Hedge funds tune into Pandora, discard Apple in third-quarter (Reuters)
Hedge funds took a liking to online music company Pandora Media Inc (NYSE:P) in the third quarter but soured on Apple Inc. (NASDAQ:AAPL), according to regulatory filings published Thursday. Hedge funds including Philippe Laffont’s Coatue Management and Patrick McCormack’s Tiger Consumer Management both opened stakes in Pandora of about 1.1 million and 2.9 million shares, respectively, U.S. Securities and Exchange Commission filings showed.
Hedge Fund Blackrock’s VP Wins Effecting Change Award, 100WHF Raised $1.27M (Hedgeco)
100 Women in Hedge Funds has raised $1.27 million for Best Buddies International through their New York Gala and other fundraising events in 2013. Best Buddies is a global nonprofit that creates opportunities for one-to-one friendship, integrated employment and leadership development for people with intellectual and developmental disabilities (IDD). At last night’s Gala, 100WHF presented its 2013 Effecting Change Award to Barbara G. Novick, Vice Chairman of BlackRock, Inc. (NYSE:BLK) and its 2013 U.S. Industry Leadership Award to the late Karen Cook, Former Chief Investment Officer of Steinhardt Management Company, Inc.
Third Point Invests in Turkey’s Biggest Real Estate Company (SFGate)
Third Point LLC, the New York-based hedge fund headed by billionaire activist investor Daniel Loeb, bought $150 million of shares in the secondary public offering of Turkey’s biggest real estate company, Emlak Konut GYO, according to two people with knowledge of the transaction. The purchase is Third Point’s only investment in the Turkish equity market, according to the people, who asked not to be identified because the information isn’t public. That gives the hedge fund a stake of just under five percent, which is the mandatory disclosure limit in Turkey, the people said.
Sotheby’s, BofA, J.C. Penney attract hedge fund buyers (Reuters)
Top U.S. hedge fund managers in the third quarter zoned in on the consumer sector, with investment plays ranging from Sothebys (NYSE:BID), a high-end auction house that caters to millionaires, to J.C. Penney Company, Inc. (NYSE:JCP), the struggling department store chain. Ellington Management Group LLC, a $5.5 billion investment firm founded by Michael Vranos, took a new position in Sotheby’s, as did Eric Mindich‘s Eton Park Capital Management. Ellington owned 71,500 shares at the end of the third quarter while Eton Park opened an 1.94 million stake.
Carl Icahn Now Owns about $2.5 Billion Worth of Apple Shares (AllThingsD)
Carl Icahn, the billionaire activist investor who spent most of the year trying but ultimately failing to get control of Dell Inc. (NASDAQ:DELL), says in a regulatory filing that he has boosted his holdings of Apple. In a filing with the U.S. Securities and Exchange Commission, Icahn’s company, Icahn Enterprises, disclosed an Apple stake worth nearly $1.9 billion as of Sept. 30. But in a letter to Apple CEO Tim Cook, released to shareholders overnight, Icahn disclosed that his stake has grown to 4.7 million shares, which, as of yesterday’s closing price, would be worth $2.5 billion.
Starboard Value Fires at Compuware, Takes a Stake in Polycom (InstitutionalInvestorsAlpha)
Has Starboard Value’s Jeffrey Smith telegraphed his next activist target? It sure seems logical. The New York hedge fund firm, which is arguably the busiest activist these days, disclosed that it took an initial 2.85 million-share stake in Polycom Inc (NASDAQ:PLCM), its largest new position in the third quarter. It accounts for 2.54 percent of the firm’s concentrated portfolio of roughly two dozen individual companies, according to a regulatory filing detailing Starboard’s holdings as of September 30.
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