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TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Syngenta Moves to Calm Disappointed ShareholdersINVESTMENT BANKING Deutsche Leaves Open Possibility of Selling Hua Xia StakePRIVATE EQUITY Blackstone Makes Investment in Mortgage Insurer PMI GroupHEDGE FUNDS Calstrs Aims to Cut Risk by Moving Up to $20 Billion Out of StocksVENTURE CAPITAL Scrutiny of Security Start-Ups May Signal Shift in Venture FundingLEGAL/REGULATORY No Resting on Laurels, European Central Bank Leader Faces New Threats | ||||||||||||||||||||
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BY AMIE TSANG
THE HEDGE FUNDS THAT PROSPERED IN MARKET TUMULTIt's not all doom and gloom for the hedge fund industry. Several hedge funds are putting in the kind of performances that just might justify the industry's famously hefty fees, Alexandra Stevenson and Matthew Goldstein report in DealBook.
Some of the better performers were started in the past several years byformer disciples of Steven A. Cohen, the billionaire investor who founded SAC Capital Advisors. Jason Karp, who worked with Mr. Cohen for nearly four years, createdTourbillon Capital Partners in 2012. The $2.9 billion fund is up 18.44 percent in its main portfolio, according to a person briefed on the firm's performance. Aaron Cowen is a former SAC chief investment officer. His Suvretta Capital Management, a $2 billion hedge fund, is up 7 to 9 percent in its main funds. Melvin Capital, a roughly $1 billion firm that a former top trader for SAC, Gabriel Plotkin, founded last year, is up nearly 20 percent. All three former protégés are running classic long-short hedge funds that make both bullish and bearish bets on stocks. But they come from the SAC tradition of moving quickly in and out of stocks - a tactic that may be serving them well at a time when the unpredictability of the recent swings in the markets has unnerved others. Israel Englander's Millennium Management, a $27 billion firm with a wide array of trading strategies, uses the same tactic. Millennium is up 9.6 percent for the year. It is not clear how Mr. Cohen has done with Point72 Asset Management, the $10 billion family office that manages his money. Firms that make trades off the turmoil have done especially well. For instance, Ionic Capital Management, a $2.5 billion hedge fund thatperforms best in volatile markets, is up about 16 percent for the year, after notching an 11 percent gain in August, said a person briefed on the numbers. These gains are notable in a year when the average hedge fund is down about 1 percent and the benchmark Standard & Poor's 500-stock index is off 5.3 percent for the year. Hedge funds with more concentrated positions and longer-term views have tended to fare the worst. Hedge funds like Omega Partners, the $9 billion hedge fund founded by Leon Cooperman, have disappointed, partly because they haveabandoned short positions for long ones during a roaring bull market in the United States that had clobbered short-sellers. In recent years, investors have been parking their money with hedge funds that offer long-only funds, according to a recent report by Deutsche Bank. In this environment, even short-sellers - investors who take bets against the market - have had to change their strategies.
PUERTO RICO'S DEBT DEAL Puerto Rico took a step toward dealing with its $72 billion of debt on Tuesday when its electric power authority and a group of investors agreed to restructure as much as $5.7 billion of bonds. The deal offers a possible model for a much bigger and messier restructuring, Mary Williams Walsh writes in DealBook.
Each side granted concessions and claimed some victories. Bondholders, who had initially feared losses of more than 50 percent, took a loss of 15 percent. Puerto Rico got interest rate relief and a five-year payment moratorium in return. New bonds are to be issued, which will be backed by a securitized stream of revenue intended to make them much safer and likely to repay investors than the power authority's current bonds. The island's government is close to running out of cash and can no longer borrow on reasonable terms. Last month, it defaulted on a $58 million bond payment. It has also been trying without success to get access to federal bankruptcy courts, something that would take an act of Congress. The debt restructuring does not solve those problems, but the government now has something to show other creditors why a negotiated restructuring could be more beneficial than a battle in court. Alejandro García Padilla, Puerto Rico's governor, has been trying to buy time and preserve cash, just to keep essential services running. But bondholders have shown little enthusiasm and some even say they believe Puerto Rico can pay its debts. They also question the likelihood of the government achieving any of the economic reforms that Puerto Rico needs, if it were given a debt moratorium.
ON THE AGENDA The European Central Bank news conference following the meeting of the governing council starts at 9:30 a.m.
