Hedge Fund News: Leon Cooperman, Phil Falcone & Sandell Asset Management

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Despite “Disappointing” Performance, Omega’s Cooperman Still Likes Stocks (InstitutionalInvestorsAlpha)
Omega Advisors founder Leon Cooperman is having a rough year so far. However, the ex-Goldman Sachs Group, Inc. (NYSE:GS) partner is still bullish on stocks. In his third-quarter letter to clients, dated October 27, Cooperman concedes that the firm’s 2.5 percent loss in the third quarter and 2.1 percent gain for the first three quarters was “disappointing.” However, he still thinks stocks are the best place to put your money, even given the market’s gut-wrenching volatility for most of October.


Two Sigma gathers $3.3 billion for model-driven macro fund (PIOnline)
Two Sigma raised $3.3 billion for a macro hedge fund in one the largest new pools of such capital raised since the 2008 financial crisis. Investors sought out the fund, which can bet on macroeconomic trends by investing in equities, fixed income, commodities and currencies, because it seeks to generate returns not tied to the market, said Nobel Gulati, CEO at Two Sigma Advisers, the part of the New York-based firm that manages money for pension funds, sovereign wealth funds and other institutional clients.

Dan Gold Explains QVT’s October Losses in Memorable Letter (InstitutionalInvestorsAlpha)
Daniel Gold’s QVT Onshore, managed by his New York-based hedge fund firm, QVT Financial, took a beating in the first half of October – and the manager is plenty mad about it. In a letter fired off to clients and dated October 17, the onetime Deutsche Bank AG (USA) (NYSE:DB) trader points out that the fund lost 3.23 percent this month through October 15, expanding a slight loss to a 3.45 percent decline for the year. “There’s no getting around it – our performance this month is worse than it should have been,” Gold writes in the letter, obtained…

JDS Uniphase Could Sell Optics Unit Before Spin-Off Date (Benzinga)
JDS Uniphase Corp (NASDAQ:JDSU) gained more than 4 percent Thursday after the company beat expectations and said it would consider selling its optics and laser business rather than spinning off as expected. JDS Uniphase announced plans for the spin-off in September. But activist hedge fund Sandell Asset Management recently pushed for a sale of the unit. JDS’ Chief Executive Thomas H. Waechter told investors Wednesday that the company remains committed to the spin-off, expected in the third quarter of 2015.

Huh! Where did that copper market surplus go?: Andy Home (Reuters)
“Who’s got all the copper?” was the headline question in my last column on the copper market at the end of September. The answer, according to the Wall Street Journal, is Red Kite, the specialist metals hedge fund set up by Michael Farmer, a man who was trading the copper market before many younger readers were born. Well…maybe. But…maybe not. It’s always a bit tricky to say in the hall-of-mirrors that is the London Metal Exchange (LME).

Stocks will move higher in next 15 months: Fund manager (CNBC)

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