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Hedge Fund News: Leon Cooperman, Hugh Sloane & Michael Zimmerman

Einhorns Busts At WSOP, Finishes In 173rd (Finalternatives)
Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at the event’s final table. The hedge fund manager busted on Saturday at the Rio All Suite Hotel and Casino in Las Vegas, ending the tournament in 173rd place. Einhorn tweeted that he was “sadly all done” after he “couldn’t find another miracle.” He added that the event was “lots of fun” and that he had no regrets. Einhorn finished in 18th place at the 2006 WSOP. This year, he won $44,728, all of which will go to the Robin Hood Foundation.

Big Dispersion of Returns Among Activist Investors (InstitutionalInvestorsAlpha)
This certainly seems to be a golden age for hedge fund activism. The number of shareholder activist campaigns initiated in the first half of the year was the highest in several years, while proxy fights involving hedge fund managers exceed 60 percent of the total number of battles, compared with 44 percent or so in 2009 and 2010, when there were many more proxy fights in general, according to corporate governance research firm FactSet SharkRepellent.

Michael Zimmerman Hedge Fund Prentice Capital Bullish On Stocks As May Retail Spending Leaps 0.6% (MotoeMag)
Michael Zimmerman, CEO of hedge fund Prentice Capital is noting that retail sales gained 0.3 percent in the most recent figures for May. While that was below the 0.6 percent rise expected on Wall Street the data did little to alter views the economy is regaining steam. The Commerce Department said on Thursday, “The continued gains during the first two months of the second quarter suggests that consumers are continuing to hold their side of the bargain, building on the strong momentum at the end of the last quarter,” said Millan Mulraine, deputy chief economist at TD Securities in New York.

Hedge fund sponsor grabs 117K sf at Brookfield Place (TheRealDeal)
Two months after mulling a lease at Brookfield Place, privately-owned hedge fund sponsor Jane Street Capital has made it official by grabbing 117,000 square feet there. Brookfield Property Partners agreed to a 10-year lease for the new tenant at 250 Vesey Street. Jane Street Capital plans to vacate One New York Plaza, which is owned by the same landlord. It occupied 56,000 square feet in its previous locale.

Billionaire Steven Cohen Bought $160 Million of This Natural Gas Stock (Fool)
Inside Wall Street’s inner circle of top traders and power brokers, everybody knows Steven Cohen. Since its inception in 1992, Cohen’s SAC Capital has generated a 30% compounded annual return. Today, it’s one of the largest hedge funds in the world with over $14 billion in assets under management. Based on his remarkable track record, I always pay attention to what stocks Cohen is buying. And recently, he has been making some big bets on Canada’s energy industry.

Recommended Reading:

Steel Partners Trims Selectica Inc (SLTC) Stake to 6%

Spirit Airlines Incorporated (SAVE): Lone Pine Capital Discloses New 6% Stake

Mario Gabelli Raises Exposure to Layne Christensen Company (LAYN)

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