PRIVATE EQUITY FIRMS CIRCLE PETCO First PetSmart was sold to a private equity firm. Then its rival, Petco, began preparing itself for an initial public offering nearly a decade after its leveraged buyout. NowPetco may find itself sold to another investment firm, as Michael J. de la Merced reports in DealBook.
Petco has attracted takeover interest from private equity shops includingKohlberg Kravis Roberts & Company even while it continues to prepare for an I.P.O., according to a person briefed on the matter. It plans to meet next week with potential buyers, including K.K.R. and Carlyle Group, according to The Wall Street Journal, which first reported the deliberations. It is unclear how much Petco could fetch in a sale, but The Wall Street Journal cited people familiar with the matter saying that the companycould be worth about $4 billion. Its owners, TPG Capital and Leonard Green & Partners, are still deciding whether to sell the company outright or list it on a stock exchange. Selling the company to a private equity peer could provide a quicker and surer way to make a profit. TPG and Leonard Green bought Petco in 2006 and under their ownership, the retailer has seen sales rise steadily, though profits have been volatile.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Syngenta Moves to Calm Disappointed Shareholders Syngenta moved to appease shareholders angered by its rejection of a takeover bid from Monsanto, saying it would divest its global vegetable seed business and return more than $2 billion to shareholders.
Senior-Housing Companies Rally After Amica Agrees to BuyoutAmica Mature Lifestyles, a Vancouver-based provider of luxury residences for older adults, agreed to be acquired by a pension fund-backed company, extending an industrywide consolidation.
Fosun Defiant Over Its Firepower Guo Guangchang, the co-founder of China's largest private conglomerate, said it would continue its streak of acquisitions despite its share price drop.
Foreign Firms Feel China's Chill Investment banks, in particular, have been repeatedly frustrated in attempts to build deal-making businesses.
Natalie Massenet, Net-a-Porter Founder, Announces Departure She leaves only months after the company joined its Italian rival, Yoox, in a merger.
INVESTMENT BANKING »
Deutsche Leaves Open Possibility of Selling Hua Xia StakeDeutsche Bank's co-chief executive has left open the possibility that the German lender could sell its 19.99 percent stake in the Chinese bank, Hua Xia, but ruled out any broader withdrawal from the country.
Kleinwort Benson Tries to Fend Off Fosun The Belgian owner of Kleinwort Benson is seeking to repel a hostile 675 million euro bid from Fosun, its biggest shareholder, by encouraging France's Oddo & Cie to make a counter offer, The Financial Times reports, citing two people familiar with the matter.
Japan's Banks Concerned About Asian Depreciation Japanese banks, which focused on expanding in emerging Asia as yields fell to record lows at home, are now exposed to some of the world's worst-performing currencies.
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PRIVATE EQUITY »
Blackstone Makes Investment in Mortgage Insurer PMI GroupThe New York investment firm has agreed to provide PMI with a loan for working capital needs, in connection with the purchase of a significant equity stake.
HEDGE FUNDS »
Leon Cooperman Blames Market Volatility on Risk-Parity FundsThe founder of Omega Advisors blamed last week's stock market sell-off - and his own poor performance in August - on esoteric but increasingly influential trading strategies pioneered by hedge funds like Bridgewater.
Calstrs Aims to Cut Risk by Moving Up to $20 Billion Out of Stocks A huge pension fund is considering a strategy to protect retirees from market gyrations when a big loss of principal would be devastating.
Fortress Hedge-Fund Executive Stuart Bohart Has Left FirmStuart Bohart's departure follows a rough period for Fortress's 'macro' trading business, which trades in various markets based on global economic trends.
VENTURE CAPITAL »
Scrutiny of Security Start-Ups May Signal Shift in Venture Funding Cybersecurity companies have had an easy time raising money in Silicon Valley over the last few years. But investors are starting to ask about profit and sustainability.
Inside Uber's Fight With Its Chinese Nemesis Uber and Didi Kuaidi are fighting to raise funds for expansion while they compete to woo drivers to their car hailing services and navigate China's tough regulatory environment.
LEGAL/REGULATORY »
No Resting on Laurels, European Central Bank Leader Faces New Threats Eurozone growth has improved since the central bank began its stimulus program, but there are new uncertainties in European and global economies.
