Third Point Has Big Shell Stake, Urges Energy Giant to Break Up (The Wall Street Journal)
The activist hedge fund’s stake is worth well over $500 million. Daniel Loeb’s Third Point LLC has taken a large stake in Royal Dutch Shell PLC and is urging the oil giant to separate into two companies to retain and attract investors as many flee stocks seen as environmentally unfriendly. The activist’s stake is worth well over $500 million, making it one of the Anglo-Dutch company’s largest investors, people familiar with the matter said.
US Hedge Fund Launches Equity Long/short Ucits Strategy in Europe (Citywire Selector)
Boston-based Invenomic has partnered with Waystone to launch a US equity long/short fund on the MontLake Ucits platform. The Invenomic US Equity Long/Short Ucits fund will be run by Invenomic Capital Management and is a fundamentally-driven all-cap strategy with a strong value bias. The fund will follow three core principles: invest in companies with good fundamentals, take disciplined approach to short selling, and use diversification as a risk management tool.
Fertiglobe Surges 20% in Abu Dhabi Debut After $795 Million IPO (Bloomberg Quint)
(Bloomberg) — Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering. The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion. Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.
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Short-Selling: Man GLG, Marshall Wace and BlackRock Dominate UK-Listed Bearish Bets (Hedge Week)
Man GLG, the discretionary hedge fund unit of London-headquartered global asset management giant Man Group, now holds the largest number of short positions against UK-listed stocks, followed by Marshall Wace and BlackRock, according to new industry data. New analysis from ETP provider GraniteShares shows that GLG – the long-running discretionary manager which runs a range of long/short equity, emerging market and multi-strategy credit funds – held 23 negative wagers on publicly-traded UK names.
A Billionaire: Tax on Billionaires Is “Ridiculous” (InTheseTimes)
A billionaire hedge fund manager weighs in on the Democrats’ proposed wealth tax. Democrats in Congress may be on the verge of imposing a monumental wealth tax on billionaires, which could cost some of America’s richest people billions of dollars each. Yet with the exception of Elon Musk, few billionaires have weighed in publicly on the idea. We found one who would. Leon Cooperman is a legendary investor and hedge fund manager with a net worth of about $2.5 billion, according to Forbes. He is also someone who has sent me angry emails in the past, which I respect. So I emailed him to ask what he thought of the Democrats’ tax proposal.
