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KKR's First Asia Hedge Fund

Kohlberg Kravis Roberts Seals Its First Asia Hedge Fund

Following to sources, an American multinational private equity firm Kohlberg Kravis Roberts closed its first Asia hedge-fund partnership backing a startup by the former regional chief of York Capital Management LP.
Feng Hsiung’s Hong Kong-based Acion Partners Ltd. will start a pan-Asia event-driven hedge fund in the first quarter of 2015, investing in equities and credit, said the people, who asked not to be identified as the information is private.
The private-equity firm led by billionaires Henry Kravis and George Roberts, based in New York, will take an unspecified minority stake in Acion as part of the broader partnership, they added. Anita Davis, a Hong Kong-based spokeswoman for KKR, declined to comment on the deal.
Private-equity firms like KKR, Blackstone Group LP and Carlyle Group LP have been diversifying businesses beyond leveraged buyouts, in part by buying stakes in hedge-fund firms. KKR has been scouting for such opportunities in Asia, which has fast-growing economies and diverse markets where reforms are creating new opportunities, said the people.
Source: Bloomberg

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Deloitte Boosts Hedge Fund Activity

Deloitte Boosts Its Hedge Fund Practice with Two Appointments

Chris Farkas has been appointed by Deloitte, one of the "Big Four" professional services firms, as UK hedge fund leader, and Brian Forrester that will take on the role of hedge fund leader for the Europe, Middle East and Africa region.
Farkas was Deutsche Bank’s European head of hedge fund consulting in its prime brokerage group, working with global top 100 hedge funds and significant hedge fund start-ups.
Prior to Deutsche Bank, Farkas was head of sales at GlobeOp and executive director on the Goldman Sachs European hedge fund consulting team.
Farkas’ appointment follows the announcement that Deloitte’s Brian Forrester will take on the role of hedge fund leader for the Europe, Middle East and Africa region. Forrester is a partner with Deloitte in Ireland, having recently returned to Ireland after two years with the UK firm.
Forrester says: “Investors recognise the need for customised portfolios and are using hedge funds to provide better risk adjusted returns and diversification. As a result, investor allocations are increasing and hedge funds are expanding to take on more assets and staff whilst launching new products.
Source: HedgeWeek

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ABN Amro Banking’s Hedge Fund

The Progression of ABN Amro Private Banking’s Hedge Fund Offerings

The article below is an overview on Marc de Kloe, Head of Alternatives Investments and Funds at ABN Amro Private Banking, talking about banking’s hedge fund offerings, growing the hedge fund exposure tenfold to $3 billion, with more to go.
For Marc, hedge funds are not a magic bullet, but a menu of options for dedicated problems. He also explains what fund managers and promoters can do to help private banks to better sell alternatives.
First, fund promoters need to understand thatoffshore is passé: With AIFMD, offshore hedge funds can’t be sold any more to non professional clients, which includes private banks and most family offices. Therefore, the private banks’ preferred vehicles are managed accounts, funds of managed accounts, UCITS, and AIFs. The transparency those vehicles provide allows for stress tests, which turns out to be an extremely powerful huge sales argument.
Source: ValueWalk

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Harvard's Endowment Rise

Harvard University's $36B Endowment Rises 15.4% in 2014

As in-house bond managers and outside hedge funds teamed up to easily beat the portfolio's 14.6 percent benchmark return, Harvard University announced that its $36 billion endowment posted an increase of 15.4 percent throughout fiscal 2014.
The endowment, overseen by Harvard Management Company Inc, grew to $36.4 billion in the fiscal year ended June 30 from $32.7 billion. That marked a near-full recovery from losses posted during the financial crisis.
Still, an overhang from underperforming illiquid private-equity investments continue to weigh on the endowment's portfolio, HMC said in a press release.
The Ivy League school's endowment is the largest in the world and is now valued roughly three times bigger than the annual gross domestic output of Africa's Zimbabwe.
The endowment's bond portfolio produced a 7.7 percent return in fiscal 2014, trouncing the 4.2 percent return on its benchmark. Its foreign bonds were the stars, posting an 18 percent return against an 8 percent return on the benchmark, HMC said. The entire fixed income portfolio is managed internally.
Source: Business Insider

