Top hedge fund bets on Danish debt crisis (Irish Independent)
Owl Creek Asset Management, one of last year’s best-performing hedge-fund firms, is betting against Denmark’s sovereign bonds in anticipation of a debt crisis, sources told Bloomberg. The $3.2bn New York-based firm also bought credit default swaps on Danske Bank, the country’s biggest lender, founder and investment chief Jeffrey Altman said last week. Danes owe their creditors 321pc of disposable incomes, a world record that Mr Altman referenced. One catalyst for a debt crisis may be the country’s $550bn (€407bn) home-loan industry, the world’s biggest per capita, which grew after cheap credit fed a borrowing spree, Mr Altman said, according to the people.
Citadel Investment Group’s Recent Moves Involve RF Micro Devices Inc (RFMD) and Take Two Interactive Software Inc. (TTWO) (Insider Monkey)
Citadel Investment Group, managed by Ken Griffin, has revealed, in a couple of new filings with the Securities and Exchange Commission tweaking its holdings in RF Micro Devices, Inc. (NASDAQ:RFMD) and Take-Two Interactive Software, Inc. (NASDAQ:TTWO). The hedge fund has purchased an additional 8.17 million of RF Micro Devices taking its total holding to 16.92 million shares representing 6% of the company’s common stock. Citadel has also informed the SEC that it has increased its holdings in Take Two Interactive Software to 4.91 million shares from 2.03 million shares held earlier. The hedge fund now holds a 5.0% stake in the company.
Elliott readies own director slate as Juniper finalizes turnaround plan: sources (Hedgeworld)
Hedge fund Elliott Management Corp., which owns a 6.2 percent stake in Juniper Networks, Inc. (NYSE:JNPR), has prepared a slate of directors in the event that the network equipment maker’s pending turnaround plan does not achieve goals laid out by the activist investor, people close to the matter said. Elliott, which in January urged Juniper to return cash to investors, consider cutting costs and conduct a strategic review of its product portfolio, said in a statement on Monday [Feb. 3] that it has recruited a team of leading executives who have the “operational skills” and “deep industry experience” to make its plan a reality.
Jabre the ‘maverick’ out to top 2013 vintage (Financial News)
Over the past 18-months Philippe Jabre, one of Europe’s best-known hedge fund managers and the founder of $2 billion Jabre Capital Partners, placed bold bets on European stocks. It paid off. His JabCap Global Balanced Fund gained 48% in 2013, while the JabCap Multi Strategy Fund, which trades equities, convertible bonds and other strategies, achieved 43%. The average equity hedge fund gained 14.4 % in 2013, according to figures from HFR. Early last month, Jabre sold out of some of his equity positions and took profits, believing that markets were overstretched. As the European markets have sold off – the EURO STOXX 50 Index was down 4% in January – he is cautiously starting to buy stocks again.
The latest Herbalife twist (CNBC)
D.E. Shaw Group Energy Head Jeff Myers Retiring (Wall Street Journal)
Jeff Myers, head of energy-trading strategy for hedge-fund firm D.E. Shaw Group, is retiring after one of the firm’s energy funds suffered a large loss last year. The $32 billion firm lost 28% in its Plasma fund last year, including an 18% drop in December, according to people with knowledge of the matter. The fund, with about $650 million in assets, was on track to suffer additional losses in January.
Deutsche Bank Veteran Dixon Plans $200M Hedge Fund Launch (FINalternatives)
Former Deutsche Bank AG (USA) (NYSE:DB) mortgage trader Troy Dixon will launch his first hedge fund this summer with $200 million in initial assets. Dixon founded Hollis Park Partners in New York after leaving Deutsche Bank in October. The firm’s first fund is expected to launch in July, he told Bloomberg News. Hollis Park will focus on “the entire suite of products within the structured mortgage finance space,” the firm said in a marketing document. The new hedge fund features Glenn Morrison as chief operating office and former CRT Capital Group securitized product co-head Joseph Valentine.
Pimco’s Bill Gross Says He Avoids China ‘Mystery Meat’ (Bloomberg)
Bill Gross, who oversees the world’s biggest bond fund at Pacific Investment Management Co., said the pace of economic growth in China is among the biggest questions in developing nations and the largest risks for markets. “I call China the mystery meat of emerging-market countries,” Gross said yesterday during an interview on Bloomberg Television’s “Market Makers” with Erik Schatzker and Stephanie Ruhle. “Nobody knows what’s there and there’s a little bit of bologna, so we’re just going to have to wonder going forward through this year as to the potential problems in China and other emerging markets.”
Nomura Adds C8 Sales Chief (FINalternatives)
Nomura Holdings, Inc. (ADR) (NYSE:NMR) has added a hedge fund distribution chief to cover equity sales in Europe. Mike Ward has returned to banking after a nearly two-year stint with C8 Investments, a quantitative hedge founded by a pair of BlueCrest Capital Management veterans. Ward joined the hedge fund from Bank of America Merrill Lynch, where he was head of European equity sales.
Soros Fund Management Discloses New Massive Stake in Polycom Inc (PLCM) (Insider Monkey)
Soros Fund Management, managed by George Soros, has disclosed, in a new filing with the SEC, ownership of 9.40 million shares of Polycom Inc (NASDAQ:PLCM). The stake amasses 6.95% of the company’s common stock and represents a new position in the fund’s equity portfolio. At the current stock price of the company, the value of the holding amounts to approximately $110.17 million.
