Billionaire Investor David Einhorn Just Revealed his Top 10 Holdings. Here’s Why the Hedge-Fund Chief Bought Each Stock — Plus Why He Likes Rivian More Than Tesla (Business Insider)
David Einhorn enjoyed a strong fourth quarter as his hedge fund Greenlight Capital outperformed the S&P 500’s 11% gain by returning 18.6%, according to the billionaire investor’s latest 13F filing. Einhorn also revealed he’d bought 1,000 put contracts against Tesla shares and shared his analysis of some of the fund’s top holdings in a letter to Greenlight’s investors.
Melvin Dumps Mastercard, Alphabet in Portfolio Overhaul (Bloomberg)
Gabe Plotkin’s Melvin Capital Management sold its entire position in Mastercard Inc. during the fourth quarter, a stake it had held for more than five years, and also liquidated its shares of Google parent Alphabet Inc. as he sought to rebound from last year’s losses. Melvin unloaded 2 million Mastercard shares that were worth $695.4 million at the beginning of the quarter, and it was one of almost two dozen positions he exited during the period, according to a regulatory filing Monday.
Sachem Head Seeks Control of US Foods’ Board, Nominates 7 Directors (Reuters)
BOSTON, Feb 15 (Reuters) – Investment firm Sachem Head Capital Management is trying to take control of US Foods Holding Corp’s (USFD.N) board and has nominated seven directors, arguing the food distributor has been lagging its peers.
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Third Point’s Dan Loeb Cuts His Disney Stake by Half, Adds Tech and Reopening Trades (CNBC)
Third Point’s Dan Loeb slashed his Disney holding by half in the fourth quarter after two years of pushing the media giant to ramp up its streaming services. The hedge fund also added a slew of technology names and shares that would benefit from a successful economic reopening.
Alden Global Capital Loses Lawsuit to Nominate its Slate of Candidates for Lee Enterprises’ Board (Poynter.org)
A Delaware Chancery Court judge ruled Tuesday that Lee Enterprises followed its bylaws in rejecting hedge fund Alden Global Capital’s bid to nominate two candidates for Lee’s eight-member board of directors. Vice Chancellor Lori W. Will wrote that an Alden affiliate simply missed the deadline for properly making nominations. In addition, she said, the affiliate had not completed a transfer of stock that would make it a shareholder of record – a requirement to make nominations.
Brummer & Partners Seeds New Strategy (Hedge Nordic)
Stockholm (HedgeNordic) – In anticipation of higher volatility and more dispersion both within and between asset classes and countries, Brummer Multi-Strategy will seed a new systematic macro strategy launched by Brummer & Partners-backed alternative markets trend-follower Florin Court Capital (FCC). The new strategy, named Florin Court Capital Systematic Macro Fund, focuses on capturing non-trend, cross-sectional relationships within alternative markets.
Hedge Funds Posted a 2.42 per cent Loss in January But Outperformed Volatile Markets (Hedge Week)
Losses abounded in January, but the hedge fund industry largely shielded its investors from the worst. Hedge funds in aggregate were down 2.42 per cent on the month, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. January was pretty wretched for broad equity indices, and particularly for technology-focused shares. The S&P 500 Total Return Index was battered by a -5.17 per cent loss and the Nasdaq Composite Index bled -9 per cent.
Stanley Druckenmiller Got Bullish on Chevron. Should You Be? (Barron’s)
Stanley Druckenmiller bought Chevron stock now worth over $100 million in the fourth quarter, his largest new purchase during the quarter, new securities filings show. The famed hedge fund manager, who now operates a family office, sold his Meta Platforms (ticker: FB) stock during the quarter, a move that proved to be prescient.
Ray Dalio’s Hedge Fund Trimmed Tesla Stake In Q4 And Loaded Up More Shares In This Chinese Rival (Benzinga)
Bridgewater Associates, led by billionaire Ray Dalio, trimmed stake in Tesla Inc (TSLA) in the fourth quarter when shares of the electric vehicle maker soared and the world’s largest hedge fund significantly raised its exposure in the U.S- listed Chinese electric vehicle maker Nio Inc (NIO) during the period, regulatory filings show.
Bill Ackman Has a New Investment. And He’s Still Working on That SPAC. (Institutional Investor)
Bill Ackman’s Pershing Square Capital is coming off of a big year — and 2022 looks to be another doozy. Investors can expect to learn about a new investment along with a decision on both Pershing Square’s beleaguered special purpose acquisition company and a new instrument Ackman has designed as an alternative to a SPAC, which is awaiting approval by the Securities and Exchange Commission.
Tuesday 2/15 Insider Buying Report: RSVR, CVS (Nasdaq.com)
On Friday, Reservoir Media’s Director, Adam Rothstein, made a $271,637 buy of RSVR, purchasing 41,345 shares at a cost of $6.57 each. So far Rothstein is in the green, up about 14.8% on their purchase based on today’s trading high of $7.54. Reservoir Media is trading up about 5.7% on the day Tuesday. Before this latest buy, Rothstein made one other buy in the past year, purchasing $132,770 shares for a cost of $7.81 each. And on Thursday, Director Edward J. Ludwig bought $105,904 worth of CVS Health, buying 1,000 shares at a cost of $105.90 a piece. Before this latest buy, Ludwig purchased CVS on 2 other occasions during the past year, for a total investment of $454,635 at an average of $75.77 per share. CVS Health is trading up about 0.9% on the day Tuesday. Bargain hunters can buy CVS at a price even lower than Ludwig did, with shares changing hands as low as $103.68 at last check today which is 2.1% below Ludwig’s purchase price.
Moderna CEO Sells Shares, Deletes Social Media: What You Need To Know (Benzinga)
Moderna Inc (MRNA) shares are down more than 40% since the start of the year and continue to trend lower Monday. Vaccine stocks are facing selling pressure as the COVID-19 omicron variant fades, but Moderna investors have been expressing concerns about recent stock sales from Moderna CEO Stéphane Bancel, as well as the presumed deletion of his Twitter account. CNBC reporter Meg Tirrell said she reached out to Bancel Monday and received responses to some of the questions circlulating on social media about him.
