Lone Pine Capital’s Stephen Mandel is Betting Big on E-commerce and These Other Internet Stocks (CNBC)
During the coronavirus market turmoil, billionaire hedge fund manager Stephen Mandel was building a portfolio concentrated in e-commerce and internet bets, which turned out to be winners so far this year. Mandel founded Lone Pine Capital in 1996 and boasts one of the best long-term track records in the industry. The fund has returned an annualized 19.5% since starting in 1997, Mandel said in an investor letter previously.
George Soros Says EU May Not Survive Coronavirus Crisis (Reuters)
LONDON (Reuters) – Billionaire financier George Soros said the European Union could break apart in the wake of the new coronavirus pandemic unless the block issued perpetual bonds to help weak members such as Italy. The novel coronavirus, which emerged in China last year, has stalled swathes of the global economy while governments have ramped up borrowing to levels not seen in peacetime history.
Top-Performing Hedge Fund Whale Rock Loads Up on Work-from-Home Stocks (CNBC)
Star hedge fund manager Alex Sacerdote made big bets on work-from-home and cybersecurity stocks during the first quarter, according to his fund’s latest filing. Sacerdote’s Whale Rock Capital Management has more than $10 billion in assets under management, according to FactSet, and it plows virtually all of that money into stocks.
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Tiger Global Tops the List US-Based Venture Capital Market (Opalesque.com)
Tiger Global Management holds on to its position as market-leader in US-based venture capital, said a study. According to Preqin, the closure of tech-focused Tiger Global Private Investment Partners XII in January means the New York-based firm has raised more than $16bn in venture capital over the past 10 years. New Enterprise Associates has risen to second place following the closure of mega fund New Enterprise Associates 17 in March, which brought the firm’s total capital raised in the past 10 years to $13bn, the report said. All of the 10 largest fund managers are headquartered in either New York or California, except one. General Catalyst Partners has joined the league table since our previous study, having raised $2.3bn across three funds in Q1 2020.
Billionaire Investor Bill Ackman Pitched Elon Musk to Move Tesla’s HQ to a Howard Hughes Community. Here’s Why. (Business Insider)
If Elon Musk follows through on relocating Tesla’s headquarters to Texas or Nevada, billionaire investor Bill Ackman wants to profit from the move. The Pershing Square chief, who famously turned $27 million into $2.6 billion by hedging the coronavirus sell-off, pitched three of real-estate developer Howard Hughes’ master-planned communities as potential Tesla sites in a tweet on Thursday. Ackman called Musk a “visionary American” like legendary business magnate Howard Hughes in the tweet. He also asked the Tesla boss to watch a promotional video that combined the two companies’ logos and showcased two communities in Texas and one in Nevada.
Shareholders Approve Hedge Fund Alden’s Seats on Tribune Publishing Board Amid Efforts to Break up Newspaper Chain (MSN)
Shareholders of Tribune Publishing formally elected two representatives of hedge fund Alden Global Capital to the newspaper chain’s board Thursday, as the man with the third-largest stake in the company seeks to break it up. Mason Slaine, who owns a 7.9% stake in the company, told the Tribune he voted against all six board nominees at Tribune Publishing’s annual shareholder meeting, and said that he now believes the company should sell all of its newspapers to local investors.
Activist Investors Slam GameStop’s Board for Destroying $2.5 Billion in Shareholder Value (The Motley Fool)
Hedge funds seeking to install two directors on the GameStop (NYSE:GME) board of directors allege that current members destroyed $2.5 billion in shareholder value over the past five years while causing the company to become larded with debt. Hestia Capital Partners and Permit Capital Enterprise Fund own 7.2% of the video game retailer’s stock and they allege seven board members are responsible for GameStop taking on $825 million in debt to finance stock buybacks at around $30 a share, all the while selling their own stock for about $48 a share. Now GameStop is scrambling to refinance some $420 million worth of that debt ahead of its March 2021 maturity date.
Friday 5/22 Insider Buying Report: NP, TRMK (Nasdaq.com)
On Wednesday, Neenah’s SVP, CFO & Treasurer, Paul F. Desantis, made a $299,520 buy of NP, purchasing 6,000 shares at a cost of $49.92 each. Neenah is trading up about 0.3% on the day Friday. And at Trustmark there was insider buying on Tuesday, by Director Richard H. Puckett who bought 5,000 shares at a cost of $22.70 each, for a total investment of $113,525. Trustmark is trading off about 1.2% on the day Friday.
Paycom Software Inc (PAYC) President and CEO Chad R. Richison Sold $174.2 million of Shares (Guru Focus)
President and CEO of Paycom Software Inc., Chad R. Richison, sold 650,000 shares of PAYC on 05/19/2020 at an average price of $268 a share. The total sale was $174.2 million. Paycom Software Inc is a provider of cloud-based HCM software solution delivered as Software-as-a-Services. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.
The Non-Executive of New Pacific Metals (Other OTC: NUPMF) is Selling Shares (Analyst Ratings)
Today, the Non-Executive of New Pacific Metals (NUPMF), Martin Wafforn, sold shares of NUPMF for $47.2M. In addition to Martin Wafforn, 5 other NUPMF executives reported Sell trades in the last month.
