Bill Ackman’s Pershing Square Builds Roughly $1 billion Stake in Lowe’s (CNBC)
Bill Ackman‘s Pershing Square has taken a stake in Lowe’s, a source tells CNBC. Ackman’s new stake in the home improvement retailer was first reported by Dow Jones. The hedge fund manager revealed the approximately $1 billion sized position at a conference in New York Wednesday, the Dow Jones report said. Ackman said he supports the company’s incoming chief executive Marvin Ellison at the conference, according to the report. The hedge fund manager also said he agrees with activist investor D.E. Shaw‘s position that Lowe’s needs to do more to catch up with its competitor Home Depot.
Marble Arch Hedge Fund Shuts Down (The Wall Street Journal)
Marble Arch Investments LP, a $2.4 billion New York hedge fund, said it is closing down, the latest sign of pain felt by investors who bet against expensive stocks. On Monday, the 11-year-old firm announced the decision in a letter to its investors. “The past two years have been disappointing… as performance has been challenged by our value orientation and a difficult short-selling environment,” the letter said, according to an investor who received it.
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Elliott Adds Steel to European Bets on Coffee, Property, Telcos (Bloomberg)
Billionaire Paul Singer’s Elliott Management Corp. has set its sights on German steel and engineering giant Thyssenkrupp AG, showing that Europe is still on the activist investor’s radar. Elliott is building a stake in the German company and would like to replace Chief Executive Officer Heinrich Hiesinger, according to people familiar with the matter. The hedge fund may cross the threshold for public disclosure of 3 or 5 percent in coming weeks, they said.
What Do Hedge Funds and Generation Z Have in Common? (Bloomberg)
(Bloomberg Opinion) — Not known for their patience, hedge funds are seeking to make a quick buck from an equally restless Generation Z. Bilibili Inc., the owner of China’s most popular website for streaming animation videos and mobile games, has attracted the likes of Tiger Global Management, Point72 Asset Management and Hillhouse Capital Management, Jeran Wittenstein of Bloomberg News reported. Shanghai-based Bilibili has around 72 million monthly active users, 82 percent of which are classified as Generation Z, or people aged nine to 28. Word of mouth has meant Bilibili’s user base is growing about as fast as Weibo Corp.’s did in the early years.
Hedge Fund Managers To Analyze Industry Trends At China Summit (Forbes)
About 1,500 hedge fund managers and financial industry executives will gather in Shanghai tomorrow to discuss China hedge fund industry trends. Speakers at the China Hedge Fund Summit will include Ba Shusong, the chief China economist of the Hong Kong Exchanges and Clearing Ltd., and Charles Peng, founder of ZiAsset Management, a provider of services to the hedge fund management industry. The event comes amid growth in the scale of assets under management by private funds in China. The total last year exceeded 11 trillion yuan, or about $1.7 trillion, for the first time, nearly matching mutual funds.
