Editor’s Note: Related Tickers: Priceline.com Inc (NASDAQ:PCLN), Marvell Technology Group Ltd. (NASDAQ:MRVL), Herbalife Ltd. (NYSE:HLF)
Hedge Funds Play ‘Jeopardy’ Over Herbalife (Wall Street Journal)
John Paulson and the Gold Price (Live Trading News)
Investor John Paulson told investors he is staying the course on Gold even though there may be more short term volatility in the price of the metal. The New York based hedge fund manager is sticking by his thesis that Gold will someday be a powerful hedge against inflation, and it was no different on the investor call he held. John Reade, a partner at Paulson & Co, said that the firm, which oversees about $18-B, is not veering off its course even as he cautioned that there could be more price fluctuations in the short term. Funds like HeffCap’s Metals Funds that have built a unique portfolio of Metals and Metal related derivatives and equities are set to see strong growth for the next few years.
New Conservative Push for Marriage Equality (Advocate.com)
Billionaire Republican hedge fund manager Paul Singer, who founded American Unity PAC last year to support Republicans who back marriage equality, has launched a new lobbying organizaton called American Unity Fund. According to Associated Press’ Big Story, American Unity Fund has already spent more than $250,000 in Minnesota, where the legislature is expected to vote on marriage equality next month. The new PAC has spent $500,000 on lobbying since last month, reports Patrick Condon, backing efforts in Delaware, Indiana, Rhode Island, Utah, and West Virginia. Spokesman Jeff Cook-McCormac told AP that this lobbying is the next phase in the push for marriage equality in the U.S.
Hedge funds zoom in on mutual funds (Pensions & Investments)
With the relentless shift to defined contribution plans from defined benefit plans, hedge fund managers are looking to DC plans to diversify their client base. “I think this is a spectacular opportunity. The 40 Act (the Investment Company Act of 1940, which regulates mutual funds) has real, tangible benefits for retail investors, and you will see some world-class hedge funds entering the liquid alternatives space,” said Neil Siegel, managing director and head of New York-based Neuberger Berman Group LLC’s global marketing and product development. Evan Mizrachy, the San Francisco-based head of retail alternatives for BlackRock Alternative Investments, agreed, saying: “There’s such a strong greenfield opportunity right now. Retail investors, including defined contribution plan investors, don’t have enough alternatives in their portfolios. At the same time, institutional investors have enough hedge funds and mostly will be doing manager upgrades.”
Priceline.com Inc (PCLN) & More: A Trio of Picks from GAMCO’s Howard Ward (Insider Monkey)
Howard Ward runs GAMCO’s growth portfolio, and is charge of billions of dollars of investment capital. He appeared on Bloomberg Wednesday to give a few of his picks. Ward likes Tiffany & Co. (NYSE:TIF), Priceline.com Inc (NASDAQ:PCLN) and Deere & Company (NYSE:DE). Priceline.com Inc has been a high flying stock over the last few years, but Ward continues to like it. He praised the company’s ability to…
…grow in Europe, despite the continent’s continued economic weakness. Priceline.com Inc (NASDAQ:PCLN) has exposure to Asia through its subsidiary Agoda, and Ward believes Agoda should be a source of growth in future months. He’s also a big fan of the company’s management team.
Indian Hedge Funds Dare Where Foreign Investors Fear to Tread (CNBC.com)
Indian hedge fund manager Kalpesh Kinariwala is so sure of his equity strategies in a country that has stumped foreign rivals that he sends a daily e-mail tracker of his performance – including to competitors. Kinariwala’s Capveda Capital (India) Advisory fund, which he runs from a modest office in a decrepit industrial estate in Mumbai, has returned 11.86 percent so far this year,outperforming average negative returns of 2 percent from India-focused foreign hedge funds. Local hedge funds are eager to show off double-digit returns in the hopes of drawing wealthy Indians and succeeding where overseas players including HSBC Holdings PLC have failed.
Marvell Technology Group Ltd. (MRVL): Billionaire David Einhorn Trimming Position (Insider Monkey)
U.S. wants Diamondback’s Newman to reimburse hedge fund (Reuters)
A Diamondback Capital Management portfolio manager convicted of insider trading should reimburse up to $12.9 million to his former employer, in addition to serving as much as 6-1/2 years in prison, federal prosecutors said on Friday. In papers filed in U.S. District Court in Manhattan, prosecutors said Diamondback qualified as a “victim” of the former manager, Todd Newman. They said Diamondback deserves restitution under the federal Mandatory Victims Restitution Act, though less than the $39 million that the hedge fund has sought. The government’s involvement came after Goldman Sachs Group Inc and Morgan Stanley last year sought to recoup large sums of fees and costs from people who were once affiliated with them and were convicted of insider trading.
Meet the man who’s selling Canada short (Globe and Mail)
Vijai Mohan has made an all-in bet against Canada. The founder of a small San Francisco-based hedge fund called Hyphen Partners LP has staked 95 per cent of his investors’ assets on a wager that the country’s housing market and banking sector are about to come apart at the seams. Mr. Mohan has amassed large short positions on Canadian bank shares and the loonie, betting their values will fall sharply. “Canada faces two risks,” said Mr. Mohan in an interview. “Very few people are looking at those risks simultaneously. That collectively presents a lot of opportunity” – for someone looking to profit from Canada’s misfortunes.
SEC’s White Said to Push for Lifting Ban on Hedge-Fund Ads (Bloomberg)
U.S. Securities and Exchange Commission chairman Mary Jo White is pushing to adopt a rule allowing hedge funds to advertise in a move consumer advocates say could fail to protect unsophisticated investors, according to two people familiar with the matter. White, who became SEC chairman on April 10, has suggested the commission pass the existing plan without…
…major changes and add additional protections later, said the people, who declined to be identified because the deliberations are private. The approach would placate congressional Republicans who have complained the SEC has slow-walked the rule, which was required to be completed by July 2012.
Hedge fund builds major stake in engineer Invensys (Telegraph.co.uk)
ValueAct Capital, a fund which was last year involved in a bidding war for software company Misys, has built up a stake of more than 8pc in Invensys, making it a top three shareholder alongside institutional investors M&G and Scottish Widows. The move comes after Invensys shocked the City in November by announcing the sale of its rail signalling division to German giant Siemens in a deal worth £1.74bn, just £50m less than the entire company was worth.
Radcliffe becomes Signatory Member of the Hedge Fund Standards Board (Opalesque)
Radcliffe Capital Management, a SEC registered investment adviser which started in 1996 to manage alternative assets in relative value and arbitrage strategies, and now manages over $1 billion in long-only defensive credit related strategies, has become a signatory member of the The Hedge Fund Standards Board (HFSB). The HFSB brings together managers, investors, regulators and consultants from around the world to help determine how the hedge fund industry should operate.
Hedge fund Agilith North American Diversified Fund ends Q1-13 up 11.4% on strong markets (Opalesque)
Toronto, Canada-based Agilith North American Diversified Fund which is managed by Agilith Capital, ended the first quarter of the year up 11.4% (+1.1% in March) on strong market equities. In its monthly report to investors, Agilith said 2013 started with a solid market rally as some of the overriding macro risks ended up having a limited impact on markets. In the first quarter of this year, the Dow Jones Industrial Average and S&P rose by 12.0% and 10.7% respectively, while the TSX, hurt by the underperformance of energy and materials, rose by 3.4%.
