Top Hedge Fund News Wrap: 11/12-11/16
One Man’s Trash is Another Man’s Gold. They say gold because it seems to never lose its value. Gold is on pace to climb higher for the twelfth consecutive year according to International Business Times. John Paulson, billionaire hedge fund manager, and his firm made it clear they have no intentions of giving up their bullish strategy and huge stake of 21.8 million shares in SPDR. Billionaire investors George Soros and Louis Bacon also increased their stakes in exchange-traded products backed by gold according to Bloomberg.
Say It Ain’t So! Hostess Brands, the maker of the world famous Twinkies is liquidating and shutting down. Hostess which is owned by hedge funds Silver Point Capital and Monarch Alternative Capital will lay off all 18,500 employees and sell its assets to the highest bidder. According to multiple sources, the reasons for this liquidation are multiple bankruptcy filings and employees striking for a new contract.
News in Brief
Man Group to sell Lehman Brothers legal claims for $456 million.
Asian hedge fund industry expanded in Q3.
Arbitrage hedge funds rally to support Glencore-Xtrata mining and commodities merger.
Julian Robertson staked “Tiger Cubs” funds slashing and adding shares in Ralph Lauren.
Prof. Mila Kletsky outlines the birth and development of the Russian hedge funds industry.
George Soros joined Och-Ziff Capital Management Group LLC in betting on AIG before Hurricane Sandy struck, paying off now.
Job cuts and new regulations push bankers toward hedge funds.
Down But Not Out. Top hedge funds looked to Facebook during the third quarter. Viking Global Management picked up 4.1 million shares, Coatue Management picked up 1.4 million and Tiger Consumer Management picked up 1.8 million. Tiger Global managed by Charles “Chase” Coleman owned 2 million shares on July 30th and now owns 11.7 million shares valued at $254 million. Reuters reports that the $10 billion endowment by MIT added a position in Facebook of 411,000 shares in Q3.