Q&A: Remy Trafelet Gets Back To Basics With New Investment Firm (FINalternatives)
In its first incarnation, Remy Trafelet‘s Trafelet Capital Management was a $5.8 billion hedge fund with double-digit annualized returns. Then came the 2008 financial crisis and everything changed. Trafelet chose not to gate and much of the money (especially that from bank prop-trading desks) vanished. Flash forward to 2014 and Trafelet has retooled the business, brought in Highbridge Capital vet George Brokaw as a partner and re-opened to outside capital as Trafalet Brokaw & Co.
Hedge funds flip-flop on Verizon, Visa, Gilead (CNBC.com)
Hedge funds have done an about-face on a group of crowded stock bets. Investment managers had bet against Verizon Communications Inc. (NYSE:VZ) and Walgreen Company (NYSE:WAG), but both positions are now popular long bets for hedge funds, according to a new review of 777 portfolios by Goldman Sachs Group Inc (NYSE:GS) using data as of March 31. Verizon fell 3.19 percent from January to March, but is up 1.2 percent as of May 23. Walgreen gained nearly 15 percent in the first quarter and is up about 22 percent as of Friday.
Aeropostale secures $150 mln credit facility from Sycamore Partners (Reuters)
Aeropostale Inc (NYSE:ARO) said it secured a $150 million credit facility from private equity firm Sycamore Partners, in what could be a lifeline for the struggling teen apparel retailer. Shares of Aeropostale, which reported its sixth straight quarterly loss last week, rose 8.5 percent to $3.70 in premarket trading. Aeropostale said it issued convertible preferred stock to Sycamore, giving it the right to acquire up to a 5 percent stake at an exercise price of $7.25, the closing of the retailer’s stock on March 12.
Émergence selects Bluehive Capital for its 5th and last investment (Opalesque)
Emergence and NewAlpha Asset Management announce the fifth and final incubation partnership between the French managers-only seeding fund ‘Emergence Performance Absolue’ and BlueHive Capital. Like its previous two investments, Emergence invested at the inception of the BlueHive Opportunities – Global Alpha, giving it an institutional visibility and sufficient size to meet the needs of French and international institutional investors. Authorized under the new AIFM Directive, this new fund invests in various Event Driven strategies, including ‘Special Situations’ and ‘M&A situations’.
DoubleLine Capital licenses Vichara V*CLO platform (Finextra)
Vichara Technologies, Inc., a leading capital markets technology firm, announced today that DoubleLine Capital LP has licensed Vichara’s V*CLO platform for analysis of collateralized loan obligations (CLOs) and their underlying collateral pools. Vichara’s V*CLO product is a valuable addition to DoubleLine’s overall trading platform. “The DoubleLine fixed income teams require IT solutions that can be customized to our investment approaches and existing platforms,” said Casey Moore, Chief Technology Officer of DoubleLine.