Billionaire investor Paul Singer’s Elliott Management believes British broadcaster Sky is worth more than $34 billion, according to a report by Britain’s takeover regulator. The valuation eclipses other bids made for Sky by Twenty-First Century Fox, which already owns a 39 percent stake in Sky, and Comcast. Just last month, Comcast increased its offer for the pay-TV provider to $34 billion, beating Fox’s offer of $32.5 billion. Other hedge funds including Davidson Kempner and Farallon Capital also say Sky is worth more than current bids, according the regulator’s 34-page report. The hedgies place Sky’s value at no less than 15.01 UK pounds ($19.40) per share — or, $34.3 billion, the report said. Sky shares closed at 15.44 pounds in London. This is “consistent with our view that Fox and Disney won’t let Comcast have Sky,” BTIG analyst Rich Greenfield told The Post. A Fox rep declined to comment. Sky has been at the center of a … [Read more...] about Paul Singer’s hedge fund values Sky at more than $34B
Following trends in financial markets was once one of the most profitable investment strategies around. Now the approach is being battered as cheap replica funds crowd into the space. Performance among the roughly $300 billion in hedge funds that largely use so-called trend-following strategies has been abysmal. An investor buying into these funds at the start of 2011, for instance, and holding through July this year would have lost 3.4% on average, according to HFR. Over the same period the S&P 500 is up 124%.... … [Read more...] about The Big Hedge-Fund Strategy That Isn’t Working
Paul Singer’s Elliott Management is talking trash about Michael Dell’s attempt to buy the VMware tracking stock for $22 billion, The Post has learned. The hedge fund has reached out to owners of the tracking stock, which is traded as Dell Technologies, with criticism of the deal, three sources with direct knowledge of the situation said on Friday. “They made it clear they are against it,” a source who spoke directly to Elliott a few weeks ago said. “There are certain aspects of the deal they say are pretty awful,” another source said. Singer’s hedge fund, profiled in a New Yorker cover story this week, has said publicly that it has not decided on how it will vote. The phone calls, reported here for the first time, shed light on how Elliott is leaning. Elliott has reported a 4.3 percent stake in the tracking stock. Carl Icahn has a reported 1.2 percent in the same stock and is against the deal, sources said. The impression is Dell at this point … [Read more...] about Paul Singer’s hedge fund lobbies against Dell’s $22B deal
When you buy a share of Apple stock, you do not simply buy into a $1 trillion technology company. You also buy a share of one of the world’s largest investment companies: Braeburn Capital, a wholly owned subsidiary of Apple. Braeburn manages a $244 billion financial portfolio—70% of Apple’s total book assets. Apple acts like a hedge fund by supporting this portfolio with $115 billion of debt. Like a hedge fund, Apple provides minimal disclosures on Braeburn Capital’s holdings. But unlike a hedge fund, Apple does not restrict... … [Read more...] about Apple Is a Hedge Fund That Makes Phones
At hedge funds, women do just about any job—but rarely run the money. Of the largest 50 U.S. hedge funds by assets under management, only two have women as their top investment executive, according to a Wall Street Journal analysis of data from researcher Absolute Return. In that same group of 50 hedge funds, half the investor-relations or marketing departments have female heads or co-heads. Below... … [Read more...] about At Hedge Funds, Where Are the Women?