Elliott Presses SoftBank to Identify $10 billion of Investments it Holds: Sources (Reuters)
LONDON (Reuters) – Elliott Management Corp is pressing SoftBank Group Corp (9434.T) for details of nearly-$10 billion of investment securities on its balance sheet, as part of its campaign to improve the value of the Japanese conglomerate in which it holds a stake, sources said. The $40 billion hedge fund, one of the most powerful activist investors, has a $3 billion stake in the company and is trying to push for changes after SoftBank’s bet on start-ups such as space-sharing firm WeWork soured.
Glenview Hedge Fund Scraps NYC Investor Event Over Coronavirus (Bloomberg)
Larry Robbins’s Glenview Capital Management canceled a conference for investors in New York because of the coronavirus, joining a long list of companies changing plans as the contagion spreads. The “growing number of travel restrictions put in place by financial institutions” also contributed to the decision, the hedge fund firm said in an investor letter seen by Bloomberg News. The event was scheduled for April 22 and may be rescheduled for later in the year.
Prudential Investors Back Loeb but in No Rush to Execute Break-up Plan (Reuters)
LONDON (Reuters) – Shareholders in Prudential Plc (PRU.L) have given their blessing to a bid by activist investor Third Point to carve up Britain’s largest insurer but advise against a hasty sale of its U.S business. Third Point, the $14 billion hedge fund run by investor Dan Loeb, on Monday amassed a $2 billion-plus stake in the 170-year-old life insurer and called on management to separate its Asian and U.S. businesses.
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Activist Investor Robbins Closing His Firm (The Wall Street Journal)
Activist investor Clifton S. Robbins is closing his firm, the latest high-profile veteran to exit the hedge-fund business. His motivation appears to be different from his rivals, however. Mr. Robbins, who manages $2 billion at Blue Harbour Group LP, will inform clients of his decision Friday morning, he says.
Hedge Fund Bears Odey and Clark Reap Millions from Market Crash (Bloomberg)
For two of London’s most bearish hedge fund managers, the fastest stock market correction ever has offered some long-awaited relief. Russell Clark’s Horseman Global Fund surged about 6% in the seven days to Feb. 26, while Crispin Odey’s flagship European money pool has gained around 5% in the past week, according to spokespeople for the two firms. They manage almost $1 billion across the two strategies.
Hedge Fund Nominates Broadcasting Executive Wert to Tegna’s Board (Reuters)
NEW YORK (Reuters) – Standard General has nominated a fifth director to Tegna Inc’s (TGNA.N) board one week after the broadcast company added a new director, the hedge fund said on Friday. Tegna and Standard General have been locked in an increasingly bitter proxy battle since the middle of January, when the hedge fund nominated four candidates to Tegna’s board. On Friday, the hedge fund nominated Lawrence Wert, a former Tribune Media Company executive with years of local television broadcasting experience.
Crestbridge Named Best Regulatory Advisory and Compliance Firm at Hedgeweek Awards (Hedge Week)
Crestbridge has been recognised for its regulatory expertise and the quality of the support it provides to fund managers through its management company and regulatory services at a leading alternative fund awards initiative. The firm was named ‘Best Regulatory Advisory and Compliance Firm’ at this year’s Hedgeweek European Awards, which took place in London this week (26 February) and recognise performance and excellence amongst hedge fund managers and service providers across Europe. Winners for the annual Awards were selected following an online poll of Hedgeweek readers, which included investors, fund managers and service providers.
Hedge Funds’ Most-Owned Names Reveal Tech Is the Place to Be (The Street)
After breaking down the major investment moves of ten of the world’s most prominent hedge funds, we saw some clear trends. By analyzing the David Teppers, Berkshires and Bridgewaters of the world, we found no one was very fond of energy stocks, financials weren’t noticeable in most anyone’s core positions (Warren Buffett was the exception) and tech was the one sector most agreed on, though there wasn’t much consensus on specific companies.
Friday 2/28 Insider Buying Report: SLRC, MRC (Nasdaq.com)
At Solar Capital, a filing with the SEC revealed that on Thursday, See Remarks Michael S. Gross bought 41,000 shares of SLRC, at a cost of $19.41 each, for a total investment of $795,820. Bargain hunters are able to grab SLRC even cheaper than Gross did, with the stock trading as low as $18.35 in trading on Friday which is 5.5% under Gross’s purchase price. Solar Capital is trading off about 4.3% on the day Friday. Before this latest buy, Gross made one other buy in the past twelve months, purchasing $167,523 shares for a cost of $21.54 each. And at MRC Global, there was insider buying on Wednesday, by Director H. B. Wehrle III who bought 50,000 shares at a cost of $8.88 each, for a trade totaling $444,000. This purchase marks the first one filed by Wehrle III in the past year. MRC Global is trading up about 0.2% on the day Friday. Bargain hunters have the opportunity to snag MRC at a price even lower than Wehrle III did, with the stock trading as low as $8.45 at last check today — that’s 4.8% under Wehrle III’s purchase price.
A Director at Cheniere Energy (NYSE MKT: LNG) is Buying Shares (Analyst Ratings)
Yesterday, a Director at Cheniere Energy (LNG), Andrea Botta, bought shares of LNG for $251.2K. This recent transaction increases Andrea Botta’s holding in the company by 10.79% to a total of $2.7 million. Following Andrea Botta’s last LNG Buy transaction on August 19, 2016, the stock climbed by 2.9%.
SEC Charges Wells Fargo In Connection With Investment Recommendation Practices (HedgeCo.Net)
(HedgeCo.Net) The Securities and Exchange Commission has settled charges against Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network for failing reasonably to supervise investment advisers and registered representatives who recommended single-inverse ETF investments to retail investors, and for lacking adequate compliance policies and procedures with respect to the suitability of those recommendations. The SEC ordered Wells Fargo to pay a $35 million penalty, which will be distributed to harmed investors. As noted in the SEC’s order and reflected in Wells Fargo’s internal guidance, when single-inverse ETFs are held for longer than a day, particularly in volatile markets, investors may experience large and unexpected losses.
The Chairman & CEO of US Concrete (NASDAQ: USCR) is Buying Shares (Analyst Ratings)
Yesterday, the Chairman & CEO of US Concrete (USCR), William Sandbrook, bought shares of USCR for $419.4K. This recent transaction increases William Sandbrook’s holding in the company by 3.72% to a total of $11.35 million.
