Seth Klarman Hedge Fund Buys $645 Million Stake in Just Eat Takeaway (Bloomberg)
Seth Klarman’s hedge fund, Baupost Group, bought a 3.5% stake in Dutch food-delivery company Just Eat Takeaway.com NV. The Boston-based firm run by renowned value investor Klarman acquired the stake in a transaction dated Aug. 4, according to a regulatory filing on Thursday. The shares were valued at about 549 million euros ($645 million) as of Wednesday’s closing price.
Hedge Fund Consultant’s Firing Not Retaliation, Court Rules (Reuters)
(Reuters) – A federal judge in Manhattan dismissed a whistleblower retaliation lawsuit by a former IT worker at Autonomy Capital, saying he was not eligible for protection under rules that the U.S. Securities and Exchange Commission subsequently changed. U.S. District Judge Gregory Woods said on Wednesday that whistleblower rules the SEC created under the Dodd-Frank Act had only protected those who reported concerns to the agency in writing and did not cover a 2019 phone call flagging Nicholas Moniodes’ concerns about potential data security violations.
‘The Markets know more than You Do’: Hedge Fund Boss – and Donald Trump’s Short-Lived PR Guy – Anthony Scaramucci Reveals his Investing Mistakes (This is Money)
Anthony Scaramucci is best known for his brief but memorable role as President Trump’s director of communications, but he has also had a much longer and equally as colourful career in the investment industry. ‘The Mooch’, as he became known during his 11-day stint at the White House, worked at Goldman Sachs in the 1980s and 1990s, but then went on to found Oscar Capital Management and later the investment firm SkyBridge Capital.
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iCapital Network Expands Relationship with Bridgewater Associates (Hedge Week)
iCapital Network has expanded its relationship with Bridgewater Associates (Bridgewater), a specialist in institutional portfolio management, and the world’s largest hedge fund. Under this agreement, iCapital will provide a customised technology platform to give registered investment advisors (“RIAs”) and family offices seamless access to Bridgewater’s strategies for their ultra-high-net-worth clients in the US. “Creating opportunities for wealth advisors and their qualified clients to access institutional-quality investments has always been our core mission at iCapital,” says Lawrence Calcano, Chairman and CEO of iCapital Network. “We are excited to partner with such a prominent team as Bridgewater to bring access to these strategies to the wealth management community.”
Month in Review – July 2021 (Hedge Nordic)
Stockholm (HedgeNordic) – Whereas July marked the first month of industry-wide average negative returns for the global hedge fund industry in 2021, Nordic hedge funds marched ahead with an average gain of 0.5 percent for the month (92 percent reported). After pulling off their best first-half performance since 2009, Nordic hedge funds are now up 4.8 percent for the first seven months of 2021.
ISS, Glass Lewis Urge Shareholders to Back Hedge Fund’s Call for Changes at Monro (Reuters)
BOSTON, Aug 11 (Reuters) – Two powerful proxy advisory firms support an activist investor’s proposal to overhaul the financial structure at auto service company Monro Inc (MNRO.O), according to reports seen by Reuters, paving the way for all shareholders to have a say on hot-button issues where one person now has veto power. Institutional Shareholder Services and Glass Lewis have urged shareholders in the $1.9 billion U.S. car service and tire centers company to approve a non-binding shareholder proposal made by hedge fund Ides Capital Management when they vote at next week’s annual meeting.
Hedge Funds are Doubling Down on Their Conviction Buys (Luxembourg Times)
While hedge funds are retreating from a record-setting equity rally, their faith in their own stock-picking skills is growing stronger than ever. The boldness is on display in data compiled by Morgan Stanley’s prime broker unit. The firm’s hedge-fund clients have boosted holdings in their conviction buys, with the 50 most-crowded stocks making up more than 40% of the long book last month for the time since at least 2010.
Natural Resources Performance Moving in the Right Direction (Preqin)
New commodities ‘super cycle’ piques natural resources investors’ interest once again as many look to tap into emerging markets. Historically, investors have used natural resources as a tool for diversification in their portfolios. However, since Q3 2019 performance has been rather poor in comparison with other asset classes, particularly against other real assets, which tended to hit 7-9% net IRR returns over a five-year horizon. Natural resources, however, struggled to break into positive returns, only reaching -2.2%.
Thursday 8/12 Insider Buying Report: ET, ELAN (Nasdaq.com)
On Monday, Energy Transfer’s Executive Chairman, Kelcy L. Warren, made a $9.99M purchase of ET, buying 1,089,828 shares at a cost of $9.17 each. Warren was up about 4.5% on the purchase at the high point of today’s trading session, with ET trading as high as $9.58 in trading on Thursday. Energy Transfer is trading off about 0.5% on the day Thursday. This buy marks the first one filed by Warren in the past year. And at Elanco Animal Health, there was insider buying on Wednesday, by President, CEO & Director Jeffrey N. Simmons who bought 16,850 shares for a cost of $29.70 each, for a total investment of $500,445. Elanco Animal Health is trading up about 1% on the day Thursday. Bargain hunters are able to buy ELAN even cheaper than Simmons did, with the stock trading as low as $29.10 in trading on Thursday — that’s 2.0% under Simmons’s purchase price.
A Director at Evans Bancorp (NYSE MKT: EVBN) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Evans Bancorp (EVBN), Robert G. Miller, sold shares of EVBN for $390.8K. Based on Evans Bancorp’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $22.77 million and quarterly net profit of $6.31 million. In comparison, last year the company earned revenue of $19.17 million and had a net profit of $469K. The company has a one-year high of $40.45 and a one-year low of $21.79. EVBN’s market cap is $218 million and the company has a P/E ratio of 9.90.
Donnelley Financial Solutions Inc (DFIN) CEO Daniel Leib Sold $1.2 million of Shares (Guru Focus)
CEO of Donnelley Financial Solutions Inc, Daniel Leib, sold 35,000 shares of DFIN on 08/10/2021 at an average price of $33.8 a share. The total sale was $1.2 million.
