Momentum in asset growth is vital to successfully raising hedge fund assets, says Agecroft (HedgeWeek)
They are constantly hearing that a majority of assets are flowing to the largest hedge funds despite evidence that shows smaller hedge funds have significantly out performed larger funds over time. Frequently they hear that once they get to a certain asset size, it will be much easier to raise assets. However, that is not necessarily true. Agecroft Partners believes that momentum in asset growth is more important to being successful in raising hedge fund assets for small and medium sized hedge funds than the current asset size of the organisation.
Glenview Joins Bass in Raising Stake on J.C. Penney Recovery Bet (BusinessWeek)
Glenview Capital Management LLC joined J. Kyle Bass in raising its stake in J.C. Penney Company, Inc. (NYSE:JCP), becoming its biggest shareholder in a bet the retailer will recover after Bill Ackman ended a revamp effort last month. Hayman Capital Management LP, Bass’s hedge fund, held 11.4 million shares of the Plano, Texas-based department-store chain, according to a filing (JCP:US) yesterday. In a separate filing (JCP:US), Glenview said it owned 20.1 million shares, or a stake of 9.1 percent.
Sir Michael Hintze – hedge fund crusader with the superhero CV (BRW)
From the meeting room of the London headquarters of Convertible Quantitative Strategies (CQS) you can peer into the magnificent gardens and grounds of Buckingham Palace. It’s an appropriate vantage given the hedge fund’s extraordinary 59-year-old founder, Australian Michael Hintze, was knighted in this year’s Queen’s honours list. The highest recognition from Her Majesty adds to an impressive collection of accolades gathered from a lifetime of philanthropy, patronage – and stellar trading for the BRW Rich-lister.
Soros-Backed ClickSoftware Sinks as CEO Quits: Israel Overnight (BusinessWeek)
ClickSoftware Technologies Ltd. (NASDAQ:CKSW), the Israeli developer whose largest investor is George Soros’s fund, tumbled in New York as the departure of its co-chief executive officer raised concern about the company’s outlook. Shares of the Petach Tikva, Israel-based company sank 1.5 percent, extending this year’s decline to 19 percent. The Bloomberg Israel-US Equity Index of the most-traded Israeli stocks in New York was little changed and the shekel dropped the most in a week on speculation the U.S. is moving closer to striking Syria. Partner Communications Company Ltd (ADR) (NASDAQ:PTNR) widened the discount to its Tel Aviv shares to the biggest since July 21. The Israeli stock market is closed today for a holiday.
Is There Any Nuance in Icahn’s Relationship with Apple? (WallStCheatSheet)
In August, notorious activist investor Carl Icahn announced – via Twitter – that his fund, Icahn Enterprises LP (NASDAQ:IEP), had taken a “large position” in Apple Inc. (NASDAQ:AAPL). Icahn suggested that the company is still “extremely undervalued” — shares closed Friday at $487.22 — an argument that has been on the tip of many investors’ tongues ever since shares dropped below $500 earlier in the year and the company first announced its massive buyback program…
