Hedge Fund News: Carl Icahn, John Paulson & Steven Cohen

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Carl Icahn Reveals Performance of Son Brett’s Portfolio (WSJ)
Stock-picking may run in the family. Within a long letter to Apple Inc. (NASDAQ:AAPL) +0.67% Chief Executive Tim Cook released Thursday, Carl Icahn revealed the returns of a portfolio co-managed by his son, Brett Icahn, and another partner, David Schechter. They managed to beat the market and the returns of most hedge-fund managers. The portfolio, dubbed the Sargon Portfolio, posted a gross annualized return 36.5% from its formation in April 2010 to the end of the third quarter. The S&P 500 has returned an annualized 14.7% in the same span, said Howard Silverblatt, senior analyst at S&P Dow Jones Indices.

Tim Cook & Carl Icahn

Wachtell At Risk Of Big Defeat In Bitter Darden Proxy Fight (Law360)
Wachtell Lipton Rosen & Katz has made a name for itself by mowing down shareholder activists but one of its highest-profile clients this proxy season, Darden Restaurants, Inc. (NYSE:DRI), appears headed for defeat when investors vote Friday on a complete board overhaul proposed by activist Starboard Value LP. As the vote nears, some analysts have predicted victory for Starboard, a hedge fund that bought into Florida-based Darden a year ago and has since swelled into the company’s bitter rival. After months of wrangling and escalating tensions, the…

Hedge Fund Billionaire John Paulson’s Comeback Crashes In September (Forbes)
Hedge fund billionaire John Paulson staged an impressive comeback in 2013 following three very tough years for his Paulson & Co. hedge funds, but his rebound crashed badly in September, leaving some of his most important funds down deeply in 2014. Paulson’s Advantage Plus Fund fell by about 11% in September and is now down 14% this year, according to Bloomberg News, which first broke the news of Paulson’s dismal September.

Julien Balkany’s Nanes Balkany Partners Getting More Involved in Panoro Energy (InsiderMonkey)
Nanes Balkany Partners, an activist hedge fund which invests primarily in O&G companies and one of the largest shareholders of Panoro Energy is getting more involved. Panoro in 2013 had retained Evercore to review strategic alternatives, other shareholders had called an EGM, and now the Board is being reconstituted adding Julien Balkany and others. Here is a copy of their press release: Nanes Balkany Partners I LP (“Nanes Balkany”), the New York-based activist hedge fund which invests primarily in oil and gas companies and one of the largest shareholders of Panoro Energy ASA (OSX:PEN) (“Panoro” or the “Company”), today announced its full support and endorsement for the election to the Board of the nominees recommended by Panoro’s Nomination Committee.

Odey Up 9.8% In Sept., Still Negative For The Year (Finalternatives)
Odey Asset Management’s flagship European fund had a strong showing in September, gaining 9.8% for the month, according to Financial News. The gain dwarfs that of its peers, with the MSCI Europe index rising just 0.4%. Following negative performance in June and July, the hedge fund—which manages €1.9 billion—returned 0.5% in August. Overall, the fund was up 8.6% in the third quarter, but despite a good Q3 showing, the fund is still down 5% year-to-date through September.

Billionaire investor on stocks vs. bonds debate (CNBC)

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