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Hal Lehr's Hedge Fund

JPMorgan Backs Hal Lehr with $100M to Start Own Hedge Fund

JPMorgan Chase & Co. has backed Hal Lehr, a former Deutsche Bank AG (DBK) and Soros Fund Management LLC trader, with $100 million to start a New York hedge-fund firm, a person with knowledge of the matter told Bloomberg.
The firm, to be named Aithon Capital, is scheduled to start in January with JPMorgan investing about half its initial $100 million of capital, the person said, asking not to be identified as the information is private. The global macro fund may have a focus on commodity trading and JPMorgan can boost its investment to as much as $500 million, the person said. Aithon is in talks for office space at 501 Madison Avenue, the person said.
Lehr had planned to begin Aithon after stepping down as head of Deutsche Bank’s global cross-commodity trading unit in late 2012, the person said. The start was postponed after he joined Carlyle Group as an adviser. Deutsche Bank will act as one of Aithon’s prime brokers, according to the person.
JPMorgan Asset Management Chief Investment Officer Paul Zummo declined to comment when contacted by phone, while Lehr was unavailable for comment.
Source: Bloomberg

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SAIF Partners' Hedge Fund

Hong Kong Private Equity Firm Introduces Its First Hedge Fund

The Hong Kong-based private equity firm SAIF Partners Group, is pleased to announce the launch of its first hedge fund entitled SPQ Asia Opportunities Fund, with US$40 million.
Through August, the fund had more than tripled that number to US$130 million.
Most of the growth has come from investors, who have shown a growing appetite for Asian hedge funds. SPQ returned 1.6% in its first month last year and is up 5.1% this year, Bloomberg News reports.
SPQ is run by Brandon Lin, one of SAIF’s most senior partners, from Beijing.
Source: FINalternatives

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Ackman’s Hedge Fund IPO

Billionaire Hedge Fund Manager Files for Fund IPO on Amsterdam Stock Exchange

An American hedge fund manager and philanthropist William Ackman filed for an initial public offering on the Amsterdam Stock Exchange.
Hedge-fund manager William Ackman aims to raise $2 billion through the initial public offering of one of his funds on Euronext Amsterdam in a move that will provide it with steady capital.
Pershing Square Holdings Ltd. said Monday that it plans to float on the Amsterdam stock exchange for $25 a share, giving it a market capitalization of at least $5 billion.
A big chunk of this will be issued to 30 cornerstone investors who have committed $1.5 billion to the IPO, the company said.
Pershing Square Holdings, established in December 2012 as an offshore company, said it had a net asset value of $2.9 billion by the end of June.
The IPO comes as activist investors are embarking on a drive to take advantage of their increasing clout in boardrooms and above-average hedge-fund returns.
Source: Wall Street Journal

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Pershing Square Tops HSBC Chart

Ackman’s Pershing Square Tops HSBC Performance Chart

Pershing Square Capital, a New York-headquartered activist hedge fund management company founded and run by Bill Ackman, is leading as the top performing hedge funds by HSBC's performance chart on the back of strong August.
William Ackman’s Pershing Square Capital widened its lead as the top performing hedge funds monitored by HSBC’s HedgeWeekly report, with the ISAM Systmatic Fund elbowing its way into third place after posting a monster performance number in August.
Other notables in the top five include Chenavari Toro Capital fund, with 19.21 percent performance year to date, and Trisheld Special Situations fund, posting 18.08 percent year to date performance.
Ackman’s Pershing Square moves to 29.89%% YTD performance
It was Ackman that took the spotlight, however. From ValueWalk’s last post on July 28, Pershing Square extended its lead, moving from 23.97 percent performance year to date to 29.89 percent performance in the most recent HSBC report – and in doing so extended his lead over second place Pharo Trading Fund, with 21.34 percent year to date performance.
Source: ValueWalk

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Goldman Sachs' Oryza Capital

