Hedge Fund and Insider Trading News: Steve Eisman, Paulson & Co., Elliott Management, Nantkwest Inc (NK), Fidelity National Information Servcs Inc (FIS), and More

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Hyundai Shareholders Inflict Big Defeat on U.S. Fund Elliott in Proxy Vote (Reuters)
SEOUL (Reuters) – Hyundai Motor Group companies’ shareholders rejected on Friday Elliott Management’s demands for a massive special dividend and board seats, dealing a blow to the U.S. hedge fund’s campaign to shake up South Korea’s second-biggest family-run conglomerate. Although Hyundai fended off the threat from Elliott at the closely watched vote, it still faces a daunting challenge of winning shareholder support for a planned restructuring that should aid the handover of the group’s reins to heir apparent Euisun Chung.

Paulson Opposes Newmont-Goldcorp Merger Unless Price Lowered (Bloomberg)
Paulson & Co. says it won’t support Newmont Mining Corp.’s proposed $10 billion merger with Goldcorp Inc. unless the terms are changed. One major concern is that Goldcorp shareholders are effectively receiving the benefits of the recently announced joint venture between Barrick Gold Corp. and Newmont for free, the hedge fund said Thursday in a statement. As a result, Paulson would like to see the price lowered about 23 percent.

Insider Trading Back

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Hedge Fund Flows Positive but Well Below Historic Levels (HedgeNordic)
Stockholm (HedgeNordic) – The month of February saw hedge funds receive $1.69 billion in capital from investors, ending a five-month streak of consecutive outflows. According to eVestment, capital flows for February represent a key industry bellwether of net flows for the hedge fund industry. Last February’s level of new investment, however, marked the industry’s worst February for net flows in a decade. Historically, February has been an important month for the hedge fund industry, as new allocations usually start flowing heavily into the industry during this period of the year. In the past ten years, the level of new investment in February amounted to $17 billion on average, significantly above the $1.69 billion in new capital received by the industry last month.

Pension-backed Morgan Creek Digital Makes Strategic Investment in Ikigai Asset Management (Hedgeco.net)
(HedgeCo.Net) Morgan Creek Digital announced today that it will be the lead anchor investor in Ikigai Asset Management’s flagship fund focused on executing systematic and fundamental liquid hedge fund strategies as well as opportunistic venture-stage crypto asset investments. Ikigai is a crypto asset management firm launched in December 2018 by former Point72 Portfolio Manager Travis Kling and partners Timothy Lewis, and Anthony Emtman.

Investors Added $1.69bn to Hedge Funds in February (Opalesque.com)
Laxman Pai, Opalesque Asia: Investors may have added $1.69bn to hedge funds in February but face a rough road in 2019 with net inflows still in the negative YTD for 2019, said the eVestment February 2019 Hedge Fund Asset Flows Report. February is traditionally a bellwether month for hedge fund industry performance for the rest of the year, and February 2019 was the worst February for net flows in a decade. Following low performance in 2018, investors are fleeing from macro and managed futures strategies, with…

Insurers Team With Hedge Fund in PG&E Bankruptcy (The Wall Street Journal)
Insurers Team With Hedge Fund in PG&E Bankruptcy. A group of insurers have formed a creditor group with Baupost Group LLC in a bid to recoup billions of dollars in insurance payouts from PG&E Corp. stemming from damage caused by California wildfires.

A Star Investor in ‘The Big Short’ is Betting Against Canadian Banks (Business Insider)
Steve Eisman, the hedge-fund manager famous for betting against the US housing market ahead of the 2008 crash, is sounding the alarm on the Canadian market. “I’m calling for a simple normalization of credit that hasn’t happened in 20 years,” Eisman said in an interview with the Financial Times. He didn’t indicate the size of his positions or the names of the banks he was targeting.

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