NEW YORK, Sept 7 (Reuters) – Hedge fund returns inched up in
August, recording a 0.7 percent gain for the month as the U.S
stock market continued its third-quarter rally, according to
industry tracker eVestment|HFN.
It was the third consecutive month of positive performance
for the more than $2 trillion hedge fund industry, and last
month’s gains helped to push average yearly returns to 4.1
percent, data released on Thursday showed.
NEW YORK, Aug 2 (Reuters) – Hedge fund manager Daniel Loeb
made a big wager on Kraft Foods in July, telling
investors in his $8.7 billion firm that a stake in the food
maker is now one of the firm’s largest positions.
Loeb’s Third Point listed Kraft as its fifth largest
position as of July 31 in a monthly investor report obtained by
Aug 2 (Reuters) – Fortress Investment Group’s profit
rose slightly in the second quarter on stronger performance in
some of its credit funds, hedge funds and private equity
New York-based Fortress, one of a handful of publicly traded
alternative asset managers, on Thursday reported pre-tax
distributable earnings rose 9 percent to $50 million, or 9 cents
per share, from $46 million, or 9 cents per share, a year
NEW YORK (Reuters) – Daniel Loeb’s Third Point Offshore hedge fund posted a 2.5 percent decline for the second quarter, stung by losses in some stocks amid growth fears in the United States and China and continued uncertainty in Europe.
Third Point Offshore, the main fund of Loeb’s $8.7 billion Third Point firm, outperformed the broader stock market, which sank 2.8 percent, but trailed it year-to-date.
Daniel Loeb, who runs $8.7 billion at his hedge fund Third Point, has been an opportunistic buyer in the bonds of Chesapeake Energy, the embattled natural gas producer, according to sources familiar with the matter.
But Loeb, known to rattle the cages of companies for years (see: war with Yahoo), isn’t piggybacking on Carl Icahn’s or O. Mason Hawkins’s activist role in Chesapeake, demanding changes in management or the overhaul of its business practices. Indeed, all the elements are there for a veteran agitator like Loeb, as Chesapeake has been embroiled in scandal over a controversial investment program involving CEO Aubrey McClendon.
NEW YORK (Reuters) – Hedge fund manager Daniel Loeb has upped his stake in Yahoo Inc (YHOO.O: Quote, Profile, Research, Stock Buzz) by about 2.5 million shares, according to a regulatory filing with the Securities and Exchange Commission on Tuesday.
Yahoo was already the largest holding of Loeb’s hedge fund firm Third Point and the new investment takes its stake to over 73 million shares or about 6 percent of the Internet company’s outstanding stock.
NEW YORK, July 24 (Reuters) – Greenlight Capital’s David
Einhorn said he lost money during the second quarter when the
markets tumbled, but the hedge fund firm found a silver lining
on the short side as his bet against Green Mountain Coffee
Roasters Inc proved to be the biggest winner.
Einhorn, one of the most closely watched managers in the $2
trillion hedge fund industry, also overhauled his portfolio by
dumping positions in Dell Inc and Best Buy Co Inc
, which he called “particularly irksome” in an investor
letter obtained by Reuters.
NEW YORK, July 23 (Reuters) – The head of Bank of America
Merrill Lynch’s U.S. brokerage service that introduces
hedge funds to potential investors is leaving the bank,
according to an internal memo sent by the global head of the
Capital Strategy Group.
Justin Fredericks, who joined Merrill Lynch 11 years ago, is
leaving “to pursue other opportunities,” Michael Terry, who runs
the capital introduction program globally, said in the memo. A
copy of the memo was obtained by Reuters.
NEW YORK, July 20 (Reuters) – Investors exited money market
funds in the latest week as low interest rates led them to look
for higher returns in U.S. bond and stock funds, according to
data released Friday by fund tracking firm EPFR.
Investors sent $6 billion to U.S stock funds in the week
ending July 18, and allocated $3.1 billion to U.S. bond funds.
NEW YORK (Reuters) – Even though investors put a net $4.1 billion into hedge funds in the second quarter of 2012, it was not enough to offset performance losses at many funds that resulted in total industry assets shrinking.
Hedge fund capital dropped from $2.13 trillion in the first quarter to $2.1 trillion, with the average fund down 2.7 percent, fund tracking firm Hedge Fund Research said on Thursday.