Hedge fund nearly doubles Delek stake (NashvillePost)
A $4.7 billion hedge fund manager run by a disciple of legendary investor Julian Robertson has in recent weeks substantially increased its stake in Delek US Holdings, becoming the second outside investor to own at least 5 percent of the local company. New York-based Steadfast Capital Management on Monday filed papers with the Securities and Exchange Commission saying it owned 3.7 million shares of Delek as of June 25. That amounted to 6.2 percent of Brentwood-based Delek, which runs refineries in Texas and Arkansas and owns the Mapco chain of gas stations, and was up from just 1.9 million shares at the end of March.
New Jersey plans hires in alternatives investments (Reuters)
The New Jersey Division of Investment plans to hire up to three senior investment professionals for its alternative investments team, and may hire money managers to run additional separate accounts, Director Chris McDonough told Reuters Buyouts Magazine. The professionals would be tasked with helping to manage the $79 billion pension system’s private equity, real estate, real assets and hedge fund portfolios. Duties include sourcing investments, performing manager due diligence, negotiating partnership agreements, managing relationships with outside consultants and presenting recommendations to the New Jersey State Investment Council, according to a job description.
Ex-Trader Spurns Hedge Funds to Market Coconut Water (Bloomberg)
When former hedge-fund trader Jane Gottschalk went back to work in Hong Kong after having five children, the finance world wasn’t her top pick. Her more-dynamic choice: coconut water. Jing Holdings Ltd., the company she founded with her husband and two Hong Kong-based businessmen, attracted Elton John as a shareholder and now sells its Jax Coco brand of coconut water in 30 markets worldwide. After debuting in June 2012 in London’s Harvey Nichols department store and Hong Kong’s City’ supermarkets, Jax Coco can be found in Whole Foods Market, Inc. (NASDAQ:WFM) in the U.S., the first-class lounge of Eurostar trains, a Nobu restaurant in London and the Upper House, Peninsula and Four Seasons hotels in Hong Kong.
How To Invest With A Rothschild – In Iraqi Oil (Forbes)
Whether there is war or peace in Iraq, whether the country holds together or falls apart, the oil will flow. If you want to take a flyer on your own little piece of the future of Iraqi oil, the stock to buy is probably Genel Energy. The company has the highest production volumes and arguably the best oilfield assets in the Kurdish Region of Iraq. And its prospects are protected not just by the loyal peshmerga forces of the Kurdish Regional Government, but also by a robust safety net of international business giants. Genel’s big backers are banking scion Nathaniel Rothschild and Turkish billionaire Mehmet Emin Karamehmet. The company’s CEO is Tony Hayward, the former head of BP , who also happens to be chairman of commodities giant Glencore PLC. Genel’s CFO used to be the head of U.K. investment banking for Goldman Sachs Group, Inc. (NYSE:GS).
Hedge Fund Survey: 2013 Showed Record Fund Launches (HedgeCo)
Morningstar and Barron’s today released highlights of their eighth annual national survey examining the perception and usage of alternative investments such as hedge funds among institutions and financial advisors. “Mutual funds continue to grow as the vehicle of choice for accessing alternative strategies. 2013 marked the strongest asset flows into alternative funds and the largest number of fund launches on record,” Josh Charlson, director of manager research, alternative strategies, said. “For the fourth year in a row, long-short strategies garnered the most interest, but growing apprehension toward the bond market has also contributed to blistering growth in nontraditional bond funds.”
Cramer doesn’t believe panic is a strategy (CNBC)
Jury finds Rengan Rajaratnam not guilty of conspiracy (CNBC)
The brother of an imprisoned ex-billionaire hedge fund founder has been acquitted of conspiracy. A New York jury returned the verdict Tuesday at the federal insider trading trial of Rengan Rajaratnam. His brother, Raj Rajaratnam, is the founder of the Galleon Group of hedge funds. He’s serving an 11-year sentence for making up to $75 million illegally. Two dozen other defendants have pleaded guilty or were convicted in the case. Federal Judge Naomi Reice (rees) Buchwald had dismissed the two most serious charges in May.
Gold Shines Again as Hedge Funds Boost Wagers on Advance (Bloomberg)
Gold is precious again. After investors sent bullion tumbling in 2013 by the most in three decades and kept dumping the metal earlier this year, demand is now up and prices are defying bearish forecasts. Money managers increased net-long positions for a fourth straight week through July 1 and holdings in exchange-traded products are climbing at the fastest pace since 2012. “Gold’s performance has proven the bears wrong so far this year,” John Kinsey, who helps manage about C$1 billion ($935 million) at Caldwell Securities Ltd. in Toronto, said in a telephone interview yesterday. “We look for further strength through the balance of the year.”
Icahn ‘Angry’ About BlackRock Chief’s Letter To CEOs (Finalternatives)
Carl Icahn did not appreciate what he considered an oblique and unflattering reference to himself by BlackRock, Inc. (NYSE:BLK) CEO Laurence Fink—and he let Fink know about it. In March, Fink wrote a letter to the CEOs of every Standard & Poor’s 500 Index-listed company, lamenting “the short-term demands of the capital markets” and pledging to “challenge that trend,” urging the executives to ignore the short-term and focus on “achieving sustainable returns over the longer term.” Fink did not mention activist hedge funds in the missive, but it was widely seen as a criticism of such firms.
HFRI Fund Weighted Composite Index gains 1.3% in June (3.2% YTD) (Opalesque)
Hedge funds posted gains in June 2014 to conclude the first half of 2014, as equities eclipsed new records and implied volatilities fell sharply despite rising geopolitical tension. The HFRI Fund Weighted Composite Index® gained +1.3 percent for the month, led by Equity Hedge and Event Driven strategies, bringing 1H14 performance for the broad based composite to +3.2 percent. This first half performance is in line with 1H13 gain of +3.2 percent, though hedge funds posted gains in only three of six months in 2014 in contrast to gains in five months in 1H13. The HFRI Fund of Funds Composite Index was up +0.9 percent in June, concluding 1H14 with a gain of +2.0 percent but trailing the gain of +3.4 percent for the same period in 2013.
Milwaukee Bucks interested in Jeremy Lin, Greivis Vasquez, Eric Bledsoe? (SportsGlory)
It certainly has been an eventful offseason to date for the Milwaukee Bucks. In April, the Bucks were sold from long-time owner Herb Kohl to New York City hedge-fund billionaires Marc Lasry and Wesley Edens for $550 million. In June, they selected former Duke Star Jabari Parker with the No. 2 overall pick in the 2014 NBA Draft, and followed that up three days later by the stunning acquisition of New Jersey Nets head coach Jason Kidd for two future second round draft choices. Now it seems the team is working to try to add another young piece to their growing core.
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