SAC Capital up 4 percent this year as probe continues
BOSTON/NEW YORK (Reuters) – Hedge fund titan Steven A. Cohen’s SAC Capital Advisors has gained about 4 percent this year, beating the industry average at a time the $15 billion fund is still very much in federal investigators’ crosshairs.
An investor with the Stamford, Connecticut-based fund said the firm’s flagship portfolio had risen about 4 percent through early March. Another person familiar with SAC Capital’s performance confirmed the 4 percent figure.
Avenue hedge fund names CIO as Lasry seen getting ambassadorship
NEW YORK, March 18 (Reuters) – As speculation mounts that
Avenue Capital hedge fund co-founder Marc Lasry will be
nominated as the next U.S. ambassador to France, his $12 billion
firm has told investors it is naming its first chief investment
officer, according to a memo reviewed by Reuters.
Lasry, who co-founded the distressed debt firm with sister
Sonia Gardner in 1995, is a longtime Democratic donor who was
one of the few hedge fund managers to support President Barack
Obama during his re-election campaign last year.
If fund manager Lasry gets ambassador nod, investors likely to stay
NEW YORK (Reuters) – It’s not every day that a money manager gets tapped as the next ambassador to France, but investors in Marc Lasry’s $12 billion hedge fund Avenue Capital could be facing that scenario.
Lasry, a longtime Democratic donor and chief executive officer of the 18-year-old firm, is the frontrunner to be nominated by President Obama as the next ambassador to France, according to several people familiar with the situation.
Cohen’s SAC pays $600 million in SEC insider trade settlement
By Jonathan Stempel and Katya Wachtel
(Reuters) – Hedge fund titan Steven A. Cohen’s firm, long the focus of a federal investigation into insider trading, is paying more than $600 million to U.S. securities regulators to settle allegations arising from improper trading in two stocks.
The settlement with the U.S. Securities and Exchange Commission announced Friday is one of the largest ever by a hedge fund and involves allegations of improper trading by two subsidiaries of Cohen’s $15 billion SAC Capital Advisors.
Two Ackman investors want more details on JC Penney
BOSTON/NEW YORK, March 15 (Reuters) – Two institutional
investors with William Ackman’s $12 billion hedge fund plan to
reach out to the manager to get more information about the
firm’s big bet on ailing retailer JC Penney, whose stock
has dropped 21 percent this year.
Officials with two state pension funds that, combined,
oversee assets of more than $120 billion told Reuters they want
Ackman to give them more information about Pershing Square
Capital Management’s portfolio and to say more about the
long-range plan for turning around JC Penney’s fashion lines.
Hedge funds stockpiled Citi, axed Apple in Q4
More research was published today showing that the honeymoon is over for American hedge fund managers and technology giant Apple. The iPhone maker was one of the top two most sold stocks by hedge funds in the fourth quarter, according to an analysis of regulatory filings by Bank of America. (The other stock was Tyco International).
This industry-wide ditching of Apple came as AIG replaced the iPhone maker as hedge fund land’s most loved top-10 stock holding in Q4. It was the first time Apple had been knocked out of pole position in three years. For a list of some of the big names that ditched Apple, see this story by Aaron Pressman.
For mortgage masters, 2013 is a bond-picker’s market
NEW YORK, March 7 (Reuters) – For hedge funds that
specialize in mortgage bond investing last year was almost too
easy when it came to making money. But this year, mortgage debt
traders are cautioning investors to temper their expectations.
Brazilian investment bank BTG Pactual told investors
it was closing its top performing distressed mortgage hedge fund
to new investors in January because of diminished opportunities
in the market.
Apple battle yet to bear much fruit for Einhorn fund
NEW YORK (Reuters) – In a month when outspoken hedge fund manager David Einhorn went to battle with Apple Inc over the best use of the tech company’s cash, his $8.8 billion hedge fund appeared to gain little from the effort in terms of performance.
Einhorn’s Greenlight Capital rose a meagre 0.3 percent in February, according to sources familiar with the number. Shares of Apple are have dropped roughly 5 percent since Greenlight went activist on the stock in early February.
Einhorn’s Greenlight fund up 0.3 percent in February: sources
NEW YORK (Reuters) – Outspoken hedge fund manager David Einhorn saw his Greenlight Capital gain 0.3 percent in February, according to sources familiar with the number.
The $8-billion hedge fund is up 3.7 percent for the year, lagging the broader stock market which has gained about 6 percent. The benchmark Standard & Poor’s 500 stock index advanced 1.1 percent in February.
Einhorn’s Greenlight fund up 0.3 pct in Feb-sources
NEW YORK, March 1 (Reuters) – Outspoken hedge fund manager
David Einhorn saw his Greenlight Capital gain 0.3 percent in
February, according to sources familiar with the number.
The $8-billion hedge fund is up 3.7 percent for the year,
lagging the broader stock market which has gained about 6
percent. The benchmark Standard & Poor’s 500 stock index
advanced 1.1 percent in February.
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