Goldman’s Asian Hedge Fund Reaches $1B Mark

Oryza Capital LP, an Asian hedge fund set up by Goldman Sachs Investment Partners, told investors in June that it would stop taking additional money after capital committed had reached its $1 billion mark.
The Asia-focused equity long-short fund started in September 2013 with an initial capital of $80 million, according to a document sent to potential investors.
Oryza hit the $1 billion mark within a year at a time when banks are hamstrung by regulations to risk their own capital with hedge funds. Asia hedge funds started in the first seven months of 2014 raised $19.5 million on average, according to Singapore-based data provider Eurekahedge Pte.
The fund may appeal to investors who do not have the time and resources to research hundreds of Asia-based hedge-fund managers, said Ed Rogers, chief executive officer of Tokyo-based Rogers Investment Advisors.
“There is still tremendous brand equity in the Goldman Sachs name,” said Rogers. “So many investors may well choose to put money into an untested fund managed by Goldman Sachs Investment Partners-pedigreed individuals rather than spend time and money on due diligence to invest in a less pedigreed fund that has a two- to three-year track record.”
Source: Bloomberg

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Making Money like George Soros

Tips for Making Money from Hedge Funds like George Soros

The article below is an overview on how to make money from hedge funds like George Soros, a Hungarian-born American business magnate, investor, and philanthropist.
Hedge fund managers retain an almost mythic status in the investment world. They can move markets, break central banks and make billions of dollars in the process.
Who wouldn’t want to invest like a hedge fund manager? Like every myth, however, this is only partly based in reality.
Even stars such as George Soros and John Paulson do not always get it right. We tend to remember their successes and ignore their failures.
And for every stellar success, there are plenty of failures. In 2008, during the global crisis, many funds banned withdrawals as panicky investors headed for the exits.
Wealthy investors have forgiven them. Money continues to pour in – about US$38 billion in the first quarter of this year alone. Global hedge funds now boast more than $2 trillion of assets under management.
Hedge funds still have a slightly sinister reputation, says Tom Elliott, the international investment strategist at deVere Group in Dubai. “They stand accused of triggering the credit crunch of 2008, through excessive use of derivatives linked to the US mortgage market. Recent performance has disappointed, as they have failed to repeat the stellar returns of the late 1990s and early 2000s.”
Source: The National

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NY Pension Fund Merges Goldman

NY Pension Fund Enters $2B Partnership with Goldman Sachs

New York State’s main public pension is benefiting an American multinational investment banking firm Goldman Sachs Asset Management $2 billion to invest in global stocks.
The New York State Common Retirement Fund has charged the bank with hiring seven or eight outside hedge funds focused on markets outside of the U.S. It is Goldman’s largest-ever such asset-allocation deal.
Goldman and the $181 billion pension had been in talks about the arrangement for a year-and-a-half. And New York State Comptroller Thomas DiNapoli said the system is in discussions with other firms about similar deals, as well as with Goldman about sustainable investment options.
Source: FINalternatives

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Maples Fund Services in Boston

Maples Fund Services Strengths Its North American Presence

Maples Fund Services, a leading independent global fund services provider operating in key onshore and offshore financial centers, has strengthened its North American presence with the open of a Boston office.
Boston will be a full-service office catering to both U.S. domestic and offshore funds looking to be serviced by a Maples Fund Services team physically present in the United States.
MaplesFS said the office will give the firm access to a tight-knit community of hedge fund, fund of hedge fund and private equity managers in Boston, and it also improves its ability to be closer and more accessible to clients and their investors across the U.S. market.
In addition, the team will bring the firm’s experience in servicing family offices, pension plans, endowments and foundations and institutional investors to the Boston market.
“On the back of our recent strategic acquisition in Asia, we are extremely positive about the continued global expansion of our fund administration business through the opening of the Boston office, ”Scott Somerville, CEO of MaplesFS, said.
Source: Cayman Compass

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August Lyxor Hedge Fund Index

Solid Performance for Lyxor Hedge Fund Index in August 2014

Lyxor Hedge Fund Index has posted solid returns with an increase of +0.9 percent in August 2014, comparing with +1.7 percent year-to-date.
8 out of 12 Lyxor Indices ended the month of August in positive territory, led by the Lyxor CTA Long Term Index (+5.8%), the Lyxor CTA Short Term Index (+3.2%) and the Lyxor Long Short Equity Market Neutral Index (+2%).
>> The correction which started at the end of July, prolonged until mid-August amid rising geopolitical strains. It was driven by a derisking across all European asset classes and by a repricing of risk premium in the least liquid assets. Equity and credit exposed strategies suffered the most over the period. Hints at an ECB reflation and robust US data triggered a rally. Directional strategies and the ones less exposed to illiquids then benefited the most from the bounce back, which unfolded until the end of the month. CTAs, L/S Equity and Sovereign Fixed Income Arbitrage were the outperformers of the month.
Source: Opalesque

