Friday, May 27, 2016

Hedge Fund Links ~ 5/27/16

The 2016 rich list of the world's top earning hedge fund managers [ii alpha]

3 lessons from hedge funds' rise and (partial) fall [Morningstar]

John Burbank sees US recession, China devaluation within year [Bloomberg]

Some recent thoughts from David Tepper [Forbes]

Is stock shorting smart if you aren't Jim Chanos? [Barrons]

Tudor cuts fees on some funds [Bloomberg]

UBS prime brokerage crowded positions report [LadyFOHF]

Concerns grow over hedge fund bunching effect [eFinancialNews]

Hedge funds aren't what they used to be [Marketplace]

Calling the bottom for the hedge fund industry [CNBC]

We asked an expert why hedge funds still exist [Vice]

Insurance industry falling out of love with hedge funds [Bloomberg]

Hedge funds hold onto last year's favorites [ii alpha]

Goldman Sachs explains why hedge funds aren't magic anymore [Yahoo Fin]

Rise of the billionaire robots [The Guardian]

Money managers seek AIs 'deep learning' [FT]

Hedge funds may lose 25% of assets, Blackstone says [Bloomberg]

One hedge fund goes against industry titans on big China banks [Bloomberg]

Wednesday, May 25, 2016

What We're Reading ~ 5/25/16

How to make better investment decisions [Morgan Housel]

Why active management fell off a cliff - perhaps permanently [Reformed Broker]

Falsification: how to destroy your best ideas [Farnam Street]

Importance of ROIC: reinvestment vs legacy moats [Base Hit Investing]

Position sizing in value investing [Journeys of a Bumbling Trader]

8 big ideas from super investor Philip Fisher [Safal Niveshak] (JD): a multi-decade compounder [Value Venture]

The race to 5G: inside the fight for the future of mobile [Tech Republic]

An inside look at Google Fiber [Recode]

The story of Facebook's biggest setback in India [The Guardian]

The most important investors of all time [The Irrelevant Investor]

On hero worship in investing [Clear Eyes Investing] 

The battle between startups & incumbents: distribution vs innovation [Andreessen Horowitz]

Why we still don't see a China hard landing [Mark Mobius]

The business of too much TV [Vulture]

Baby lull promises growing pains for economy [WSJ]

Luxury brands go on a diet [Bloomberg]

Tuesday, May 24, 2016

Berkshire Hathaway Acquires More Phillips 66

Warren Buffett's Berkshire Hathaway has filed a Form 4 with the SEC regarding its stake in Phillips 66 (PSX).  Per the filing, Berkshire was out buying PSX shares on May 19th, 20th, and 23rd.

They purchased 824,630 shares in total at weighted average prices ranging from $76.70 to $78.63.  After these buys, they now own over 76.37 million Phillips 66 shares.

We've previously highlighted how Buffett has been buying PSX across multiple quarters now.

Per Google Finance, Phillips 66 is "an energy manufacturing and logistics company with midstream, chemicals, refining and marketing and specialties businesses. The Company operates its business through four segments: midstream, chemicals, refining and marketing and specialties. It gathers, processes, transports and markets natural gas, and transports, fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products (such as gasolines, distillates and aviation fuels) at 14 refineries, mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe."

JANA Partners Reduces Walgreens Boots Alliance Position

Barry Rosenstein's hedge fund firm JANA Partners has filed a Form 4 with the SEC regarding its position in Walgreens Boots Alliance (WBA).  Per the filing, JANA sold 6 million shares on May 16th at $77.29.

After this transaction, JANA still owns over 4.57 million shares of WBA.  This was previously their second largest position.  They originally acquired shares in the third quarter of 2013.

Per Google Finance, Walgreens Boots Alliance "is a global pharmacy-led health and wellbeing enterprise. It operates through three segments: Retail Pharmacy USA, which consists of the Walgreens business, including the operation of retail drugstores and convenient care clinics, in addition to providing specialty pharmacy services; Retail Pharmacy International, which consists of the Alliance Boots pharmacy-led health and beauty stores, optical practices and related contract manufacturing operations, and Pharmaceutical Wholesale, which consists of the Alliance Boots pharmaceutical wholesaling and distribution businesses. Its portfolio of retail and business brands includes Walgreens, Duane Reade, Boots and Alliance Healthcare, as well as global health and beauty product brands, including No7, Botanics, and Soap & Glory. Walgreens Boots Alliance, through its subsidiary, Liz Earle Beauty Co. Ltd, offers the Liz Earle skincare brand."

