaign to persuade central banks to starve hundreds of planned coal-fired power plants around the world of finance, aiming to block the projects before they can pose a threat to the climate. Hohn, a big donor to groups working on climate change, set out his concerns in letters to Bank of England Governor Mark Carney, European Central Bank President Christine Lagarde and the chairmen of Barclays, HSBC and Standard Chartered.

Hedge Funds Are Screwing Up Again (Daily Wealth)
Hedge funds saw lousy performance last year… And this year, it looks like they’re aiming for a repeat. According to my contacts on Wall Street, the average hedge fund returned between 7% and 10% last year. And Hedge Fund Research recently reported that the average hedge fund was up 10.4% in 2019. Either way, that’s downright terrible performance. Remember, it’s versus a total return of 31.5% for the S&P 500 Index. The amazing part is, that was the best annual performance for the industry since 2009. But it wasn’t enough to keep investors interested.

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