Saba Capital Reaches Agreement to Tender 25% of Neuberger Berman High Yield Strategies Fund Inc. Shares (Businesswire.com)
NEW YORK–(BUSINESS WIRE)– Saba Capital Management, L.P. and certain associated parties (collectively “Saba”) today announced that it has reached an agreement with Neuberger Berman Investment Advisers LLC with respect to Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the “Fund”). Under the terms of the agreement, the Fund will commence a cash tender offer for up to 25% of the Fund’s outstanding shares of common stock at a price per share equal to 96.0% of the Fund’s net asset value (“NAV”) per share. The tender offer will expire no later than December 31, 2020. The Fund will repurchase shares tendered and accepted in the tender offer in exchange for cash.
Warren Buffett’s 8 Key Tips for Investors Include Holding Cash, Being Patient, and Treating Shares as Owning a Business, a New Study Finds (Business Insider)
Warren Buffett‘s key lessons for investors include keeping cash on hand, treating shares as pieces of a business, and reining in emotions, according to a recent academic study. The billionaire investor and Berkshire Hathaway CEO has publicly discussed numerous investing concepts over the years. Dr. Christian Koch identified eight critical ones in “Warren Buffett: A Practical Understanding of Financial Literacy Extended to Managing Investments,” an analysis he conducted for a doctoral dissertation project at University of South Florida, Tampa.
Harvard Creates Biotechnology MBA With Gift From Ex-Tiger Cub (Bloomberg)
Former Tiger Cub Chris Shumway is helping Harvard University prepare a new breed of MBAs, equally at ease on Wall Street and in the laboratory. With a $25 million gift, Shumway and wife Carrie are supporting the joint life sciences MS/MBA program at Harvard Business School that took its first 11 students in August. Three-quarters of the class is women; all were life sciences majors, and many have worked in the field.
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Starboard Says It Now Owns 9% of ACI Worldwide, Stock Gains (Reuters)
BOSTON (Reuters) – Activist investor Starboard Value boosted its stake in ACI Worldwide Inc ACIW.O to 9%, according to a regulatory filing made on Monday that helped push the payment systems company’s stock up more than 3% in afterhours trading. The New York-based hedge fund now owns 10.5 million shares in the Naples, Florida-headquartered company which is worth $3.7 billion, the filing said.
Hedge Fund DE Shaw Expands Asia Pacific Presence (FundsGlobalAsia.com)
One of the world’s largest hedge funds, US-based D.E. Shaw & Co., is set to become the latest hedge fund to open an office in Singapore. The firm, which has more than $50 billion in investment capital, has applied for a fund management licence from the Singapore central bank. While DE Shaw already has offices in Shanghai and Hong Kong, it is just the latest large hedge fund to move its headquarters from Hong Kong to Singapore.
A Fund Manager Who’s Doubling Up the Competition in 2020 Tells Us His Strategy for Investing in the ‘K-Shaped’ Economic Recovery — and Details the Only 2 Stocks He Added as the Market Recovery Took Off (Business Insider)
As the stock market’s dramatic comeback from its March lows hit a major speed bump and volatility increased, a lot of investors scrambled to reposition for another twist. Fund manager Todd Ahlsten wasn’t one of them, as he mostly held on to his long-term investments and the stocks he bought during the sell-off and the early stages of the recovery. “The turnover since that earlier part of the year has come down significantly,” he told Business Insider in an exclusive interview. “We like where the portfolio is.”
Fund Managers’ Research Firepower is Now Key to Generating Portfolio Alpha, Study Shows (Hedge Week)
The quality of research skills among hedge funds and other investment managers is closely tied to their ability to generate alpha in portfolios, a new deep-dive industry study has found. Inalytics, a UK-based research outfit that aims to identify and benchmark investment skills for institutional investors, probed the connection between research capability and alpha generation using its database of 370 active equity portfolios and 26 fixed income credit portfolios. The study split the portfolios into two groups: those with positive and those with negative alpha. It tracked opening buys – the first time a manager adds a new stock to the portfolio – to measure the effectiveness of the research process, since they are the “purest way” to evaluate managers’ research processes, according to Inalytics.
LLR Partners Closes New $1.8bn Fund (Opalesque.com)
Center City private equity firm LLR Partners closed a new $1.8 billion fund, aimed at investing in health care and tech companies. Through the fund – LLR Equity Partners VI (LLR 6) – LLR Partners invests between $20 million and $100 million in each technology and health-care company in its portfolio, according to a news release from the lower middle market PE company. Its previous fund, LLR Equity Partners V, closed at $1.2 billion in June 2018. The amount was $250 million more than LLR 4, which closed in March 2014 at $950 million. The new fund, LLR 6, will be used to make both minority and majority investments in the company’s targeted focus area – lower middle-market growth companies.
Glenveagh Attracts Growing Hedge-Fund Interest (The Irish Times)
Swiss activist hedge fund Teleios Capital Partners has been quietly – but aggressively – building up a stake in Glenveagh Properties since global markets tanked in early March. Glenveagh said on Monday that Teleios had increased its holding in the company to just above 11 per cent seven days earlier, cementing its position as the Dublin-listed housebuilder’s biggest shareholder on the eve of Budget 2021 being unveiled. (It first announced its arrival on the Glenveagh’s shareholder register in early March as its stake breached the 3 per cent level).
Puerto Rico Creditors Denied Urgent Insider Trading Probe (Bloomberg)
A federal magistrate judge quickly shot down an expedited bid by Puerto Rico’s creditors to investigate possible insider trading by hedge funds that participated in the island’s confidential debt negotiations. The unsecured creditors committee failed to justify its emergency request to lead an investigation into the bond trading, Magistrate Judge Judith Dein said in a court order Monday, concurring with groups of opposing bondholders.
Quest Diagnostics Inc (DGX) Chairman, CEO and President Stephen H Rusckowski Sold $35 million of Shares (Guru Focus)
Chairman, CEO and President of Quest Diagnostics Inc., Stephen H Rusckowski, sold 291,997 shares of DGX on 10/16/2020 at an average price of $120 a share. The total sale was $35 million. Quest Diagnostics Inc provides diagnostic testing, information, and services, providing insights that enable patients and physicians to make healthcare decisions. It provides diagnostics for insurers and healthcare information technology businesses.
The President & Chief Executive Officer of Kelt Exploration (Other OTC: KELTF) is Buying Shares (Analyst Ratings)
Today, the President & Chief Executive Officer of Kelt Exploration (KELTF), David John Wilson., bought shares of KELTF for $274K. In addition to David John Wilson., 2 other KELTF executives reported Buy trades in the last month. This recent transaction increases David John Wilson.’s holding in the company by 1% to a total of $29.42 million. Currently, Kelt Exploration has an average volume of 93.30K. The company has a one-year high of $3.75 and a one-year low of $0.54.
Paychex Inc (PAYX) Sr. Vice President, CFO Efrain Rivera Sold $18.2 million of Shares (Guru Focus)
Sr. Vice President, CFO of Paychex Inc., Efrain Rivera, sold 216,818 shares of PAYX on 10/16/2020 at an average price of $83.72 a share. The total sale was $18.2 million. Paychex Inc operates in payroll outsourcing industry. The company provides integrated payroll, human resource, insurance, and benefits outsourcing solutions for small and medium-sized businesses in the United States.
