Hedge Fund Brevan Howard Made Gains Across Firm in February – Source (Reuters)
LONDON, March 5 (Reuters) – Billionaire Alan Howard’s hedge fund generated gains across the firm in February as many peers struggled in the wake of coronavirus. London-based Brevan Howard’s main fund, which bets on macroeconomic events, made 5.2% in February, generating gains of 3.8% year-to-date, according to a source with knowledge of the matter. Four other Brevan funds generated gains ranging from 2.3% to 16.6%, said the source.
Dyal Sues Rosenstein’s Jana Over Divided Attention at Fund (Bloomberg)
Jana Partners LLC, the activist fund founded by Barry Rosenstein, failed in overseeing its day-to-day operations, the Dyal unit of Neuberger Berman said in a lawsuit. Dyal Capital Partners, the largest investor of its kind to take interests in hedge fund and private equity firms, took a 20% stake in Jana in 2015. The Neuberger unit generally expects fund managers to stay actively involved for the duration of its investment.
Activist Hedge Fund Elliott Management’s Attack on Jack Dorsey is the First Shot in Brutal New Reality for Tech Founder CEOs Who have Lost Their Protective Halo (Business Insider)
Jack Dorsey has just lost a powerful privilege enjoyed by only a tiny group of chief executives: the status of being untouchable. The Twitter cofounder and CEO is being targeted by activist hedge fund Elliot Management, which wants to replace him with a new chief executive. Activist firms have antagonized underperforming public company CEOs for years, often in brutal, no-holds-barred campaigns, but they’ve largely steered clear of tech companies with founders in the top job.
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Noted Shareholder Pacifist Forced To Mobilize For War (Deal Breaker)
From his home in a gated community on an exclusive island off Miami Beach, a man in white tennis shoes gazes out on the calm water of Biscayne Bay. How he wishes his life could be as tranquil. For in spite of this man’s professedly peace-loving ways, his 84 years have been routinely punctuated by battle over such key points of principle as whether he or Bill Ackman is the bigger asshole. No, the only combat Icahn he now wishes to engage in is on the fairways, shuffleboard and tennis courts of the Indian Island Country Club. Alas, it is not to be for Carl Icahn, for he finds himself called to arms once more. And so, like Neville Chamberlain before him, he must wearily announce that his is again at war, with HP.
Bill Ackman Says He’s Preparing his Fund for the Worst as Coronavirus Sends Markets Spinning (Business Insider)
On Tuesday, Bill Ackman of Pershing Square Holdings told investors that the portfolio is being hedged to combat market volatility amid the coronavirus outbreak. “We have taken steps to protect the portfolio from downward market volatility,” the hedge fund manager wrote. That action was taken as the firm believes “efforts to contain the coronavirus are likely to have a substantial negative impact on the U.S. and global economies, and on equity and credit markets,” he added.
Nordic Equity HFs See Red (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic equity hedge funds fell by 2.3 percent on average last month (86 percent reported), as equity markets across the globe ended the month with the worst week for investors since 2008. Only one in every seven members of the NHX Equities reported gains for February. Global equity markets, as measured by the FTSE World Index, declined by 7.6 percent in Euro terms last month. Nordic equities, as expressed by the VINX All-Share Index, returned a negative 7.0 percent in Euro terms. The index includes all firms listed on Nasdaq OMX Nordic Exchanges and Oslo Börs. Eurozone equities were down 7.8 percent, while North American stocks fell by 7.3 percent in Euro terms.
Hedge Funds Significantly Outperformed S&P In February (Radio) (Bloomberg)
Don Steinbrugge, Founder and CEO of Agecroft Partners, LLC, discusses hedge fund flows and behavior amid the market sell-off. Hosted by Lisa Abramowicz and Paul Sweeney.
Glue42 Signs Major Hedge Fund (Hedge Week)
Glue42, a fintech providing intelligent desktop solutions for financial institutions, is helping a major hedge fund build its next generation trading platform. The company has also recently onboarded two new partners. Glue42 says the new collaborations reflect its workspace vision and how enabling the rise of task-oriented applications, standardisation and the re-use and migration of legacy applications are paramount to defining future interaction styles between humans and their desktop tools.
Reverence Capital Partners Hits a $1.2bn Hard Cap for Financial Services Fund (Opalesque.com)
Financial services-focused Reverence Capital has hit a $1.2bn hard cap for the final close of its latest investment vehicle, Reverence Capital Opportunities Fund II. The New York-based firm was initially seeking $750m for Fund II but was able to surpass this amount with the support of a global pool of institutional investors. The Fund received strong support from a diverse group of institutional investors across North America, Europe, and Asia. Founded in 2013 by Milton Berlinski, Peter Aberg, and Alex Chulack, Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market financial services businesses through control and influence oriented investments.
This Hedge Fund Had a Blowout February (Institutional Investor)
Chris Hansen’s Valiant Capital Partners got a major boost from its conservative positioning, short book, and long position in Zillow. A hedge fund with ties to Julian Robertson Jr.’s Tiger Management posted a stunning gain in February amid the market’s ferocious downturn. Chris Hansen’s Valiant Capital Partners Onshore surged an estimated 13.97 percent gain in February. As a result, it is now up 19.51 percent for the year.
Thursday 3/5 Insider Buying Report: VST, WETF (Nasdaq.com)
At Vistra Energy, a filing with the SEC revealed that on Tuesday, Director Scott B. Helm bought 20,000 shares of VST, for a cost of $20.21 each, for a total investment of $404,240. Helm was up about 3.9% on the buy at the high point of today’s trading session, with VST trading as high as $21.00 at last check today. Vistra Energy is trading off about 1% on the day Thursday. This buy marks the first one filed by Helm in the past twelve months. And at WisdomTree Investments, there was insider buying on Monday, by Director Anthony Bossone who purchased 100,000 shares for a cost of $3.89 each, for a total investment of $389,494. Before this latest buy, Bossone made one other buy in the past year, purchasing $499,430 shares at a cost of $4.99 each. WisdomTree Investments, is trading down about 6% on the day Thursday. So far Bossone is in the green, up about 4.0% on their buy based on today’s trading high of $4.05.
Tyler Technologies Inc (TYL) Executive VP and CFO Brian K Miller Sold $3.7 million of Shares (Guru Focus)
Executive VP and CFO of Tyler Technologies Inc., Brian K Miller, sold 11,000 shares of TYL on 03/04/2020 at an average price of $332.61 a share. The total sale was $3.7 million. Tyler Technologies Inc is a provider of integrated information management solutions and services to address the information technology needs in areas of operations for cities, counties, schools and other local government entities.
What Did This CEO Just Do with Personal Shares of Novanta (NASDAQ: NOVT)? (Analyst Ratings)
Yesterday, the CEO of Novanta (NOVT), Matthijs Glastra, sold shares of NOVT for $223.1K. Following Matthijs Glastra’s last NOVT Sell transaction on November 20, 2015, the stock climbed by 80.0%. Based on Novanta’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $160 million and quarterly net profit of $9.22 million. In comparison, last year the company earned revenue of $156 million and had a net profit of $11.64 million. The company has a one-year high of $99.79 and a one-year low of $69.31. NOVT’s market cap is $3.15B and the company has a P/E ratio of 80.79.
