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Hedge Fund News: Nelson Peltz, Bill Ackman, Ray Dalio

Peltz May Aim For Seat At GE (TheStreet)
Peltz is that rare breed of insurgent known as “operational activists” because his track record as an operator sets him apart from “financial activists,” investors from a hedge fund background who focus on urging capital distributions or spinoffs. That history suggests that many institutional investors would support his efforts to hike share price value at GE. Also, Peltz’s escalation, if accurate, represents a shift in relations between Immelt and the activist investor. At a governance conference in June organized by The Street and The Deal, Peltz said Immelt urged him to make an investment in GE. Peltz agreed after reviewing the company’s operations, but the fund’s white paper also urged the company to make some commitments. Trian, at the time, suggested that GE could be on a path to create between $40 and $45 a share of “implied value” by the end of 2017, significantly higher than the company’s current $30 a share trading price.


Bill Ackman Is Selling His Entire Stake In Valeant Pharmaceuticals (Business Insider)
Bill Ackman is leaving Valeant Pharmaceuticals. The billionaire founder of hedge fund Pershing Square, who was once the company’s biggest cheerleader, has sold his investment and will step down from the Valeant’s board until its upcoming election. The stock is falling in after hours trading on this news. Jefferies will be handling the transaction for Ackman, selling 27.2 million shares valued at $306,400,000, or $11.10-$11.40 per share. Sources tell Business Insider that Jefferies is indicating interest on half the stock and is on the hook for the balance that doesn’t get paid. The stock closed Monday at $12.10. CNBC’s David Faber first reported the news, citing sources.

Ray Dalio Not Giving His Principles Away Anymore (DealBreaker)
For years, Ray Dalio has lived the spirit of radical transparency, offering his philosophy of life and work to all in the form of a free PDF on his website. After all, would not the world be a better place if everyone just stripped down to the skin (metaphorically!) and lived by such Principles as, “trust in truth,” “have integrity and demand it from others,” “don’t treat all opinions as equally valuable,” “constantly compare your outcomes to your goals,” “don’t let people off the hook,” “evaluate people accurately, not ‘kindly,’” and “firing people isn’t such a big deal.” What better way to get the whole world living Principled lives than to give it to people free of charge? Especially when you are a billionaire many times over and don’t need the money?

Activist Investor Sarissa Targets Three Innoviva Board Seats (Reuters)
Sarissa Capital Management LP said on Monday it plans to nominate three directors to Innoviva Inc’s (INVA.O) board and criticized the drug company’s cost structure as the two sides square off in a proxy contest. Innoviva said last week that Sarissa Capital had nominated four candidates to replace a majority of the drug company’s directors. Sarissa, founded by Carl Icahn protege Alex Denner, said on Monday that Innoviva’s press release was “preemptive” and that it does not seek control of the company’s seven-member board. Sarissa owns 2.72 percent of Innoviva, according to Thomson Reuters data. Innoviva, which had 14 employees as of Dec. 31, according to its annual report, is a $1.4 billion company with a partnership with Britain’s GlaxoSmithKline Plc (GSK.L).

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