Billionaire Ray Dalio Says Coronavirus Marks the Start of a ‘New Future’ (CNBC)
Billionaire hedge fund manager Ray Dalio has said that while the coronavirus outbreak is devastating, it may also be a turning point in history – one that could pave the way for greater societal progress. In a live LinkedIn interview Tuesday, the Bridgewater Associates founder highlighted the devastating human toll of the virus, which has so far infected more than 2.5 million globally, and its wide-reaching economic repercussions. However, he went on to strike an optimistic note, saying that the financial fallout should be viewed in wider historical context.
Paul Singer Should Probably Just Factor In A Fine Whenever Investing In French Transport (Deal Breaker)
Paul Singer was in a foul mood last week, telling his clients that if they think the worst is over, they’re stupid, and even amidst all of the red ink “there does not appear to be a gilded cornucopia of shining bargains.” That was on Wednesday. A letter he received on Friday is not likely to have improved his outlook. Activist hedge fund Elliott Advisors has been fined €20m for failing to cooperate with the French banking regulator, during a takeover battle between two transportation companies…. The AMF said it had found errors in Elliott Advisors’ reporting of the takeover attempt and said that the hedge fund’s actions were “intended to conceal from the market, for as long as possible, the strategy of blocking the squeeze-out offer in order to negotiate a reassessment of XPO’s offer price.”
One Hedge Fund Takes on the French Establishment (Bloomberg)
A storied French media group is a challenging target for shareholder activism — especially when the agitator is a foreign hedge fund. But Lagardere SCA, owner of the Hachette publishing house, is facing real pressure from Amber Capital U.K. LLP. Stake building by media group Vivendi SA and, reportedly, French investor Marc Ladreit de Lacharriere suggests a chess game is about to start. Amber Capital’s case for stronger oversight gets more compelling by the day.
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Glass Lewis backs Tegna’s board in fight with Standard General (Reuters)
NEW YORK (Reuters) – Tegna Inc (TGNA.N) said on Wednesday that proxy advisory firm Glass Lewis had recommended that the U.S. regional TV station operator’s shareholders vote for all 12 of its director nominees in the proxy contest against hedge fund Standard General LP. Standard General, Tegna’s largest shareholder with a stake of nearly 12%, is seeking to replace four of Tegna’s directors with its own nominees, including founder Soohyung Kim, in a Tegna shareholder vote to be held on April 30.
Nintendo Shares Rise After ValueAct Builds $1.1 billion Stake (CNBC)
Activist investor ValueAct Capital Partners has built a stake of over $1.1 billion in Nintendo, according to a letter seen by Reuters, a bet that digital software distribution and the development of new entertainment products will fuel growth at the Japanese consumer electronics company. ValueAct, which first began buying the stock in April 2019, grew the position in Nintendo, known for its gaming consoles and for having turned characters like Mario and Donkey Kong into international hits, during the stock market sell-off in February and March, according to the letter sent to its investors.
Hedge Funds Just Had Their Worst Quarter Since 2009 (Institutional Investor)
Hedge fund assets plunged by $366 billion in the first three months of 2020, as investors fled money-losing strategies in the highest volume since the last recession. According to industry tracker HFR, investors pulled a net $33 billion during the first quarter — the most since $42 billion exited in the second quarter of 2009. Outflows in the first quarter of 2020 exceeded any three-month period on record outside of the last financial crisis and its aftershocks, according to HFR, which has industry data going back to 1990.
Announcing the Winners of the 2019 Nordic Hedge Award (Hedge Nordic)
Stockholm (HedgeNordic) – HedgeNordic is pleased to announce the winners of the 2019 Nordic Hedge Award. While the Nordic hedge fund community could not share a laugh, shake hands, share a drink and celebrate as we have done in previous years, we can still give a big round of applause to those determined as being the best Nordic hedge funds of 2019. The winners of the 2019 Nordic Hedge Award were selected through a three-step process. First, out of the nearly 160 hedge funds within the universe of the Nordic Hedge Index, a model co-developed with the Swedish House of Finance at the Stockholm School of Economics selected the top five funds per award category.
Global-Macro Startup Emphasizing China (HFAlert.com)
A global-macro startup with a China-centric view is set to start trading a sizeable sum of outside capital at the end of the second quarter. Hong Kong-based PrideRock Global Investment, led by one-time Goldman Sachs executive Jun Yuan, began trading in January with internal capital and went on to post a 16.5% gain as of March 31. The plan is to have at least $100 million on hand when the operation begins investing for clients. PrideRock subsequently would seek to bring the total to $150 million to $250 million in short order, and then develop a track record before pursuing a broader expansion. Sources said the firm already has secured backing from limited partners in Asia and the U.S., drawing in part on its team’s experience in China’s financial market. One potential investor called the operation “one of the more interesting launches I’ve seen lately.”
Hedge Funds Boosted by a Recovery in Most Dislocated Market Segments (Opalesque.com)
Hedge fund strategies operating in the most dislocated market segments or displaying the greatest pricing anomalies have rebounded strongly, in particular, the Merger Arbitrage and L/S Credit strategies, said Lyxor in its weekly brief. Strategies with the longest market bias, including L/S Directional, Special Situations, and Global Macro, also did well. “Lyxor’s L/S Equity Neutral peer group was down -2.8% year-to-date, hurt by extreme trading conditions and the constituents’ average market beta of 20%,” it said. Investor optimism is rebuilding, boosted by the emerging impact from the massive monetary and fiscal announced stimulus, from article hopes concerning the Gilead drug. Prospects of a restart of the U.S. and European economies also helped.
A Controversial Hedge Fund Manager Plots a Major Strategy Shift (Institutional Investor)
Russell Clark’s Horseman Global has moved from a disinflationary to inflationary posture. Horseman Capital Management, the London-based hedge fund whose long-term bearish stance has led the firm to stunning gains and stinging losses over the years, has dramatically changed its strategy in light of the Covid-19 crisis. Horseman chief Russell Clark tells clients he is exiting his deflationary positions in favor of a…
Procter & Gamble Co (PG) CEO – Beauty R. Alexandra Keith Sold $883,200 of Shares (Guru Focus)
CEO – Beauty of Procter & Gamble Co., R. Alexandra Keith, sold 7,360 shares of PG on 04/21/2020 at an average price of $120 a share. The total sale was $883,200. Procter & Gamble Co is a consumer goods company. The firm markets its products internationally through various channels which include mass merchandisers, grocery stores, membership club stores, drug stores, and department stores.
The CFO of OneSpan (NASDAQ: OSPN) is Buying Shares (Analyst Ratings)
Today, the CFO of OneSpan (OSPN), Hoyt Mark Stephen, bought shares of OSPN for $454.2K. Following this transaction Hoyt Mark Stephen’s holding in the company was increased by 44.93% to a total of $1.17 million. In addition to Hoyt Mark Stephen, one other OSPN executive reported Buy trades in the last month.
Wednesday 4/22 Insider Buying Report: IMBI (Nasdaq.com)
At iMedia Brands, a filing with the SEC revealed that on Friday, Director Eyal Lalo bought 691,070 shares of IMBI, at a cost of $2.04 each, for a total investment of $1.41M. Investors are able to snag IMBI even cheaper than Lalo did, with the stock trading as low as $1.57 in trading on Wednesday which is 23.3% under Lalo’s purchase price. iMedia Brands is trading up about 13.6% on the day Wednesday.
