…we’re getting to a place by the end of July where the 12-month trailing return is just over 1 percent,” Gundlach, whose Los Angeles-based DoubleLine Capital LP managed $56 billion as of March 31, said in an interview, referring to broad fixed-income benchmarks. “There will be a rethinking of bond allocations.”
Yearick is the third Deutsche Bank AG (USA) (NYSE:DB) veteran to join BlueCrest this year, after mortgage-debt trader John Roach and distressed-debt analyst Matt Siravo.
Walter Energy says results to improve from 4th quarter (Reuters)
Coal miner Walter Energy, Inc. (NYSE:WLT), which is locked in a proxy fight with an activist hedge fund, said on Thursday that its first-quarter performance had improved from that of the fourth quarter of 2012. Walter said it expects to report metallurgical coal sales of 2.8 million metric tons for the first quarter, up 9 percent from the fourth quarter of 2012, and above the 2.4 million metric tons it reported for the first quarter of 2012. British hedge fund Audley Capital Advisors LLP is aiming to replace half of Walter’s board at its April 25 annual meeting.
Singer Denial Failing to Quell Win-Win Charge: Argentina Credit (Bloomberg)
Billionaire Paul Singer has denied he owns credit-default swaps that would allow him to profit if Argentina shirks a court order requiring it pay him in full and halts payments. That hasn’t stopped Argentina from repeating the claim as its bond risk soars to the highest in the world. Economy Minister Hernan Lorenzino said March 30 that the “sole” purpose of Singer’s legal dispute with Argentina over record $95 billion default in 2001 is to make money from his swap holdings, a month after his NML Capital Ltd. fund said in a court hearing it doesn’t own the contracts. Argentina and holders of restructured bonds have also said in filings in the U.S.
Five small caps Steve Cohen likes (MarketWatch)
Here are five small-cap stocks which billionaire Steve Cohen’s SAC Capital Advisors reported owning at the end of December. SAC increased its stake in Superior Energy Services, Inc. (NYSE:SPN) by 25% during the fourth quarter of 2012, to a total of 7.7 million shares. At a market capitalization of $4 billion, Superior trades at only 10 times its trailing earnings. At that level it barely needs to grow at all in order to be a good value, but analyst expectations are bullish with the forward P/E coming in at 9 and the five-year PEG ratio being only 0.6.
Income Partners Focuses on Liquid Credit as Chandra Departs (Bloomberg)
Income Partners Asset Management (H.K.) Ltd., a $1.3 billion credit hedge-fund manager, is moving away from investments in less-frequently traded assets, prompting the departure of one of its three partners. Jiffriy Chandra, who focused on private-capital investments since the 2008 global financial crisis, left last month after 15 years, Francis Tjia, Hong Kong-based Income Partners’s chief executive officer, said in a telephone interview on April 9. Hedge-fund companies, including Philip Falcone’s Harbinger Capital Partners LLC, put their most illiquid investments in separate pools and restricted investor withdrawals in the wake of the 2008 financial crisis to avoid fire-sales of such assets as their prices plummeted.
