Managers
Hedge fund managers are retreating from high-risk positions, following a volatile week in the markets as the unwinding of billions of dollars of yen-funded trades and growing concerns of a US recession prompted a brutal sell-off and recovery, according to a report by Reuters.
New York-based hedge fund Starboard Value has acquired a stake in Starbucks joining fellow activist Elliott Investment Management in investing in the troubled coffee retail chain, according to a report by The Wall Street Journal.
Former Engine No. 1 executive Charlie Penner, known for his landmark shareholder campaign against Exxon Mobil Corp over three years ago, has secured backing from the late Julian Robertson’s Tiger Management for his new activist venture, Ananym Capital Management, according to a report by Bloomberg.
Kirkoswald Asset Management, the hedge fund firm led by ‘Wizard of Oz’ Greg Coffey, is venturing into the private credit sector for the first time by providing a $20m senior secured loan to Turkish textiles exporter Altinyildiz, according to a report by Bloomberg.
David Einhorn’s value driven hedge fund Greenlight Capital has significantly increased its stake in HP, elevating the technology stock to one of its top five positions, according to a report by Institutional Investor citing a recent client letter.
Hedge funds ramped up their bearish positions on Japanese stocks at the fastest rate in over five years, with the surge in short-selling during between 2 August and 8 August coinciding with the Nikkei’s worst performance since Black Monday in 1987, according to a report by Reuters.
Hedge funds have adopted their most bearish stance on commodity prices since at least 2011, driven by concerns over a potential economic slowdown impacting demand for raw materials ranging from crude oil to metals and grains, according to a report by Bloomberg.
Third Point, the $12bn activist hedge fund firm led by Daniel Loeb, has built a 6% stake in Bath & Body Works and is pushing for board changes at the retailer, according to a report by Reuters citing a recent regulatory filing.
Howard Hughes Holdings has established a special committee to review a potential buyout offer from Pershing Square Capital Management, the hedge fund run by Bill Ackman, which owns approximately 37.5% of the real estate developer, according to a report by MarketWatch.
Hedge funds, pension funds and retail traders have been hit with billions in losses after a popular wager that stock markets would remain calm backfired when the CBOE VIX index saw its largest ever intra-day jump on Monday, according to a report by Reuters.
