Activist Investor Jesse Cohn Isn’t Bluffing Anymore (Bloomberg)
The next time Jesse Cohn makes a buyout offer for a technology company, it won’t be dismissed as a bluff. Cohn, who runs U.S. activist investments at hedge fund Elliott Management, is infamous throughout technology board rooms for offering to acquire a company to force an auction — a tactic that has proved lucrative. Now, he’s starting an Elliott Management private-equity strategy that will give those offers an added heft, people with knowledge of the matter said.
DuPont’s Underperformance Could Spur Activist Investor (The New York Times)
DuPont’s weak quarterly sales and reduced annual profit forecast is expected to provide fresh ammunition to the activist investor Nelson Peltz in his campaign to split up the chemical maker. Mr. Peltz’s hedge fund, Trian Fund Management, is DuPont’s fifth-largest shareholder with a 2.7 percent stake. It started a proxy battle in January for four board seats, including one for Mr. Peltz.
Hedge Fund That Made 18% on Dollar Strength Now Bets on Drop (Bloomberg)
Charlie Chan, a former Credit Suisse Group AG proprietary trader who now runs his own hedge fund, reduced bets the dollar will strengthen and added trades that would profit from a decline. Chan said he trimmed his fund’s long dollar position versus the yen last week after the U.S. currency’s rally stalled following gains of more than 10 percent in each of the past three years. He’s now betting the greenback will weaken against Asian currencies including Singapore’s dollar, South Korea’s won and India’s rupee, the founder of Singapore-based Charlie Chan Capital Partners said.
Dymon Hedge Fund in Catch-Up Mode After SNB Move (The Wall Street Journal)
Singapore-based Dymon Asia Capital Ltd. ended the first quarter with a sharp decline in its largest hedge fund, a bruising performance for one of Asia’s biggest managers but also a quick turnaround from heavy losses suffered earlier in the year. The Dymon Asia Macro Fund is down 5.5% after fees through March, according to a letter sent to investors this week and seen by The Wall Street Journal.