ISS Recommends One of Sarissa’s Three Nominees for Alkermes Board (Reuters)
Proxy advisory firm Institutional Investor Services urged Alkermes (ALKS.O) shareholders to elect one of three director candidates proposed by activist hedge fund Sarissa Capital, arguing more outside pressure on management is needed right now. ISS said Sarah Schlesinger, a physician with experience serving on public company boards, should be elected to Alkermes’ 11-member board at next week’s annual meeting. She should replace board member Richard Gaynor, a physician who serves as president of BioNTech US, the report said.
This Is The Richest Person In Florida, New Analysis Says (Patch.com)
FLORIDA — Stock trader Ken Griffin has bragging rights as the richest person in Florida, according to a recent ranking from Forbes. Nearly all states have at least one billionaire, according to The Richest Person In Every State list put together by Forbes. The only ones that don’t are Alaska, Delaware and West Virginia. Griffin, founder of one of Wall Street’s largest hedge funds, has an estimated net worth of $33 billion as of June 20. Griffin, 54, lives in Miami.
Defence Firm Under Fire from Hedge Fund (InvestorsChronicle.co.uk)
Avon Protection (AVON) is facing a call to sell itself from a shareholder who said it was no longer fit to be a standalone business. Ancora Alternatives, a US-based hedge fund, said the company should begin “a full and fair strategic alternatives review to maximise value” and prevent further losses to shareholders. Ancora built a 5.1 per cent stake in Avon Protection in December last year, according to data provider FactSet. It said it had been engaged with the company’s board privately to discuss its underperformance but had decided to go public because of a “clear failure to address our concerns”.
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Make It Fit: Do Your Best Effort! (Hedge Nordic)
Stockholm (HedgeNordic) – The journey to achieving the Article 8 classification is hazy for any fund, even more so for hedge fund managers who deal with diverse asset classes, investment styles, and financial instruments, including short positions. Ann-Sofie Odenberg and Hampus Hårdeman from Brummer & Partners shed light on their multi-strategy fund’s journey towards obtaining Article 8 classification. Faced with varied challenges on their ESG journeys, every single manager under the Brummer & Partners umbrella has worked shoulder-to-shoulder with the group’s sustainability team to turn Brummer Multi-Strategy (BMS) into an Article 8 fund.
Crispin Odey Loses Approved Status on Rregulator’s Register (Funds-Europe.com)
Former hedge fund boss Crispin Odey has been removed from the Financial Conduct Authority’s (FCA) register of approved persons in the wake of the recent sexual harassment scandal that has engulfed him and the asset management firm he founded. Previously, Odey was listed on the FCA register as an approved person at Odey Asset Management, allowing him to directly interact with clients and perform other tasks. However, this approval was revoked on June 12, the register shows.
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.
