“Time to buy Russia!” – Jim Rogers (VoiceOfRussia)
“Russia’s stock market right now is one of the cheapest in the world, and probably one of the most hated,” said investor and commodities guru Jim Rogers, chairman of Rogers Holdings, told Reuters. “This is the time to buy Russia.” There is an old investing adage that advises “to buy when the blood is flowing on the streets”, meaning that the moments of generalized chaos offer the best opportunities to find bargains. The crisis in Ukraine hasn’t produced massive bloodshed but the foreign investors were certainly scared, not by the possibility of a military operation in Ukraine per se but by the possible hard sanctions imposed by the US and the European Union.
Soros’ Son Says, ‘Get Money Out of Politics’ – But Helped Give $58M to Lefty Causes in 2011 (VoiceOfRussia)
The son of one of the largest liberal donors of all time campaigning against money in politics might seem a bit strange. What’s even stranger is that, while he was spearheading that campaign, he was simultaneously vice chairman and director of the board of his father’s multi-billion-dollar Open Society Foundation. In 2011 alone, while Jonathan Soros was vice chairman and director of the board, OSF gave $58,013,593 to blatantly liberal organizations alone.
Hedge fund managers shy away from mutual funds (PIOnline)
Huge growth in alternative investment mutual funds is fueling a big market for subadvisory hires for hedge fund managers. What’s catching the attention of many smaller hedge fund managers, and to a lesser extent big fund complexes, is steady growth of multi- and single-manager hedge fund strategy mutual funds. Assets managed in these funds jumped 54% to $139.3 billion in the year ended Dec. 31 and increased 292% from year-end 2007, according to Morningstar, Inc. (NASDAQ:MORN), Chicago. As hungry as many hedge fund companies are to swell their coffers — 68% of hedge fund managers said increasing assets is their firm’s top priority, according to a February InfoVest21 LLC survey — 94% said they don’t offer their own hedge fund strategy mutual fund now.
Hedge fund group honors PAAMCO chief Buchan (PIOnline)
Jane Buchan, already well known within institutional investor circles, will see her recognition factor rise further this year. Ms. Buchan, managing director and CEO of hedge funds-of-funds manager Pacific Alternative Asset Management Co. LLC, Irvine, Calif., will receive the 2014 North American Industry Leadership Award from the non-profit 100 Women in Hedge Funds at a fundraising gala in New York on Nov. 12. The annual award is presented to a woman whose “professional talent, business ethic and passion for investing help define and advance the alternatives industry’s standards of excellence,” according to a 100WHF news release.
Pershing Square Boosts Stake In Freddie Mac (WSJ)
William Ackman‘s Pershing Square Capital Management LP raised its stake in U.S. government-controlled mortgage company Freddie Mac, FMCC +5.35% buying about 8.4 million notional shares in stock swaps. In a filing with the Securities and Exchange Commission on Monday, the activist investor disclosed that his stake rose to 9.78%, with economic exposure of 11.08% based on swaps. Pershing had disclosed a 9.77% stake in November. The additional purchase disclosed Monday totaled roughly $29.5 million. A representative from Freddie Mac declined to comment.
Hedge Fund Letters to Tell of Favorite Trades Unraveling (Bloomberg)
Pity the poor folks who have to write letters to investors on behalf of equity-focused hedge funds this month. Various measures of performance indicate the alternative investment vehicles may have a lot of explaining to do in March. The Global X Funds (NYSEARCA:GURU), which aims to mimic returns of the top hedge-fund stock holdings, has lost 2 percent this month for its worst performance versus the Standard & Poor’s 500 Index since it was created in 2012. Stocks tracked by Deutsche Bank AG (USA) (NYSE:DB) with the highest concentration of hedge fund ownership were down 4.5 percent from March 7 through last week, while the S&P 500 was down 1 percent.
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