Gabe Plotkin’s Next Act (Institutional Investor)
The one-time hotshot hedgie, along with a group that includes two other hedge fund managers, is purchasing a majority stake in the NBA’s Charlotte Hornets. Gabe Plotkin is back. No, the onetime head of now-defunct Melvin Capital Management isn’t launching a new hedge fund. This time around, Plotkin and Rich Schnall, co-president of Clayton, Dubilier & Rice, are leading a group that has agreed to buy Michael Jordan’s…
South Korea Ordered to Pay Elliott $82.5 mln Over 2015 Samsung Merger (Reuters)
The South Korean government has been ordered to pay hedge fund Elliott more than $82 million, the Ministry of Justice said on Tuesday, in an dispute settlement case stemming from the 2015 merger of two Samsung affiliates. The arbitration tribunal at the Hague partly accepted Elliott’s claim for about $770 million, after the activist fund sued the South Korean government for the state-run National Pension Service’s (NPS) role in approving the $8 billion merger between Cheil Industries and Samsung C&T.
Hedge Fund Returns Essentially Flat As Only Half Were In The Green For May (Forbes)
May proved to be another challenging month for hedge funds, with Citco and PivotalPath both reporting minuscule overall returns for the funds they track. In fact, Citco reports that less than half of the funds it administers generated positive returns last month, although a little over half of the funds PivotalPath tracks were positive. The hedge funds administered by Citco generated an overall weighted-average return of 0.4%, bringing the year-to-date return to 6.02%. Meanwhile, the PivotalPath Composite returned 0.2% for May, bringing its year-to-date return to 2%.
Tips From Joel Greenblatt’s Hedge Fund Association Interview, Part 2 (Guru Focus)
Joel Greenblatt is a legendary value investor and the founder of Gotham Asset Management, where he has achieved an annual return of approximately 40% over the past two decades according to my estimates. At a Hedge Fund Association event in April, Greenblatt sat down for a fireside-style chat with Paul Gray, an up-and-coming hedge fund star and founder of Ironhold Capital Management. In part two of this series, I have summarized this conversation, which covers Greenblatt’s thoughts on position sizing and how he is navigating the markets in 2023. Let’s dive in.
Tuesday 6/20 Insider Buying Report: CLNN, FBIZ (Nasdaq.com)
At Clene, a filing with the SEC revealed that on Friday, David J. Matlin bought 1,500,000 shares of CLNN, at a cost of $0.80 each, for a total investment of $1.2M. Matlin was up about 12.5% on the buy at the high point of today’s trading session, with CLNN trading as high as $0.90 at last check today. Clene is trading off about 0.2% on the day Tuesday. Before this latest buy, Matlin made one other purchase in the past twelve months, buying $2.9M shares at a cost of $1.01 each. And on Thursday, Director Gerald L. Kilcoyne bought $183,308 worth of First Business Financial Services, buying 6,000 shares at a cost of $30.55 a piece. Before this latest buy, Kilcoyne made one other buy in the past year, purchasing $164,974 shares at a cost of $32.99 each. First Business Financial Services is trading down about 0.2% on the day Tuesday. Investors can pick up FBIZ even cheaper than Kilcoyne did, with shares trading as low as $29.62 at last check today — that’s 3.0% under Kilcoyne’s purchase price.
$3.6M Bet On Asana? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Asana: The Trade: Asana, Inc. (ASAN) President, CEO and Chairman Dustin Moskovitz acquired a total of 160,000 shares an average price of $22.65. To acquire these shares, it cost around $3.63 million. Dollar General: The Trade: Dollar General Corporation (DG) Director Michael Calbert acquired a total of 8,500 shares at an average price of $155.38. To acquire these shares, it cost around $1.32 million.
