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.
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.
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.
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.
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.
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.
Feb 27 (Reuters) – U.S. alternative asset manager Fortress
Investment Group LLC said on Wednesday profit more than
doubled in the fourth quarter as many of its funds recorded
gains that helped boost incentive income.
New York-based Fortress, one of a handful of publicly-traded
managers of hedge, credit, and private equity funds, said on
Wednesday pre-tax distributable earnings rose 114 percent to
$107 million, or 20 cents per share, from $50 million, or 9
cents per share, a year earlier.
NEW YORK, Feb 26 (Reuters) – Five of the $2 trillion hedge
fund industry’s biggest names each took home more than $1
billion in earnings last year, according to an analysis released
by Forbes on Tuesday.
The financial magazine said hedge fund veterans David
Tepper, Carl Icahn, James Simons, Steven Cohen and George Soros
topped the list of big hedge fund earners in 2012, a year when
the average hedge fund rose only 6 percent.
(Reuters) – Goldman Sachs Group Inc will begin its annual job cutting process as early as this week, sources familiar with the matter said on Monday, with its equities-trading business bracing for bigger cuts than fixed-income trading.
The bank usually culls out the weakest 5 percent of its employees around now. But the cuts will likely be deeper in some businesses, particularly equities trading, where volumes and earnings are weak. The number of shares traded on major U.S. exchanges so far this year is down 7.2 percent.
Feb 25 (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) plans to
begin a fresh round of job cuts as early as this week, sources
familiar with the matter said on Monday, with its
equities-trading business bracing for bigger cuts than
The cuts come at the time of year in which the Wall Street
bank typically gets rid of its weakest 5 percent of employees
across the entire firm. But as the trading business continues to
suffer from weak volumes and earnings, the losses are expected
to be deeper in some businesses.