Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
Bloomberg – It was a crisp autumn day in November 2005 when hedge fund manager John Ho entered the half- century-old Electric Power Development Co.’s headquarters in Tokyo, betting that Japan’s corporate attitudes were ripe for change.
Ho, then director of Asia-Pacific investments at the Children’s Investment Fund Management UK LLP, also known as TCI, was ushered into a conference room with a worn carpet to meet with Masayoshi Kitamura, then executive vice president of the utility. The visitor, who was offered a bottle of water, told Kitamura he wanted to learn more about the company’s plans for growth.
Reuters – Activist hedge fund firm TCI, which launched an attack on ABN AMRO in 2007 that helped trigger the Dutch bank’s sale, has seen profits surge 73 percent but warned this year will be tougher.
The Children’s Investment Fund Management (UK) LLP reported profit available for sharing among members of 555.9 million pounds for the year to end-August 2008, up from 321.0 million pounds a year before.
Reuters – Activist hedge fund firm TCI, which launched an attack on ABN AMRO in 2007 that helped trigger the Dutch bank’s sale, has seen profits surge 73 percent but warned this year will be tougher.
The Children’s Investment Fund Management (UK) LLP reported profit available for sharing among members of 555.9 million pounds for the year to end-August 2008, up from 321.0 million pounds a year before.
The firm paid 484.3 million pounds to its charity CIFF (The Children’s Investment Fund Foundation), up from 271.4 million pounds a year before.
Bloomberg – The Children’s Investment Fund Management UK LLP, a $9.5 billion U.K. hedge fund, cut its short positions in Japanese stocks including Toshiba Corp. by almost $1 billion in less than two months, exchange filings show.
The London-based fund, also known as TCI, had about $248 million worth of short positions in 12 Japanese stocks, data based on exchange filings compiled by Bloomberg show, compared with about $1.2 billion on April 3.
TCI reduced its short positions in eight of 13 stocks including Sharp Corp., Japan’s biggest maker of liquid-crystal- display televisions, and Mizuho Financial Group Inc., Japan’s second-biggest bank by revenue, according to filings since April.
Bloomberg – The Children’s Investment Fund Management UK LLP, a $9.5 billion London-based hedge fund, has about $1.2 billion of short positions in Japanese stocks including Toshiba Corp., according to exchange filings.
The fund, better known as TCI, has shorted 13 Japanese stocks, data based on exchange filings compiled by Bloomberg show. Mizuho Financial Group Inc., Japan’s second-biggest bank by revenue, and Sony Corp., the world’s second-biggest consumer- electronics maker, are also among the short positions.
The bets against Japanese stocks by activist fund TCI, which lost a proxy battle with Japanese utility Electric Power Development Co. last year, come as the Nikkei 225 Stock Average completed its worst fiscal year since March 2001, losing 35 percent. TCI’s fund fell 43 percent in 2008, as global hedge funds were battered by client withdrawals and the worst market losses since the 1930s.
Bloomberg – Children’s Investment Fund Management UK LLP, the London-based hedge fund founded by Christopher Cooper-Hohn, sold off its shares in Mastercard Inc. and added shares of rival credit-card network Visa Inc. in the fourth quarter.
Children’s sold its 5.95 million shares, valued at $963 million on Sept. 30, of Mastercard, based in Purchase, New York. The fund bought 4.7 million shares in San Francisco-based Visa, increasing the value of its stake to $589 million as of Dec. 31, according to a filing today with the U.S. Securities and Exchange Commission.
Reuters – The commodity half of oil tycoon T. Boone Pickens’s BP Capital hedge fund lost 35 percent of its value in July, the New York Post said, citing sources.
The fund is believed to be down about 10 percent for the year, the paper said.
A Pickens spokeswoman told the paper that commodity-fund investors were informed that the steep decline in natural gas and oil prices has had an adverse impact on its performance.
"We continue to analyze the market and adjust accordingly," the spokeswoman was quoted as saying.
