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Hedge Fund News: Michael Vranos, ValueAct Capital, Elliott Management

Sage’s Drug For Postpartum Depression Succeeds In Mid-Stage Study (Reuters)
Sage Therapeutics Inc said its lead drug alleviated symptoms of severe postpartum depression, meeting the main goal of a small mid-stage study and sending the company’s shares soaring in morning trading. About one in seven women experience postpartum depression (PPD), a severe form of “baby blues” that eventually interferes with her ability to take care of the baby and handle daily tasks, according to the American Psychological Association. Sage is also evaluating the drug for use in super refractory status epilepticus (SRSE), a life-threatening seizure disorder, as well as essential tremor. Hedge fund Kerrisdale Capital said earlier this year that it had shorted the stock, expecting SAGE-547 to fail a key late-stage study involving patients with SRSE.

Ex-Soros, Blue Pool Executives Said to Start Fund of Funds (Bloomberg)
Kieran Cavanna, who ran external investments for billionaire George Soros’s family office until last year, started a fund of hedge funds that will focus on equities and macroeconomic trends, according to a person with knowledge of the matter. Cavanna, who is chief investment officer, and two co-founders started Old Farm Partners on June 1 with about $65 million under management, the person said. Nishi Shah, a former analyst at Soros Fund Management for almost nine years, leads research at the firm and Barry Purcell, a former partner at Blue Pool Capital, is president and chief operating officer.

Monster Bet on ‘Pokémon Go’ to Pay Off for Hong Kong Fund Manager (The Wall Street Journal)
A monster bet by a Hong Kong-based hedge-fund manager is paying off with the “Pokémon Go” sensation. Seth Fischer’s Oasis Management Co. stands to make tens of millions of dollars after a three-year campaign to push Nintendo Co. into mobile gaming. The success of “Pokémon Go,” a new smartphone game part-owned by Nintendo, has boosted the Japanese company’s shares by more than 50% in the past week, adding over $10 billion to its market capitalization.

Hedge-Fund Investors Dump Laggards, 84% Redeem in First Half (Bloomberg)
Running an underperforming hedge fund? Your clients are noticing. Eighty-four percent of investors in hedge funds pulled money in the first half of the year, and 61 percent said they will probably make withdrawals later this year, according to a Credit Suisse Group AG study released Tuesday. The main driver among those who redeemed: their fund underperformed. The survey, which polled more than 200 allocators with almost $700 billion invested in hedge funds, found that most were redirecting their money to other managers, rather than exiting the asset class altogether. Only 9 percent said they weren’t planning to reinvest the money they pulled in other hedge funds.

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