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Ray Dalio’s Bridgewater

Ray Dalio’s Bridgewater Posts Positive Returns in Two of Its Largest Funds

As rivals struggled to navigate global markets, Ray Dalio’s $160 billion hedge fund firm Bridgewater Associates LP is reportedly announced that it has posted positive returns in two of its largest funds last month.
The Bridgewater Pure Alpha Fund returned 1.9 percent in August and 5 percent in the year’s first eight months, according to a person with knowledge of the matter, who asked not to be identified because the information is private. Pure Alpha II rose 2.8 percent last month and 7.6 percent in 2014.
Dalio, a 65-year-old billionaire whose Westport, Connecticut-based firm is the industry’s largest, has outperformed peers at a time when many macro fund managers are barely breaking even or losing money. Macro funds, which trade a range of assets to try to profit from macroeconomic trends, dropped 0.6 percent in August, paring gains to 1 percent for the year, according to data compiled by Bloomberg.
“The very core” of Bridgewater’s strategy is leveraging fixed income, said Mark Yusko, founder of Morgan Creek Capital Management LLC, which invests in hedge funds. “In a year like this where interest rates fall they’re going to have a great year.”
Source: Businessweek

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NWQ Fiduciary Fund

NWQ’s Fiduciary Fund Tops Ranking for Asia Pacific

NWQ Fiduciary Fund, an Australian diversified multi-asset class fund offered to Australian investors, has achieved the top ranking for risk-adjusted performance for Asia-Pacific fund-of-hedge-fund investment products from the influential Eurekahedge research house.
The top ranking, achieved at the end of July, compared 52 funds which invest in hedge funds in the Asia-Pacific. Since April 2014 the NWQ Fiduciary Fund has maintained a 95th percentile or better ranking for risk-adjusted performance against 752 global peers, according to Eurekahedge.
NWQ's Fiduciary Fund also ranked as the number one multi-strategy fund-of-hedge fund in Asia Pacific in terms of the absolute value of maximum drawdown which measures the avoidance of capital losses.
Since inception in May 2013, the NWQ Fiduciary Fund has achieved equity-like returns, outperforming the ASX 200 accumulation index, at one-third of the volatility - a risk level comparable with the Bloomberg IG Australian Corporate Bond Index.
NWQ Chief Executive Jonathan Horton said he was delighted with the latest recognition of the success of the group's unique investment strategy focused on the Australian hedge-fund market.
Source: Professional Planner

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Mayur Hedge Fund Best Performing

Mayur Hedge Fund Increase 49% in H1'14

Mayur Hedge Fund, a long short absolute return growth oriented fund with a net long bias, became the second best performing hedge fund for the Indian Market after an increase of 49 percent during the first-half.
The Mayur Hedge Fund is an India-focused product managed directly by Global which aims to achieve capital appreciation through investing predominantly in equity and fixed income related instruments of Indian companies. Rajesh George, VP International Asset Management at Global stated, "The Asian, and in particular the Indian market offers a compelling investment opportunity. The investment case for India is powerful; the country - which is home to a quarter of the world's population under the age of 25 has a positive demographic profile, an emerging middle class, good corporate governance and an economy that has a low reliance on foreign trade.
The reforms expected to be implemented by the new Indian government is expected to boost the Indian GDP growth and also to create a very favorable environment for foreign investors". India which is part of the BRIC (Brazil, Russia, India, and China) conglomerate is already the third largest economy in the world in terms of purchasing power parity and is projected to be approximately 30 percent of the size of the US economy by 2025.
Source: Zawya