Trian Fund Buys More Bank of New York Mellon

Nelson Peltz's activist firm Trian Fund Management has filed a Form 4 with the SEC regarding its stake in Bank of New York Mellon (BK).  Per the filing, Trian acquired 20,700 shares of BK on May 16th at a weighted average price of $39.6531. 

After this transaction, they now own over 31.84 million shares of BK.  As we've previously highlighted, Trian was buying BK around these levels last year as well.

Per Google Finance, Bank of New York Mellon is "a provider of financial products and services in domestic and international markets. Through its two principal businesses, Investment Management and Investment Services, it serves institutions, corporations and high net worth individuals. For institutions and corporations, it provides investment management, trust and custody, foreign exchange, fund administration, global collateral services, securities lending, depositary receipts, corporate trust, global payment/cash management, banking services and clearing services. For individuals, it provides mutual funds, separate accounts, wealth management and private banking services. BNY Mellon’s investment management businesses provide investment products in different asset classes and investment styles."  Read more:

Monday, May 23, 2016

Capitalize For Kids Investors Conference 2016

On October 26th and 27th, Capitalize for Kids will present their 3rd annual Investors Conference at Arcadian Court in Toronto, in partnership with the Sohn Conference Foundation.  More than 20 world-renowned money managers will be presenting their highest conviction ideas in front of 400 of the most prominent family offices, pension plans, and institutional investors in North America.

All proceeds are allocated to help solve the toughest challenges in children's brain and mental health.  Limited tickets and exclusive packages available.  You can find out more and register at:

Confirmed Speakers

Ed Garden, Trian Fund Management

Jeffrey Smith, Starboard Value

Bruce Richards, Marathon Asset Management

Cliff Asness, AQR Capital

Brad Dunkley, Waratah Advisors

Tom Russo, Gardner Russo & Gardner

Tom Wagner, Knighthead Capital Management

Michael Gentile, Formula Growth

Ted Goldthorpe, Apollo Investment Corp

Nat Zilkha, KKR & Co

Jonathan Lewinsohn, Centerbridge Partners

Aaron Cowen, Suvretta Capital Management

Honourable Michael Wilson, Former Minister of Finance for Canada

Embedded below is the flyer for the event:

You can click here to register for the conference.

Hound Partners Files 13G on Infoblox

Jonathan Auerbach's hedge fund firm Hound Partners has filed a 13G with the SEC regarding shares of Infoblox (BLOX).  Per the filing, Hound now owns 6.2% of the company with over 3.6 million shares.

This is an increase over the 1.93 million shares Hound owned at the end of the first quarter, when they first showed a new long position in the name.  The latest filing was made due to activity on May 10th.

Per Google Finance, Infoblox "provides enterprise and service provider-class solutions to automate management of the critical network infrastructure services. The Company provides network control, network automation and domain name system (DNS) security though appliance-based solutions. The Company's solutions combine real-time Internet protocol address management (IPAM), automation of network control, change and configuration management processes and DNS-based infrastructure security in purpose-built physical and virtual appliances. The Company's functions include delivering critical network protocol services, such as dynamic host configuration protocol (DHCP), network change and configuration management, and network infrastructure security. The Company offers four product families: Core Network Services, Infrastructure Security, Cloud Network Automation, and Network Change and Configuration Management.."

Steadfast Capital Files 13G on Windstream

Robert Pitts Jr.'s hedge fund firm Steadfast Capital has filed a 13G on Windstream (WIN).  Per the filing, Steadfast nows  5.1% of WIN with over 4.92 million shares.

The filing was made due to activity on May 9th and this is a newly disclosed long.

For more from this hedge fund, head to see what other stock Steadfast recently disclosed a stake in.

Per Yahoo Finance, Windstream "provides network communications and technology solutions for consumers, businesses, enterprise organizations, and carrier partners in the United States."