Hedge Fund Manager Dan Loeb Pours into Yum! Brands
The hedge fund manager Dan Loeb and Keith Meister have taken big stakes in Yum! Brands, which owns KFC, Pizza Hut and Taco Bell, according to CNBC.
Corvex
is now one of Yum's top five shareholders, purchasing shares early in
the first quarter of 2015, according to sources. Meister will offer more
details about his investment on Monday at the IRA Sohn Conference.
Meister bought Yum stake earlier in the first quarter, according to the sources.
Shares held their sharp gains.
Earlier,
Dan Loeb's Third Point took new positions in Yum Brands and Devon
Energy while adding to stakes in Japan, according to a letter sent to
investors Friday.
While
Loeb is bullish on the U.S., he noted that Third Point had "invested in
more single name shorts this year than in all of 2014 combined," the
letter said, referring to bets he made against some companies.
The
letter said the firm was "constructive" on the U.S. because of
improving economic data and the likelihood of continued low interest
rates.
"These
factors should create an environment where growth improves and monetary
policy stays flexible, which is generally good for equities (higher
multiples notwithstanding)," the letter said. "We may follow last year's
playbook and ignore the old adage to 'sell in May and go away.'"
Source: CNBC
