Latest data out has Chase Coleman’s hedge fund Tiger Global up 5 percent in the first quarter. The rise comes as Apple was last reported as Tiger Global’s largest holding, making up 20 percent of the total as of last December.
Lyxor’s Hedge fund index remains positive in March (Investment Europe) The Lyxor Hedge Fund Index was up +0.62% in March, bringing year-to-date performance to +2.36%, according to the latest update published today by the firm. March was dominated by political turmoil in Italy and the specter of a bank run in Cyprus. On the other hand, US economic momentum keeps improving and by endorsing Kuroda as the new BoJ governor, markets expect Japan’s economy to move to the tune of Abenomics.
J.C. Penney Should Be Prudent With Revamp, Says Ex-CEO Questrom (Bloomberg)
Former J.C. Penney Company, Inc. (NYSE:JCP) Chief Executive Officer Allen Questrom said the retailer should be prudent as CEO Ron Johnson implements a plan to turn most of the chain’s locations into collections of boutiques. “In high risk situations, one needs to be prudent,” Questrom said yesterday in a telephone interview. “Decisions can’t be Powerball chances. You’re responsible for employees and managing shareholders’ money.”
Hedge Fund Co. Calls SEC Fraud Claims Unfounded (Law360)
Yorkville Advisors LLC asked a New York federal judge on Thursday to throw out a U.S. Securities and Exchange Commission suit claiming the hedge fund firm took $10 million in unjustified fees, saying the commission failed to show any fraud. Though the SEC claims that the company overvalued its holdings to drive up its fee take, it has put forward no evidence that that actually occurred, Yorkville lawyer Nick Morgan of DLA Piper said at a hearing in Manhattan.
Serengeti’s LaNasa Said to Hire Ex-Goldman Colleagues (Bloomberg)
Serengeti Asset Management LP, the New York-based hedge-fund firm started by Jody LaNasa, hired two of LaNasa’s former colleagues at Goldman Sachs Group Inc. (GS), Leslie Biddle and Daniel Eichner, according to a person familiar with the appointments. Biddle will work with LaNasa and partner Vivian Lau, both former Goldman colleagues, on investments in energy, power and natural resources, said the person, who asked not to be identified because the information isn’t public. Eichner was hired as managing director of business development, marketing and investor relations, the person said.
Billionaire Ken Griffin is Betting on This Energy Stock (MarketWatch)
Citadel Investment Group, a hedge fund managed by billionaire Ken Griffin, has reported ownership of 1.5 million shares of PDC Energy (PDCE) in a filing with the SEC. In Citadel’s 13F for the fourth quarter of 2012, the fund disclosed that it owned about 360,000 shares and a small number of both call and put options at the end of December (find more stocks Citadel owned); therefore, we can conclude that Griffin and his team have bought most of their shares over the course of 2013. PDC, a $1.5 billion market cap natural gas and oil exploration and production company, is up 44% year to date.
End is near for nasty proxy fight between Agrium and Jana partners (Calgary Herald)
To Agrium Inc., Jana Partners LLC is a hedge fund Hell-bent on breaking up the company, selling the parts and making a quick buck. To Jana, Canadian fertilizer giant Agrium (AGU) is a chronic underperformer that has mismanaged its business, lacked proper board oversight and been stubbornly resistant to change. Months of name-calling and accusations will come to an end one way or another on Tuesday, when Agrium holds its annual general meeting and shareholders vote on whether to elect Jana’s five nominees to the company’s 12-member board.
