Editor’s Note: Related Tickers: II-VI, Inc. (NASDAQ:IIVI), Westpac Banking Corporation (ASX:WBC), UBS AG (USA) (NYSE:UBS), Deutsche Bank AG (USA) (NYSE:DB), Citigroup Inc. (NYSE:C), Sequenom, Inc. (NASDAQ:SQNM)
Hedge Fund Manager Believes Gold Remains A Good Store of Value (PR Web)
Top hedge funds bet on Greek banks (Financial Times)
Some of the world’s leading hedge funds are pouring money into the Greek banking sector in expectation of huge potential returns, even as the country struggles to right its economy in the face of deep government spending cuts. Farallon Capital, York Capital Management, QVT Financial and Dromeus are among hedge funds that are set to participate in the recapitalisation of the country’s banks. The hedge funds are among the largest institutions involved in a €550m share issue from Alpha Bank, Greece’s second-largest lender, set for completion in mid June, said people familiar with the plans.
This Hedge Fund Just Overhauled Its Equity Portfolio; Should You Pay Attention? (Seeking Alpha)
SG Capital Management, one of the “elite” 450 hedge funds we track, has filed its 13F filing for the first quarter of 2013, and it indicates that some significant changes have been made. Ken Grossman and Glen Schneider, the fund’s managers, have a new favorite holding in the No.1 spot, while a couple of newcomers occupy the 4th and 5th positions. II-VI, Inc. (NASDAQ:IIVI), a manufacturer of engineered materials and opto-electronic components, is a new addition to SG Capital Management’s 13F portfolio, and incredibly, now holds the No. 1 spot. Grossman and Schneider bought more than 800,000 shares worth by the end of the first quarter.
Citigroup’s Corbat Says Spending Needed for Full Recovery (Bloomberg)
Image: Citigroup Inc. (NYSE:C)
Time to bale out of the banks (WA today)
“We concluded that by almost any affordability metric, Australia had the largest housing bubble on the planet.” The words of David Hurwitz of SC Fundamental, a large US-based hedge fund, neatly explain why he’s shorting Commonwealth Bank. He’s not alone, either. Jim Grant of Grant’s Interest Rate Observer recently recommended shorting Westpac Banking Corporation (ASX:WBC) and Bank of Queensland. Intelligent Investor Share Advisor recently expressed similar concerns. Even the banks themselves are cautious. As reported by Fairfax Media, UBS AG (USA) (NYSE:UBS) and Deutsche Bank AG (USA) (NYSE:DB), hardly organisations known for talking down share prices, call the sector “overpriced”.