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Life Time Shares Jump

Marcato Capital Says Life Fit Holdings Climb to $70

Marcato Capital Management, an activist hedge fund, announced that Life Time Fitness Inc.’s shares price could jump to $70 if it spins off some of its real estate assets.
Life Time said last month it was thinking about converting some real estate assets into a real estate investment trust, which helped push up shares in late August. On Friday, Life Time stock jumped 6.3 percent to $50.04 after Marcato's comments.
Marcato, a $3 billion hedge fund that is Life Time's biggest investor with an 8 percent stake, said the kind of spinoff the company is considering should be straightforward and could be completed relatively quickly, possibly within six months.
"Based on Marcato's analysis, at the mid-point of our valuation range, we believe the shares of LTM could reach $70 per share upon separation of the Company's real estate assets," Marcato founder Richard McGuire wrote in a letter to the company's chief executive officer, Bahram Akradi. The letter was made public in a filing on Friday.
Source: Reuters

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Hedge Fund Real Estate Investment

Hedge Fund and Real Estate Investment Trust Lift Property Values

Following to Bruce W. McNeilage, founder of real estate investment firm Kinloch Partners, LLC, Hedge Fund and Real Estate Investment Trust investment in residential real estate is helping to increase property values and creating rental inventory in Nashville.
McNeilage made his remarks as part of a panel presentation titled "Emerging Housing Trends: Converting Single Family Homes to Long-Term Rentals" at the Tennessee Housing Development Agency's "Governor's Housing Summit" here today.
"Hedge fund investment in single-family homes has several advantages, particularly here in Nashville," McNeilage said. "It has helped keep property values higher, which is good for existing owners. In addition, it's created a larger supply of high-quality rental homes which is particularly attractive to businesses looking to relocate to Nashville. Companies relocating here can find high-quality rental housing for their executives, who often need to rent while selling an existing home."
Hedge Fund real estate investment isn't perfect for every market, but it works well in the Nashville area. Low tax rates, low insurance rates, low cost of materials and availability of land or existing homes all combine to make Nashville a sound real estate investment.
Source: Insurance News Net

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Elliott Management Eyes Compuware

Hedge Fund Elliott is Turning Attention to Compuware

Elliott Management Corp., the hedge-fund firm, is turning attention to the acquisition and issued a public statement regarding Compuware Corporation.
“Today’s announcement reflects the successful conclusion of a multi-year process to create value for Compuware shareholders,” said Jesse Cohn, portfolio manager at Elliott Management Corporation, Compuware’s largest shareholder. “This has been a significant endeavor -- selling assets, cutting costs, implementing the Covisint IPO, adding experienced executives to the Boardroom and taking numerous other steps to streamline and improve the Company. Credit goes to Bob Paul and his team for their tireless efforts in implementing these steps and also to the Board for its thoughtful and engaged process to reach this outcome. Finally, we congratulate Thoma Bravo for continuing its track record of recognizing significant value opportunities.”
Source: Rock Hill Herald

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Hedge Funds Huge Returns

Hedge Funds are Posting Solid Performance

Hedge funds have posted a solid performance for the second week in a row, lifting the Lyxor Hedge Fund Index (HFI) closer to new highs.
The index was up 0.6 per cent last week, bringing the year-to-date performance to +1.5 per cent.
All strategies benefited from the market rally, which saw the S&P 500 reaching 2000 and the 10y Bund yield falling below one per cent for the first time on record.
The dovish tone of central banks remains supportive for both equities and bonds. The ECB will likely announce additional expansionary measures this week as inflation in the euro area reached new lows in August (0.3 per cent yoy). In addition, the Fed stated at the Jackson Hole Economic Symposium that “the labour market has yet to fully recover”. Unless the ECB disappoints and the Fed turns hawkish, which is unlikely, hedge funds may continue to post solid gains on the back of their bullish stance on risk assets, says Lyxor.
CTAs have benefitted the most from the recent rally thanks to their long positions on both equities and fixed income. The Lyxor CTA index is up in excess of two per cent in August, and is on track to post a very solid performance for the third quarter. Meanwhile, L/S credit gave back some gains this month on the back of the widening of European high yield spreads. This is also true for global macro funds, which have been impacted negatively by short duration positions on both the US and European yield curve.
Source: HedgeWeek

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BlackRock's Hedge Fund Boutique

