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Funds

Holdings and activity of leading value funds.

David Tepper: Market Multiple Kind of Full, Short Bonds, Long European Equities

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  • David Tepper, founder of hedge fund Appaloosa Management, was interviewed on CNBC this morning.
  • Regarding bonds, Tepper continues to be bearish and is short them: "If we're short US bonds, we're betting on a stronger economy here. That's the bet. Listen... bonds are really hard to own, the yields are really low."
  • "He also likes Europe:"I am long European equities, I could lose my behind.

Bridgewater's Ray Dalio on Radical Transparency & Building a Culture

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  • Ray Dalio of Bridgewater Associates sat down with Charles Duhigg at The New York Times New Work Summit to talk about building culture and how it relates to his hedge fund where he encourages radical transparency.
  • Dalio says: "I want an idea meritocracy. I want independent thinkers who are gonna disagree. The most important thing I want is meaningful work and meaningful relationships and the way to get that is through radical transparency."
  • The Bridgewater founder feels this transparency develops much deeper, more meaningful conversations.

Mark Cuban Interview On Business, Investing, Entrepreneurship: Young Investors Society

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  • Noted there's less companies going public these days so "There's more money chasing fewer choices."
  • In the interview, Cuban talked about how their content aggregation and focus on data allowed them to be able to recommend content to users.
  • "There's a hundred apps that let you sell your time." Thinks there's never been a better time to be an entrepreneur.

Third Point Trims Baxter International Stake

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  • Dan Loeb's hedge fund firm Third Point has filed an amended 13D and a Form 4 with the SEC regarding its stake in Baxter International.
  • Per the filing, Third Point now owns 8.5% of BAX with just over 46 million shares.
  • As detailed in our Hedge Fund Wisdom newsletter, Baxter has been Third Point's top position for some time, with a stake worth over $2 billion.

ValueAct Capital Ups Bioverativ Position

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  • Jeff Ubben's activist investment firm ValueAct Capital has filed an amended 13D on its stake in Bioverativ.
  • Per the filing, ValueAct now owns 7.5% of the company with over 8.13 million shares.
  • This is up from their previous stake of 7.7 million shares and the filing was made due to activity on February 28th. The 13D also notes that ValueAct received 6.48 million shares in connection with physical settlement of the forward contracts we previously outlined that they owned.

Hedge Fund Links ~ 3/3/17

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

What We're Reading ~ 3/1/17

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

SPO Advisory Ups Zayo Group Stake

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  • John Scully's investment firm SPO Advisory has filed a 13G with the SEC regarding its position in Zayo Group.
  • Per the filing, SPO now owns 5.2% of the company with over 12.68 million shares.
  • This marks an increase of over 1.88 million shares since the end of 2016 when they owned 10.79 million shares.

Joel Greenblatt Interview With Consuelo Mack's Wealthtrack

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  • Joel Greenblatt of Gotham Funds recently sat down with Consuelo Mack's Wealthtrack to talk about his hybrid approach to investing where he combines indexing with his active long/short strategy.
  • Greenblatt is known for generating insanely good returns in his original Gotham Capital vehicle from 1985 to 1995.
  • Nowadays he's focused on some other strategies, and he dives into that in the interview.

David Tepper Still Long Stocks & Short Bonds

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  • Appaloosa Management's David Tepper has told Scott Wapner at CNBC Fast Money Halftime Report that he's still long stocks and short bonds.
  • "Why are stocks and bonds acting differently? It's as if they're reacting to two different economies. Could be that there's too loose monetary policy still around the globe. It suggests it's affecting the bond market more than stocks."
  • To see what stocks Appaloosa is long, check out the newly released issue of our premium newsletter.

Warren Buffett Doubled Apple Stake in January: CNBC Interview

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  • Berkshire Hathway's Warren Buffett sat down for an interview with CNBC's Becky Quick.
  • Berkshire originally held a smaller position in AAPL. In the fourth quarter of 2016, Buffett ramped up buying Apple and established over a $6 billion position.
  • Why did Buffett buy Apple? "Because I liked it." He also added that he likes CEO Tim Cook's ability to retain consumers and his capital deployment.

Warren Buffett's 2016 Letter

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Hedge Fund Links ~ 2/24/17

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

Jeff Ubben & Paul Hilal: Future of Shareholder Activism Panel at Reuters Live

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  • At the Reuters Live Newsmaker Event, a panel on The Future of Shareholder Activism featured Jeff Ubben of ValueAct Capital and Paul Hilal of Mantle Ridge and they were later joined also by Zach Oleksiuk of BlackRock and Richard Brand of law firm Cadwalader.
  • Thinks it's useful for Directors of companies to go on a 'listening tour' to hear what people think about the company first.
  • Thinks there will be a convergence of private equity style and activist style investing in the future.

JANA Partners Files 13D on Tiffany & Co

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  • Barry Rosenstein's activist hedge fund JANA Partners has filed a 13D with the SEC regarding Tiffany & Co. Per the filing, JANA now owns 4.9% of Tifany with over 6 million shares.
  • This is a newly disclosed position for JANA. The filing notes they were buying throughout January and into early February, with the bulk of their buying coming at between $77.19 and $83.15.
  • They're working together as a group with Francesco Trapani who they've nominated to the board.

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