Editor’s Note: Related tickers: Herbalife Ltd. (NYSE:HLF), J.C. Penney Company, Inc. (NYSE:JCP), Chesapeake Energy Corporation (NYSE:CHK), The Bank of New York Mellon Corporation (NYSE:BK), Skechers USA Inc (NYSE:SKX), T. Rowe Price Group, Inc. (NASDAQ:TROW), Deutsche Bank AG (USA) (NYSE:DB)
Dan Loeb has been doing pretty well with the macro bets recently at his hedge fund, Third Point Partners. The fund just released its first quarter investor letter today, and Loeb devoted some space to the big Japan trade that is captivating the global macro community right now. Loeb says he gained a meaningful insight from a visit to Japan a year ago, well before the big short Japanese yen, long Japanese stocks trade really took off (which was closer to the fourth quarter of 2012).
Paulson Officials Accused of Conflict in Golf Resort Suit (Bloomberg)
Paulson & Co. executives were sued for alleged conflicts in the handling of assets in the bankruptcy of a group of resorts including Miami’s Doral golf course, where Tiger Woods won his 76th PGA Tour event last month. Michael Barr, Daniel Kamensky and Jonathan Shumaker were sued in New York state court by Five Mile Capital Partners, which accused them of failure to get the highest value for intellectual property as directors.
Swiss hedge fund, Tiberus adds new natural resources fund (Opalesque)
Tiberius, the Swiss investment manager known as a leading independent commodity specialist, has further enlarged its product offering by taking over the VCH Natural Resources Fund as of 1st April 2013. The fund which has about USD 60 Million in assets will be embedded into the research platform of Tiberius and benefit from its strong fundamental analysis. The fund complements the product range which already includes long only, long/short and global macro products. At the same time, Tiberius announces the arrival of Dr Torsten Dennin who has previously been involved in the portfolio management of commodity futures and equities at Deutsche Bank AG (USA) (NYSE:DB) and VCH in Frankfurt, Germany.
J.C. Penney Company, Inc. (JCP) Among Billionaire Michael Price’s Small Cap Picks (Insider Monkey)
The most popular small cap stocks (which we define as those with market capitalizations between $1 billion and $5 billion) among hedge funds outperform the S&P 500 by an average of 18 percentage points per year, according to our analysis of 13F filings (read more about our research on small cap stocks). So we think that it can be useful to review a manager’s top picks and treat them as a list of initial ideas which can then be researched further. Here are billionaire Michael Price’s MFP Investors’ top small cap picks as of the end of December…
Ackman Not Giving Up on JCPenney (JCP)…Yet (StreetInsider.com)
Following the ousting of Ron Johnson as CEO of retailer J.C. Penney Company, Inc. (NYSE:JCP) earlier this week, some have been wondering whether or not hedge fund giant Bill Ackman, of Pershing Square, will stick with his massive investment in the company. Ackman, after all, pushed for current CEO Mike Ullman to be replaced in 2011, but the results have been unsatisfactory.
Chesapeake Wants BNY Mellon to Explain Change on Bonds (Bloomberg)
Chesapeake Energy Corporation (NYSE:CHK) asked a judge to order The Bank of New York Mellon Corporation (NYSE:BK) to hand over e- mails showing the motive behind its bid to block the natural gas company from redeeming $1.3 billion in bonds early at par. BNY Mellon, the trustee for the notes due March 2019, and investor River Birch Capital LLC, which initiated the challenge, haven’t disclosed documents showing how their views on the early call developed, Chesapeake said in an April 8 letter to U.S. District Judge Paul Engelmayer in Manhattan.
Longboard Asset Management grows managed futures fund, sees opportunities in currencies (Opalesque)
In July of last year, Arizona-based, Longboard Asset Management launched its own managed futures mutual fund – the Longboard Managed Futures Strategy Fund (WAVIX). Although the fund launched then…
…the firm didn’t start actively trading with it until November. According to Eric Crittenden, Longboard’s director of research, they needed to work through some kinks first.
SAC Bought Skechers Stake Before KPMG Scandal Broke (FINalternatives)
Citadel’s Global Credit Co-Head Thompson Quits Hedge Fund (San Francisco Chronicle)
Thompson, who is departing this week, quit to be with family in Virginia, Katie Spring, a spokeswoman for Chicago- based Citadel, said by e-mail today. Ryan Garino and David Grossman will continue to run the group. He started at Citadel in 2008 as a credit portfolio manager and had previously worked at New York-based hedge fund King Street Capital Management LP.
Jenner Said to Raise $100 Million for Health-Care Fund (Bloomberg)
Kris Jenner, the former top stock picker at T. Rowe Price Group Inc., has raised more than $100 million for a hedge fund to invest in health-care and biotechnology stocks, according to a person with knowledge of his plans. Jenner will start the fund, named Rock Springs Capital and based in Baltimore, later this year and is continuing to seek commitments from investors, said the person, who asked not to be named because the information isn’t public. Jenner will run the fund with Mark Bussard and Graham McPhail, former T. Rowe Price analysts who left with Jenner in February, the person said. Jenner declined to comment on the fund.
Herbalife (HLF) Bet Was a Big Winner for Third Point in Q1 (StreetInsider.com)
Dan Loeb’s Third Point LLC hedge fund said its long bet on Herbalife Ltd. (NYSE:HLF) was one of the fund’s top five winners in the first quarter.
Hedge fund Atyant says gold stocks are finally liquidating (Opalesque)
After waiting “patiently for four years,” gold stocks are now finally liquidating, said Vedant “VK” Mimani, managing director at Atyant Capital, a specialty investment manager that focuses on the Indian equity markets and precious metals. “From 2011 to present, gold stocks have been annihilated (down 45-75%, depending on your index) and today, April 3, 2013, they are being liquidated. We are now buyers,” added Mimani in his monthly letter to investors. Atyant manages the Atyant Capital Global Opportunities Fund LP.