BlackRock is Launching Hedge Fund Boutique

The world's biggest money manager headquartered in New York City BlackRock Inc., is launching a hedge fund boutique within its vast investment management empire.
It is Carl Eifler's mission to push BlackRock from being almost an accidental hedge fund manager — albeit a really big one — with an eclectic array of funds to a powerhouse that spans the full spectrum of hedge fund strategies.
Mr. Eifler, managing director, said he has been working to “offer a small-firm atmosphere wherever the hedge fund (portfolio manager) is located within BlackRock.” He was named head of the hedge fund direct strategies group within the BlackRock alternative investments unit in March 2013.
“We are literally trying to reproduce a hedge fund boutique” without having to “rely on a prime broker to set up (the) infrastructure,” Mr. Eifler said.
Source: Pensions & Investments

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Oregon Fund of Hedge Funds

Marc Lorin Joins Portland, Oregon Fund of Hedge Funds as President

Marc Lorin has been appointed by Common Sense, a Portland, Oregon-based fund of hedge funds, as its new president, according to firm’s announcement.
Lorin was a senior director at SocGen derivatives brokerage unit Newedge, where he worked from 1994 until earlier this month (the French bank finalized the acquisition of Chicago-based Newedge in May).
"Common Sense—our brand and product suite—is evolving, leveraging from our 23 years of history and simultaneously looking to the future of alternative investments. The management team has been structured to underline new governance; we are hiring, and will continue to hire, industry veterans," new Common Sense CEO Jonathan Gane, another Newedge veteran, said in an email addressing Lorin's new role.
"Our newly formed advisory board will provide guidance as we expand our product offer and build bespoke solutions for institutional clients. We look forward to announcing more news in the coming months."
Source: CNBC

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Blackstone Group "Big Bet" Hedge Fund

Blackstone Group to Launch New "Big Bet" Hedge Fund

The New York-based private equity firm The Blackstone Group L.P., weeks away from the start of a new "big bet" hedge fund, is close to landing its first traders who will scour the world for concentrated investments, people familiar with the matter told WSJ.
The initial traders come from brand name hedge-fund firms such as Ziff Brothers Investments and Serengeti Asset Management LP and will be supervised by new Blackstone employees, including the former head of risk management for Chicago hedge-fund giant Citadel LLC.
The start next month for the new Blackstone venture, after five years of planning, indicates the publicly traded private-equity titan, with $279 billion under management, is having some success luring talent for its unconventional new operation.
As The Wall Street Journal reported in June, Blackstone plans to fund clusters of traders with hundreds of millions of dollars, aiming to form a multistrategy hedge fund to rival some of the largest in the business.
Source: Wall Street Journal

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Hedge Funds Investing in India

India-Focused Hedge Funds Become World’s Best Performers in 2014

The world’s best performers in 2014 are the India-focused hedge funds on expectations that Prime Minister Narendra Modi will revive Asia’s third-largest economy.

The funds investing in the South Asian nation have returned 26 percent this year through July, according to Eurekahedge Pte. That compares with an average 3.5 percent gain for those investing in Asia, 1.9 percent for Greater China, 1.2 percent for Japan, 3.8 percent for North America and 1.1 percent for Europe, the Singapore-based data provider said.
India-focused hedge funds, with a sixth of the $16.5 billion in assets of those investing in Japan, are set for the strongest return in five years after Modi secured the nation’s largest election victory since 1984 in May. The prime minister has pledged to restore economic growth, rein in inflation and the budget deficit, as well as revive stalled projects to boost investor confidence.
Source: Businessweek

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Stock in APPL

Hedge Funds Pouring into APPL

Hedge funds are piling onto the stock in APPL, a stock analysis for Apple Inc., an American multinational corporation headquartered in Cupertino, California.
Over the second quarter of 2014 hedge funds have purchased $855 million in new positions in Apple, giving AAPL the second highest level of new buying activity among S&P 500 stocks.
During the first three months of the year, hedge funds were buying and selling shares of AAPL at a rapid pace, ranking Apple as both the second biggest buy, and second-biggest sell among hedge funds in the first quarter. In the rankings for the second quarter of 2014 though, Apple didn’t even make the list of top 10 stocks most sold by hedge funds.
Taking the number one spot of most purchased stock was Allergan Inc which saw hedge funds buy $1.42 billion in new positions, after Valeant Pharmaceuticals attempted a $53 million hostile takeover of the Botox maker. Also seeing heavy buying activity last quarter Netflix, MasterCard, and Comcast, while Verizon and Time Warner were two of the most sold stocks.
Source: Cult of Mac