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2 Sep 21:50 GMT
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| If the car breaks down, the washer dies, or one of the kids chips a tooth after a close encounter with the pavement, where would you get the money to pay the bill? Did anyone say, "my emergency fund"? After paying the bills and having a little well-deserved fun, who has money left to save for an "emergency"? Chances are pretty good that you do—if you know where to look. |  |
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THURSDAY, SEPTEMBER 3, 2015TODAY'S TOP HEADLINES | ||||||||||||||||||||
M & A Syngenta Moves to Calm Disappointed ShareholdersINVESTMENT BANKING Deutsche Leaves Open Possibility of Selling Hua Xia StakePRIVATE EQUITY Blackstone Makes Investment in Mortgage Insurer PMI GroupHEDGE FUNDS Calstrs Aims to Cut Risk by Moving Up to $20 Billion Out of StocksVENTURE CAPITAL Scrutiny of Security Start-Ups May Signal Shift in Venture FundingLEGAL/REGULATORY No Resting on Laurels, European Central Bank Leader Faces New Threats | ||||||||||||||||||||
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BY AMIE TSANG
THE HEDGE FUNDS THAT PROSPERED IN MARKET TUMULTIt's not all doom and gloom for the hedge fund industry. Several hedge funds are putting in the kind of performances that just might justify the industry's famously hefty fees, Alexandra Stevenson and Matthew Goldstein report in DealBook.
Some of the better performers were started in the past several years byformer disciples of Steven A. Cohen, the billionaire investor who founded SAC Capital Advisors. Jason Karp, who worked with Mr. Cohen for nearly four years, createdTourbillon Capital Partners in 2012. The $2.9 billion fund is up 18.44 percent in its main portfolio, according to a person briefed on the firm's performance. Aaron Cowen is a former SAC chief investment officer. His Suvretta Capital Management, a $2 billion hedge fund, is up 7 to 9 percent in its main funds. Melvin Capital, a roughly $1 billion firm that a former top trader for SAC, Gabriel Plotkin, founded last year, is up nearly 20 percent. All three former protégés are running classic long-short hedge funds that make both bullish and bearish bets on stocks. But they come from the SAC tradition of moving quickly in and out of stocks - a tactic that may be serving them well at a time when the unpredictability of the recent swings in the markets has unnerved others. Israel Englander's Millennium Management, a $27 billion firm with a wide array of trading strategies, uses the same tactic. Millennium is up 9.6 percent for the year. It is not clear how Mr. Cohen has done with Point72 Asset Management, the $10 billion family office that manages his money. Firms that make trades off the turmoil have done especially well. For instance, Ionic Capital Management, a $2.5 billion hedge fund thatperforms best in volatile markets, is up about 16 percent for the year, after notching an 11 percent gain in August, said a person briefed on the numbers. These gains are notable in a year when the average hedge fund is down about 1 percent and the benchmark Standard & Poor's 500-stock index is off 5.3 percent for the year. Hedge funds with more concentrated positions and longer-term views have tended to fare the worst. Hedge funds like Omega Partners, the $9 billion hedge fund founded by Leon Cooperman, have disappointed, partly because they haveabandoned short positions for long ones during a roaring bull market in the United States that had clobbered short-sellers. In recent years, investors have been parking their money with hedge funds that offer long-only funds, according to a recent report by Deutsche Bank. In this environment, even short-sellers - investors who take bets against the market - have had to change their strategies.
PUERTO RICO'S DEBT DEAL Puerto Rico took a step toward dealing with its $72 billion of debt on Tuesday when its electric power authority and a group of investors agreed to restructure as much as $5.7 billion of bonds. The deal offers a possible model for a much bigger and messier restructuring, Mary Williams Walsh writes in DealBook.
Each side granted concessions and claimed some victories. Bondholders, who had initially feared losses of more than 50 percent, took a loss of 15 percent. Puerto Rico got interest rate relief and a five-year payment moratorium in return. New bonds are to be issued, which will be backed by a securitized stream of revenue intended to make them much safer and likely to repay investors than the power authority's current bonds. The island's government is close to running out of cash and can no longer borrow on reasonable terms. Last month, it defaulted on a $58 million bond payment. It has also been trying without success to get access to federal bankruptcy courts, something that would take an act of Congress. The debt restructuring does not solve those problems, but the government now has something to show other creditors why a negotiated restructuring could be more beneficial than a battle in court. Alejandro García Padilla, Puerto Rico's governor, has been trying to buy time and preserve cash, just to keep essential services running. But bondholders have shown little enthusiasm and some even say they believe Puerto Rico can pay its debts. They also question the likelihood of the government achieving any of the economic reforms that Puerto Rico needs, if it were given a debt moratorium.
