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Hedge Fund News: Starboard Value, Bridgewater Associates, Soros Fund Management

A Fitter Perrigo Is in Activists’ Interest (The Wall Street Journal)
Activist investors have the facts on their side in a tussle with Perrigo, but they may want to sharpen their focus. The hedge fund Starboard Value has accumulated a 4.6% stake in the embattled drug company and is urging it to consider selling certain assets, which would reduce leverage and better streamline the company’s portfolio. Perrigo shares rose on the news. Perrigo’s performance certainly has earned it an activist intervention. The company has slashed its earnings forecasts three times since shareholders voted to reject a hostile takeover offer from Mylan NV last year.

Jeff Smith

Bridgewater Said to Get $22.5 Billion in New Money Since ’15 (Bloomberg)
Bridgewater Associates LP, the world’s largest hedge fund manager, has attracted $22.5 billion in client money since it started a new strategy early last year, according to a person familiar with the matter. About three-quarters of the money went to the new fund — a combination of the firm’s two main strategies known as the Optimal Portfolio — which was started in early 2015, said the person, who asked not to be identified because the information is private. The remainder went into the firm’s main macro hedge fund, Pure Alpha, after Bridgewater opened that fund to select investors this year.

SolarCity Raises $305 Million In Deal Advised By Soros’ Firm (Reuters)
Solar panel installer SolarCity Corp (SCTY.O), which is being bought by Tesla Motors Inc (TSLA.O), on Monday said it had raised $305 million by selling the future cash flows for a portfolio of solar projects to a fund advised by billionaire investor George Soros‘ hedge fund. Shares of the company, which is backed by Tesla founder Elon Musk, were up 7.4 percent at $18.00 in afternoon trading on Monday as investors cheered the solar company’s ability to raise funds to fuel its rapid expansion. The stock remained far below the $25.37 a share at which Tesla’s stock swap proposal values SolarCity.

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