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Hedge Fund Boosts Man Utd

Hedge Fund Lansdowne Partners Buys Shares in Manchester United

Lansdowne Partners, a London-based hedge fund, is understood to have bought about 3 percent of the 5 percent shares in Manchester United, an English professional football club also known as Red Devils.
One of London’s top hedge funds has emerged as owner of most of the Manchester United shares recently sold by the football club’s owners, the Glazer family, writes Dominic O’Connell.
Lansdowne Partners, which manages about $18bn (£11bn) of clients’ funds, is understood to have bought about 3% of the 5% sold by the Glazers last month. Lansdowne, a long-term investor in the Premier League club, now owns almost 10% of the “A” shares listed on the New York Stock Exchange. A minority of the club’s shares are publicly traded; the Glazers retain control through a separate, unquoted class of “B” shares, which have greater voting rights.
The Glazers, a Florida-based family with interests in property, retailing and sports, took control of Manchester United in 2005.
Source: The Sunday Times

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Investing in E-Commerce

Investors Looking at Investing in E-Commerce Companies

Private equity, venture funds, hedge funds are currently evaluating a number of online companies, especially niche single-category retailers in segments, according to source.
"We are very aggressively looking at investing in ecommerce, especially something with local connect or an offline presence," said Manas Tandon, principal at TPG Growth India, which has not invested in a consumer Internet company in India so far. "We have seen some interesting businesses," said Tandon, whose fund has backed businesses such as accommodation listings provider Airbnb and messaging app Viber globally.
Tandon declined to reveal the names of the companies that his fund is in talks with. Recently, Hong Kong hedge fund Steadview Capital made its India entry by investing in music streaming service Saavn, furniture site Urban Ladder and taxi service OlaCabs, the back-to-back deals an indication of the seriousness with which it views the India market.
Source: Economic Times

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American Real Estate Investment Trusts

$5.6B Hedge Fund Sells Real Estate Investment Trusts

The $5.6 billion hedge-fund unit within Switzerland’s biggest bank UBS O’Connor LLC, had sold off more than $900 million of shares in American real estate investment trusts during the second quarter 2014 after the companies delivered some of the highest stock-market returns in the 2013.
O’Connor cut its holdings by more than $900 million, selling almost every type of REIT, including those backed by apartments, offices, mortgage bonds, campgrounds, cell-phone towers and hotels, according to a filing last week with the U.S. Securities and Exchange Commission. The biggest reductions were in Mid-America Apartment Communities Inc., AvalonBay Communities Inc. and Equity Lifestyle Properties Inc.
The selling took place from the firm’s $4.8 billion global multi-strategy fund as the firm switched into other industries, according to a person with knowledge of the matter, who asked not to be identified because the information is private. O’Connor increased investments in information technology and consumer staples, including Coca-Cola Enterprises Inc. and Mondelez International Inc., the filing shows.
Source: Bloomberg

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US Hedge Funds in Europe

US Hedge Funds Target Success in Europe

A group hedge funds in the United States are now targeting European companies hoping the cultural divide will prove easier to bridge.
So-called activist investors, who have seen their celebrity soar in North America in recent years, are now arriving in force on European shores in search of opportunities. These hedge fund managers argue that European stock market valuations have lagged behind those back home and that companies, traumatised by the continent’s debt crisis, are more open to radical shake ups of their businesses than ever before.
Daniel Loeb, a surfing and yoga enthusiast prone to quoting lyrics from the late rapper Tupac in his updates to investors, recently bought a position in the Dutch nutrition company Royal DSM, arguing it is considerably undervalued. Other US activists making their presence felt in Europe include the hedge fund Elliott, which has taken positions in UK grocer Wm Morrison and several other companies recently, and SpringOwl, which spent several months publicly attacking the UK gambling company Bwin.party before reaching a truce in May. Bill Ackman, another famed US activist, is trying to raise $4bn by listing a closed-end investment vehicle in London this year.
Source: Financial Times

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