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Aug 14, 2013

Soros dumps US Airways as Tiger Consumer likes Facebook

NEW YORK, Aug 14 (Reuters) – Billionaire investor George
Soros dumped 7.85 million shares of US Airways Group Inc
in the second quarter, a regulatory filing on Wednesday showed.

It was a timely move by the investor’s Soros Fund
Management. On Tuesday, the U.S. Justice Department filed a
lawsuit to block the proposed merger of US Airways and AMR Corp,
the parent company of American Airlines.

Aug 13, 2013

Kohlberg refuses to match rival $477 million bid for Steinway

NEW YORK (Reuters) – Buyout firm Kohlberg & Co on Tuesday refused to match a $477 million offer for Steinway Musical Instruments Inc (LVB.N: Quote, Profile, Research, Stock Buzz) said to be from Paulson & Co, leaving the 160-year-old maker of pianos and saxophones free to finalize a deal with the hedge fund titan.

Steinway said on Monday it had received a $38 per bid from an unidentified asset manager that beat Kohlberg’s $35 per share offer. A person familiar with the matter identified the asset manager as the hedge fund firm of John Paulson.

Aug 12, 2013

SAC Capital’s Parameter Capital trading group closes: sources

NEW YORK (Reuters) – An affiliated fund of Steven A. Cohen’s SAC Capital Advisors shut down last week as the $14 billion hedge fund begins to shrink in the wake of a criminal indictment filed against it in July, according to two people familiar with the unit’s closure.

Parameter Capital Management, which had managed money for SAC since 2010, traded mainly financial stocks. The team was run by portfolio managers Glenn Shapiro and Anil Stevens. Stevens is leaving to launch his own fund, according to one of the sources.

Aug 7, 2013

Hedge funds rebounded in July but still lag S&P 500

NEW YORK (Reuters) – Hedge funds on average gained 1.2 percent in July, in a turnaround after a brutal June market sell-off sent returns tumbling, according to data published Wednesday.

The gains, reported by hedge fund tracker eVestment, paled next to the rise of the S&P 500 stock index, which rose more than 5 percent in July.

Aug 6, 2013

Loeb wants Sony to lay out specific goals for entertainment unit

NEW YORK (Reuters) – Hedge fund manager Daniel Loeb expects Sony Corp to lay out a specific improvement plan and set financial targets for its entertainment business before the company’s annual general meeting next May, according to a source close to the hedge fund.

Loeb views Sony’s announcement on Tuesday as a “good outcome” even though the Japanese company rebuffed his hedge fund’s proposal to spin off its movies, television and music business, said the source, who spoke on condition of anonymity.

Aug 6, 2013

Einhorn and Loeb hedge funds rise steadily in July -source

NEW YORK, Aug 6 (Reuters) – After a particularly rough June,
two of the $2.25 trillion hedge fund industry’s best known
managers, David Einhorn and Daniel Loeb, each saw their main
funds gain almost 3 percent last month, according to an
investor.

The investor was not authorized to speak publicly about the
private funds’ returns.

Aug 5, 2013

Ackman’s Pershing Square lost 2.2 percent in July: source

NEW YORK (Reuters) – It was a tough July for hedge fund manager William Ackman, whose $12 billion Pershing Square Capital Management lost 2.2 percent during the month, according to an investor.

The fund got hit hard by its short position in nutritional supplements company Herbalife Ltd, which saw its share price rise more than 40 percent last month. Ackman’s fund has invested $1 billion on a bearish bet that Herbalife will be unmasked by regulators as a pyramid scheme.

Aug 1, 2013

Fortress profit soars in second quarter as funds perform

NEW YORK (Reuters) – Fortress Investment Group’s (FIG.N: Quote, Profile, Research, Stock Buzz) pre-tax distributable earnings rose significantly in the second quarter as strong performance across its various fund offerings led to higher incentive income.

New York-based Fortress, one of a handful of publicly traded alternative asset managers, on Thursday reported pre-tax distributable earnings climbing 196 percent to $148 million, or 30 cents per share, from $50 million, or 9 cents per share, a year earlier.

Jul 31, 2013

Pershing Square tax lien offers peek into Ackman strategy

NEW YORK (Reuters) – A federal tax lien slapped on a small company that William Ackman’s $12 billion hedge fund used nearly three years ago to acquire shares in a publicly traded liquor manufacturer is shedding light on his investment strategies.

Employing small companies incorporated in Delaware by his hedge fund company, Pershing Square Capital Management LP, Ackman has been able to buy stakes in companies he is targeting without having to publicly disclose his actions.

Jul 31, 2013

Billionaire investor Soros takes long position in Herbalife

NEW YORK (Reuters) – Billionaire investor George Soros has taken a large long position in the stock of nutritional supplement company Herbalife Ltd (HLF.N: Quote, Profile, Research, Stock Buzz), a source familiar with the matter said on Wednesday.

The stock of Herbalife (HLF.N: Quote, Profile, Research, Stock Buzz) rose as high as $66.25 – its highest price since May 2012 – after CNBC first reported the stake shortly after 11 a.m. CNBC also reported that Soros’ long position in Herbalife counts as one of his top three holdings.

    • About Katya

      "Katya Wachtel is a hedge fund and big money reporter for Reuters. She hails from Melbourne. Australia, not Florida. You can contact her at katya.wachtel@thomsonreuters.com"
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