The Morning Brief: Metacapital Manager’s Mega Apartment
Metacapital Management’s Deepak Narula, who qualified for the Institutional Investor’s Alpha Rich List Second Team after earning $125 million in 2012, has bought a 6,000-square-foot co-op apartment on Central Park West from Madonna. According to a published report, the apartment listed in November for $23.5 million, was reduced to $19.995 million in February and ultimately sold for “considerably less.”
Jeff Ubben’s activist hedge fund ValueAct Holdings sold about 1.1 million shares of Gardner Denver, reducing its stake to about 2.9 percent of the total outstanding. The maker of industrial compressors, blowers, pumps, loading arms and fuel systems was among the smaller holdings of the activist investor’s 15-stock portfolio at the end of the first quarter.
Deutsche Bank raised its price target on Valeant Pharmaceuticals from $82 to $103 one day after the drug maker agreed to acquire Bausch & Lomb, a major player in ophthalmology and dermatology. “We continue to like Valeant’s positioning – offering investors one of the few ways to participate in relatively high-growth emerging markets,” it states in a note to clients. “And we continue to believe it has the potential to generate above-average growth and strong cash flow by leveraging a diverse revenue base, highly efficient tax structure, and robust business development pipeline.” We reported yesterday that activist ValueAct Holdings is the third largest shareholder of Valeant, while Tiger Cubs Lone Pine Capital and Viking Global Investors are also major investors.
Alan Howard’s BH Macro Fund is up 1.42 percent in May through May 24, bringing its gains to 8.81 percent for the year so far.