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Funds

Holdings and activity of leading value funds.

Balyasny Discloses New Stakes in Basic Energy Services & Tetra Technologies

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  • Dmitry Balyasny's investment firm Balyasny Asset Management has filed two separate 13G's with the SEC.
  • First, Balyasny has revealed a brand new equity stake in Basic Energy Services.
  • You can view additional recent portfolio activity from Balyasny here.

Corvex Management Adds To Signet Jewelers Stake

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  • Keith Meister's activist hedge fund Corvex Management has filed an amended 13D with the SEC regarding its position in Signet Jewelers.
  • Per the filing, Corvex now owns 7.2% of SIG with over 5.74 million shares.
  • Corvex's filing says they commend Signet "For its new capital allocation policy and look forward to continuing to engage in constructive and collaborative conversations."

Hedge Fund Links ~ 3/27/15

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  • The content provided within this blog is property of market folly and any views or opinions expressed herein are those solely of market folly and do not represent that of any firm or institution.
  • Market folly is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice.
  • Market folly is not responsible for any 3rd party links or content.

Notes From Charlie Munger's Daily Journal Meeting 2015

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  • Munger on venture capital versus what he does for a living: "It's a really difficult honest way to make a living. It's not like shooting fish in a barrel, which is how I've made my living."
  • Software is now a bigger revenue line for DJCO than print and Munger "Thinks of it like Jeff Bezos" with its operating losses as it grows.
  • Munger sang the praises of Posco at the meeting and also said that he thinks the moat of American Express is less than it once was.

Howard Marks' New Memo on Liquidity

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  • Oaktree Capital's Chairman Howard Marks is out with his latest memo entitled "Liquidity."
  • Marks outlines the definition of liquidity as the ability to sell something at a price equal or close to the last price.
  • Oaktree's Chairman goes on to write, "The bottom line is unambiguous. Liquidity can be transient and paradoxical. It's plentiful when you don't care about it and scarce when you need it most. Given the way it waxes and wanes, it's dangerous to assume the liquidity that's available in good times will be there when the tide goes out."

Bill Ackman's Pershing Square Annual Report 2014

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  • Bill Ackman's Pershing Square Holdings has released its annual report for 2014.
  • He pulls anecdotes from past Pershing Square letters to outline their business model, investment strategy, approach to risk management and more.
  • For more on this hedge fund, we posted up some recent portfolio activity from Pershing Square here.

Tiger Global Reduces Bitauto Stake

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  • Chase Coleman and Feroz Dewan's Tiger Global filed an amended 13G with the SEC regarding its position in Bitauto.
  • Per the filing, Tiger Global now owns 9.6% of the company with around 6 million shares.
  • You can view other portfolio activity from Tiger Global here.

What We're Reading ~ 3/25/15

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  • The content provided within this blog is property of market folly and any views or opinions expressed herein are those solely of market folly and do not represent that of any firm or institution.
  • Market folly is not an investment advisor of any kind, so do not consider anything on this page to be legal, tax, or investment advice.
  • Market folly is not responsible for any 3rd party links or content.

Glenview Capital Q4 Letter on McDonald's, T-Mobile, Auto Dealers & More

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  • Larry Robbins' hedge fund firm, Glenview Capital, is out with its fourth quarter letter to investors.
  • On T-Mobile: Glenview has owned this company since 2013 but bought more shares in December 2014.
  • Glenview feels TMUS could either: try to tie-up with Dish Network and their spectrum, seek a sale to a foreign buyer, or again try to merge with Sprint once a new political administration takes office in 2016.

Pershing Square Reveals Size of Valeant Investment

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  • Bill Ackman's hedge fund firm Pershing Square Capital Management has filed a 13D with the SEC regarding shares of Valeant Pharmaceuticals.
  • Per the filing, Pershing now owns 5.7% of the company with over 19.47 million shares.
  • Based on the number of shares owned, Pershing would be the second largest holder of VRX, behind Ruane Cunniff & Goldfarb and would hold just slightly more shares than Jeff Ubben's ValueAct Capital.

Farallon Capital Discloses Sky Solar Stake, Adds Board Members At Town Sports

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  • First, Farallon filed a 13G regarding shares of Sky Solar.
  • Second, Farallon filed an amended 13D with the SEC regarding its stake in Town Sports International Holdings.

Glenview Capital Starts Manitowoc Position, Adds To Brookdale Senior Living

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  • Per Google Finance, Manitowoc is "a multi-industry, capital goods manufacturer. MTW operates in two markets: Cranes and Related Products and Foodservice Equipment. Crane is a provider of engineered lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. Foodservice is a manufacturer of commercial foodservice equipment serving the ice, beverage, refrigeration, food-preparation, and cooking needs of restaurants, convenience stores, hotels, healthcare, and institutional applications.

Carl Icahn Increases Chesapeake Energy Stake

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  • Activist Investor Carl Icahn has filed an amended 13D with the SEC regarding his stake in Chesapeake Energy.
  • Per the filing, Icahn now owns 10.98% of the company with over 73 million shares.
  • Per Google Finance, Chesapeake Energy is "a producer of natural gas and liquids. The Company's exploration and production segment is responsible for finding and producing natural gas, oil and natural gas liquids. The marketing, gathering and compression segment is responsible for marketing, gathering and compression of natural gas, oil and NGL.".

Maverick Capital & Odey Out Buying AO World Shares

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  • Lee Ainslie's hedge fund firm, Maverick Capital, has disclosed a holding in London listed online retailer AO World.
  • Due to trading on March 16th, Maverick hold the equivalent of 3.31% of AO's voting rights via a total return swap.
  • AO World recently traded around 330p / share and now trades at 182p. Maverick first disclosed an interest in AO in November 2014 but sold enough shares to go below the 3% disclosure threshold a few weeks later.

Bill Ackman Set To Increase Valeant Pharmaceuticals Position

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  • Bill Ackman's hedge fund firm Pershing Square took a passive 4.9% stake in Valeant Pharmaceuticals according to a statement on March 9th. And in more recent news, it looks like Ackman is set to increase that stake further.
  • "Pershing Square Capital Management LP is buying 3 million shares in the offering worth about $600 million, according to a person familiar with the matter. That would boost Pershing Square's stake in Valeant to above 5%.".

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