Hedge Fund Glenview Used ‘Medicare-for-All’ Rout to Build Up Health Stakes (Bloomberg)
U.S. health-care investor Glenview Capital Management LLC boosted its positions in health insurers and hospitals as the sectors came under pressure from political headlines in the first few months of the year. Glenview Capital added to its holdings of Cigna Corp, Anthem Inc. and Humana Inc., while taking new stakes in Centene Corp. and Wellcare Health Plans Inc., which announced plans to merge at the end of March. Among hospitals, the New York-based hedge fund bought more shares of Tenet Healthcare Corp. and Universal Health Services Inc., its latest 13-F filings show. Glenview remains Tenet’s largest shareholder.
Hedge Fund With Harvard Ties Shutting Down (The Wall Street Journal)
A hedge fund with ties to Harvard University’s endowment is closing down after roughly two years, said people familiar with the matter. Boston-based Cambridge Square Capital LP has delivered roughly flat performance since it started, the people said. Harvard invested more than $200 million with the firm, they said.
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Hedge-Fund Billionaires Were Democrats’ Main Bankrollers in 2018 (Prospect.org)
In the 2018 midterms, Democrats benefited more than Republicans from election spending by outside groups for the first time in recent history. Now, thanks to a new report from Public Citizen, we have a better understanding of where much of that money backing Democrats came from: wealthy individuals who earn their livings as hedge-fund founders, bank executives, and other key positions in the financial industry. The report, named “Plutocrat Politics: How Financial Sector Wealth Fuels Political Ad Spending” and authored by Public Citizen’s Alan Zibel, analyzed the 100 individuals who gave the most money to outside political spending groups in the 2018 cycle and found that about half of that money came from people with financial industry backgrounds.
Hedge Funds up 1.21% in April with Only a Handful of Sectors in the Red (Opalesque.com)
Hedge funds extended their run of positive returns to four straight months in April, returning 1.21% for the month, according to the Barclay Hedge Fund Index. BarclayHedge, a division of Backstop Solutions, said that by comparison, the S&P 500 Total Return Index rose 2.85% in April. For the-year-to date through the end of April hedge funds returned 6.86% while the S&P was up 19.32%. “Several factors buoyed investor sentiment in April, including U.S. first quarter growth exceeding expectations and strong U.S. consumer spending and March jobs reports,” said Sol Waksman, president of BarclayHedge. “Hopeful signs in the U.S.-China trade dispute as President Trump directed negotiators to reach a solution bolstered equity markets, while reports that Chinese economic growth held steady in the first quarter gave a further boost to investor confidence,” Sol added.
AP1’s Insourcing of HF Strategies Nears Completion (Hedge Nordic)
Stockholm (HedgeNordic) – Sweden’s AP1 fund, which previously embarked on a process of overhauling its allocation approach to alternative investments, has turned to more diversified and less liquid hedge funds. As previously reported by HedgeNordic, AP1 decided to insource some hedge fund strategies, predominantly trend-following strategies. The AP1 fund has allocated around five percent of its entire portfolio to hedge funds over the years, having allocated around SEK 15 billion or 4.6 percent of its assets to hedge funds at the end of last year. “We used hedge funds with a focus on CTAs. Today, we do similar strategies internally,” AP1’s Chief Executive Officer Johan Magnusson (pictured) was quoted in an AMWatch article.
A Senior Hedge Fund Manager Admits to Lying to Prosecutors in New York (Bloomberg)
Michael L. Cohen, the former European head of Och-Ziff Capital Management Group, pleaded guilty to a single count of lying to U.S. authorities a year after they accused him of cheating a client out of millions of dollars. In a sign the U.S. case against Cohen has largely unraveled, prosecutors agreed to dismiss the remaining nine counts, including several fraud charges.
Insider Trading Law Alert: Better The Devil You Know? Tipping Liability, Martoma and the Rise of 18 U.S.C. § 1348 (Lexology.com)
Insider trading has frequently been splashed across headlines in recent months, with a congressman, an NFL player, a comedy writer, and a Silicon Valley executive all facing charges.1 In the background of these headlines are two legal developments that give the government greater flexibility to successfully litigate future insider trading cases, particularly those involving tipping.2 First, the US Court of Appeals for the Second Circuit’s revised decision in United States v. Martoma3 embraced a broad theory of liability under Section 10(b) of the Securities Exchange Act and Rule 10b-5 (hereinafter, collectively, “Section 10(b)”) that prohibits a party from tipping with an “intent to benefit” the recipient.
Infinera Corp (INFN) CEO Thomas J Fallon Bought $166,000 of Shares (GuruFocus)
CEO of Infinera Corp (NASDAQ:INFN) Thomas J Fallon bought 50,000 shares of INFN on 05/15/2019 at an average price of $3.32 a share. The total cost of this purchase was $166,000. Infinera Corp is an optical transport networking equipment provider. The company serves telecommunications service providers, Internet content providers, cable providers, research and education institutions, and government entities. Infinera Corp has a market cap of $590.240 million; its shares were traded at around $3.32 with and P/S ratio of 0.53.
An Insider at Catasys (NASDAQ: CATS) is Selling Shares (Analyst Ratings)
Today, an Insider at Catasys (CATS), David E. Smith, sold shares of CATS for $778.7K. Over the last month, David E. Smith has reported another 5 Sell trades on CATS for a total of $6.46M. Based on Catasys’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $6.81 million and GAAP net loss of $2.92 million. In comparison, last year the company earned revenue of $1.91 million and had a GAAP net loss of $4.22 million. Currently, Catasys has an average volume of 49.29K.
Thursday 5/16 Insider Buying Report: AFIN, GOGO (Nasdaq.com)
At American Finance Trust, a filing with the SEC revealed that on Tuesday, Director Lisa Kabnick purchased 100,000 shares of AFIN, for a cost of $10.43 each, for a total investment of $1.04M. Kabnick was up about 12.9% on the buy at the high point of today’s trading session, with AFIN trading as high as $11.77 at last check today. American Finance Trust is trading up about 4.1% on the day Thursday. Before this latest buy, Kabnick made one other buy in the past twelve months, purchasing $75,359 shares for a cost of $15.07 each. And at Gogo, there was insider buying on Tuesday, by Director Charles C. Townsend who bought 100,000 shares at a cost of $5.55 each, for a trade totaling $554,849. Before this latest buy, Townsend bought GOGO on 2 other occasions during the past twelve months, for a total investment of $1.95M at an average of $4.66 per share.
The Chief Growth Officer of Computer Programs and Systems, Inc. (NASDAQ: CPSI) is Selling Shares (AnalystRatings.com)
Today, the Chief Growth Officer of Computer Programs and Systems, Inc. (CPSI), David Dye, sold shares of CPSI for $95.71K. In addition to David Dye, 2 other CPSI executives reported Sell trades in the last month. CPSI’s market cap is $390.9M and the company has a P/E ratio of 22.53. Currently, Computer Programs and Systems, Inc. has an average volume of 14.42K. Based on 4 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $34.00, reflecting a 24.5% upside. One of the top 25 analysts, according to TipRanks.com, recently recommended Hold CPSI with a $32 price target.