ON THE AGENDA The European Central Bank news conference following the meeting of the governing council starts at 9:30 a.m.
PRIVATE EQUITY FIRMS CIRCLE PETCO First PetSmart was sold to a private equity firm. Then its rival, Petco, began preparing itself for an initial public offering nearly a decade after its leveraged buyout. NowPetco may find itself sold to another investment firm, as Michael J. de la Merced reports in DealBook.
Petco has attracted takeover interest from private equity shops includingKohlberg Kravis Roberts & Company even while it continues to prepare for an I.P.O., according to a person briefed on the matter. It plans to meet next week with potential buyers, including K.K.R. and Carlyle Group, according to The Wall Street Journal, which first reported the deliberations. It is unclear how much Petco could fetch in a sale, but The Wall Street Journal cited people familiar with the matter saying that the companycould be worth about $4 billion. Its owners, TPG Capital and Leonard Green & Partners, are still deciding whether to sell the company outright or list it on a stock exchange. Selling the company to a private equity peer could provide a quicker and surer way to make a profit. TPG and Leonard Green bought Petco in 2006 and under their ownership, the retailer has seen sales rise steadily, though profits have been volatile.
Contact amie.tsang@nytimes.com
MERGERS & ACQUISITIONS »
Syngenta Moves to Calm Disappointed Shareholders Syngenta moved to appease shareholders angered by its rejection of a takeover bid from Monsanto, saying it would divest its global vegetable seed business and return more than $2 billion to shareholders.
Senior-Housing Companies Rally After Amica Agrees to BuyoutAmica Mature Lifestyles, a Vancouver-based provider of luxury residences for older adults, agreed to be acquired by a pension fund-backed company, extending an industrywide consolidation.
Fosun Defiant Over Its Firepower Guo Guangchang, the co-founder of China's largest private conglomerate, said it would continue its streak of acquisitions despite its share price drop.
Foreign Firms Feel China's Chill Investment banks, in particular, have been repeatedly frustrated in attempts to build deal-making businesses.
Natalie Massenet, Net-a-Porter Founder, Announces Departure She leaves only months after the company joined its Italian rival, Yoox, in a merger.
INVESTMENT BANKING »
Deutsche Leaves Open Possibility of Selling Hua Xia StakeDeutsche Bank's co-chief executive has left open the possibility that the German lender could sell its 19.99 percent stake in the Chinese bank, Hua Xia, but ruled out any broader withdrawal from the country.
Kleinwort Benson Tries to Fend Off Fosun The Belgian owner of Kleinwort Benson is seeking to repel a hostile 675 million euro bid from Fosun, its biggest shareholder, by encouraging France's Oddo & Cie to make a counter offer, The Financial Times reports, citing two people familiar with the matter.
Japan's Banks Concerned About Asian Depreciation Japanese banks, which focused on expanding in emerging Asia as yields fell to record lows at home, are now exposed to some of the world's worst-performing currencies.
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PRIVATE EQUITY »
Blackstone Makes Investment in Mortgage Insurer PMI GroupThe New York investment firm has agreed to provide PMI with a loan for working capital needs, in connection with the purchase of a significant equity stake.
HEDGE FUNDS »
Leon Cooperman Blames Market Volatility on Risk-Parity FundsThe founder of Omega Advisors blamed last week's stock market sell-off - and his own poor performance in August - on esoteric but increasingly influential trading strategies pioneered by hedge funds like Bridgewater.
Calstrs Aims to Cut Risk by Moving Up to $20 Billion Out of Stocks A huge pension fund is considering a strategy to protect retirees from market gyrations when a big loss of principal would be devastating.
Fortress Hedge-Fund Executive Stuart Bohart Has Left FirmStuart Bohart's departure follows a rough period for Fortress's 'macro' trading business, which trades in various markets based on global economic trends.
VENTURE CAPITAL »
Scrutiny of Security Start-Ups May Signal Shift in Venture Funding Cybersecurity companies have had an easy time raising money in Silicon Valley over the last few years. But investors are starting to ask about profit and sustainability.
Inside Uber's Fight With Its Chinese Nemesis Uber and Didi Kuaidi are fighting to raise funds for expansion while they compete to woo drivers to their car hailing services and navigate China's tough regulatory environment.
LEGAL/REGULATORY »
No Resting on Laurels, European Central Bank Leader Faces New Threats Eurozone growth has improved since the central bank began its stimulus program, but there are new uncertainties in European and global economies.
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