Fortress Main Hedge Fund Said to Fall 2.3% in Last Month (BusinessWeek)
Fortress Investment Group LLC (NYSE:FIG)’s main macro hedge fund lost 2.3 percent last month as its wagers on the economy faltered, according to a person familiar with the matter. The August decline brings losses this year in Fortress Macro Fund Ltd. to 5.8 percent, said the person, who asked not to be identified because the returns aren’t yet public. Tudor Investment Corp.’s main fund was up 0.3 percent last month, paring the year-to-date decline to 2.4 percent, according to another person with knowledge of the returns.
Hedge fund Marcato sees Life Fit shares at $70 if assets sold (Reuters)
Hedge fund Marcato Capital Management, the largest investor in Life Time Fitness, Inc. (NYSE:LTM), said on Friday the gym operator’s share price could climb to $70 if it spins off some of its real estate assets. Life Time said last month it was thinking about converting some real estate assets into a real estate investment trust, which helped push up shares in late August. On Friday, Life Time stock jumped 6.3 percent to $50.04 after Marcato’s comments.
Soroban Launches New Fund, Posts Big Gains in Q2 (InstitutionalInvestorsAlpha)
Soroban Capital Partners has launched a new hedge fund and is expecting to raise about $1.5 billion for the vehicle, which will focus on the firm’s best investment ideas. Soroban, a New York-based long-short equity firm, debuted the Soroban Opportunities Fund on August 1. The firm told clients in a recent letter that Soroban partners will invest $50 million of their own money, and they expect to hard close the fund “over the next few months,” adding that the fund is “significantly oversubscribed.”…
Herbalife’s Nutrition Clubs Defy Short-Seller Ackman’s Attacks (MoneyNews)
New York hedge fund manager William Ackman says Herbalife Ltd. (NYSE:HLF) is a pyramid scheme that exploits the poor. He has taken a $1 billion bet against the company’s stock and spent millions on research to attack the nutritional supplements seller, including making a video showing former distributors who claim they were deceived and lost money trying to sell its products. Yet a visit to some of the clubs that have been set up to dispense the company’s shakes, teas and other items, largely to the Hispanic community in the U.S., shows that it has fans…
First Opportunity Fund Announces Redemption of Hedge Fund Positions (HedgeCo)
First Opportunity Fund, Inc. announced today that it had given its notice of redemption with respect to its remaining hedge fund investments. In July of this year, the Fund was notified of proposed structural changes to both of its remaining hedge fund investments. The Fund’s investment advisers reviewed the proposed changes and determined that the hedge funds would no longer satisfy the advisers’ original investment thesis. Consequently, the advisers gave notice to the hedge fund manager of their decision to redeem the Fund’s hedge fund investments…
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