Paul Tudor Jones Hits Palm Beach With Mick Mulvaney by His Side (Bloomberg)
Paul Tudor Jones sat with Mick Mulvaney, the acting White House chief of staff, on Saturday night in Palm Beach. It might’ve been the closest the hedge fund manager has come to achieving alpha in his decades-long fight for the Everglades. Just six days earlier, Florida’s new governor, Ron DeSantis, sent a request to President Donald Trump for $200 million in annual funding for Everglades restoration. Mulvaney — also the director of the Office of Management and Budget — can help make it happen.
Elliott Takes 6.1 percent Stake in Dutch Intertrust (Reuters)
AMSTERDAM (Reuters) – Paul Elliott Singer, the hedge fund manager behind activist investor Elliott Management, has taken a 6.1 percent stake in Dutch trust and business administration company Intertrust, according to a filing published by the Dutch Authority for Financial Markets (AFM). The disclosure is reported as effective on Feb. 13, the day after the sale by Blackstone of its remaining 6.77 percent stake in Intertrust to institutional buyers via an accelerated book-building.
Rawpixel / shutterstock.com
A Former SAC Capital Portfolio Manager Closing His $1 Energy Billion Hedge Fund After Only Three Years of Trading (Business Insider)
Precocity Capital, an energy-focused hedge fund run by former SAC Capital PM Nick Tiller, is closing down, according to sources familiar with the matter. The hedge fund managed more than $1 billion as recently as last year, regulatory filings show, and began trading less than three years ago, in mid-2016. Tiller founded the firm after more than 10 years at Steve Cohen‘s SAC Capital, where he oversaw more than $1 billion in equity and commodity strategies. Past reports also note that Tiller was responsible for building out the fund’s energy group.
Appaloosa’s Tepper Says Allergan Should Consider Selling Itself (Reuters)
(Reuters) – Billionaire hedge fund manager David Tepper said on Tuesday Allergan Plc should consider selling itself if its management is unable to turn around recent lagging performance, stepping up pressure on the drugmaker. “If in fact the Board is unable or unwilling to hold management accountable for its shortcomings or find a suitable replacement, it is your fiduciary obligation to explore other options, including a merger or sale of the Company,” Tepper, the founder of hedge fund Appaloosa LP, said in a letter.
Hedge-Fund Giant Citadel Hires Manager Away From Her Own Fund (The Wall Street Journal)
Citadel LLC, one of the world’s largest hedge-fund firms, has hired one of the industry’s few female founders. Samantha Greenberg is closing her hedge fund, Margate Capital, to join Citadel. Ms. Greenberg specializes in investing in the technology, internet and media and consumer sectors. She previously was a partner at Paulson & Co.
Navient Rejects Buyout Offer of $12.50/Share (The Street)
Navient Corp. (NAVI) received a buyout offer worth about $3.2 billion but rejected the offer saying it “substantially undervalues” the servicer of student loans. The board of Navient voted Monday to turn down the proposal of $12.50 a share from hedge fund Canyon Capital Advisors LLC and private-equity firm Platinum Equity Advisors LLC, The Wall Street Journal reported Monday. Navient issued a confirmation.
If Hedge Funds Are Lagging, Why Do They Have So Much Money? (Bloomberg)
By now it’s no secret that equity hedge funds have had a horrible decade. The real surprise is that a record $955 billion was invested in those funds at the end of September 2018. Which raises the obvious question: Why are so many investors still hanging around?
Othania’s ESG-Focused Fund Joins the Hunt (HedgeNordic)
Stockholm (HedgeNordic) – In November of last year, Danish asset manager Othania launched Investin Othania Etisk Formuevækst, a UCITS-compliant fund that uses a systematic model to allocate all available capital either into sustainable equity or bond exchange-traded funds (ETFs) every month. The fund has now joined its sister fund Othania Invest in the Nordic Hedge Index (NHX). Both Investin Othania Etisk Formuevækst and Othania Invest use a proprietary investment model called TIGER to assess the risk of being exposed to equity markets for the upcoming month. The investment model uses indicators on economic activity, interest rates, and stock market movements to determine next month’s allocation.
Noted Hedge Fund Says Crypto Hasn’t Bottomed Yet (Forbes)
Alex Sunnarborg is a founding partner of Tetras Capital, a New York City-based cryptocurrency hedge fund Forbes estimates to have $30 million in assets under management. Tetras is well known for a recent bearish bet it made: It shorted ether in May 2018, a month when the digital currency’s average price was nearly $700. Today, ether hovers around $100. Before Tetras, Sunnarborg did a stint in investment banking and founded crypto exchange and research app Lawnmower, which was acquired by CoinDesk in 2017.
Cypress Capital Group Buys Centene Corp, NVIDIA Corp, Omnicom Group Inc, Sells BlackRock Inc, DXC Technology Co, iShares iBoxx $ Investment Grade Corporate Bond (GuruFocus)
Palm Beach, FL, based Investment company Cypress Capital Group buys Centene Corp, NVIDIA Corp, Omnicom Group Inc, PulteGroup Inc, Seagate Technology PLC, Nike Inc, CF Industries Holdings Inc, Cigna Corp, Sysco Corp, Monster Beverage Corp, Agilent Technologies Inc, McKesson Corp, Ecolab Inc, Biogen Inc, Duke Energy Corp, Micron Technology Inc, Western Digital Corp. and a lot more during the 3-months ended 2018 Q4, according to the most recent filings of the investment company, Cypress Capital Group. As of 2018Q4, Cypress Capital Group owns 222 stocks with a total value of $430 million.
UDR, Inc. (NYSE:UDR) Insider Trading Activity – VP Sold 50,000 shares of Stock (MarketExclusive)
Insider Trading Activity For UDR, Inc. (NYSE:UDR): Warren L Troupe , VP of UDR, Inc. (NYSE:UDR) reportedly Sold 50,000 shares of the company’s stock at an average price of 44.66 for a total transaction amount of $2,233,000.00.
Tuesday 2/19 Insider Buying Report: SLCT, X (Nasdaq.com)
Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned cash to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys. At Select Bancorp (SLCT), a filing with the SEC revealed that on Friday, Director Seth Wilfong bought 25,000 shares of SLCT, at a cost of $12.00 each, for a total investment of $300,000. Select Bancorp is trading up about 0.6% on the day Tuesday. Before this latest buy, Wilfong made one other purchase in the past twelve months, buying $264,000 shares for a cost of $12.00 each.
Insider Buys Of The Week: Kinder Morgan, Goodyear And More (Benzinga)
Goodyear Tire & Rubber Co GT 1.41% saw a director step up to the buy window midweek. At prices that ranged from $18.48 to $18.78 apiece, the 35,000 shares reportedly acquired cost over $652,000. That more than doubled the former Procter & Gamble executive’s stake in Goodyear to 50,000 shares. A recent earnings miss resulted in an analyst downgrade last week that cited pricing headwinds and a supply and demand imbalance. The stock ended the week at $18.79 per share, near the top of the director’s listed purchase price range. The shares have traded as high as $30.01 in the past year, but the consensus price target was $20.78 on last look.
A Director at Park National Corp (NYSE: PRK) is Selling Shares (AnalystRatings)
Today, a Director at Park National Corp (PRK), Timothy Mclain, sold shares of PRK for $107.4K. Based on Park National Corp’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $109 million and quarterly net profit of $26.26 million. In comparison, last year the company earned revenue of $95.85 million and had a net profit of $22.83 million. PRK’s market cap is $1.59B and the company has a P/E ratio of 14.28. Currently, Park National Corp has an average volume of 46.66K.
