Hedge Fund News: Carl Icahn, John Burbank, George Soros

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Icahn Reportedly Looking To Buy Another Energy Company; Shares Spike (CNBC)
Carl Icahn reportedly has his sights set on another energy company, and it’s causing ripples in the market. Through his company CVR Energy, the billionaire investor is preparing a bid for Delek US Holdings, a Brentwood, Tennessee-based refiner, according a report in the New York Post, which cited a source close to the matter. The report sent Delek shares spiking as much as 12.5 percent in early Friday trading, though they were well off their highs an hour into the session. Delek has been getting clobbered this year along with other refiners, with shares falling 32 percent, even more than most of its peers. The industry has suffered under a weakening distribution market and contracting spreads.

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Hedge Fund Manager John Burbank Lays Out Why He’s Investing In Yahoo (Yahoo Finance)
San Francisco-based hedge fund manager John H. Burbank III, the chief investment officer of $4 billion Passport Capital, made a case for why it’s attractive to own Yahoo’s (YHOO) stock. In an investor letter dated August 1 and seen by Yahoo Finance, Burbank said one of the themes in Passport’s portfolio right now is the Chinese consumer and China’s internet. “This year, especially, it has become clearer to us that China has reasonable medium-term control over its macro destiny, and we expect consumption, and particularly demand for dominant internet services, to grow steadily. For context, China’s per capita household consumption is similar to what it was in the U.S. around 1970, which then proceeded to grow at a CAGR of 9% for the next 10 years, 8% for the next 20, and 6% for the next 40.

Soros Said to Seek CIO as Burdick Steps Down After Eight Months (Bloomberg)
Ted Burdick is stepping down as chief investment officer for George Soros’s $25 billion family office after less than a year in the role. Burdick, who had been head of distressed debt and arbitrage groups before his promotion in January, will remain in his current post until a replacement is found and then will return to running a credit portfolio at the firm, according to people familiar with the matter. Soros Fund Management is looking for a CIO candidate with experience in macroeconomic investing, said one of the people, asking not to be identified because the information is private. Michael Vachon, a spokesman for Soros, declined to comment.

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