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Morning Brief: ValueAct Boosts Stake in KKR

The activist hedge fund firm now holds 9.9 percent of the private equity firm.

  • By Stephen Taub

ValueAct Capital bought another 2.2 million shares or so of private equity giant KKR, boosting its stake to 9.9 percent. It paid between $19.13 and $19.50 per share between November 13 and November 28. At a conference in late April, ValueAct president Mason Morfit said the stock was worth closer to $37 per share. In an August regulatory filing, ValueAct said it had discussions with officers and directors of KKR and anticipates holding future talks about a variety of topics.

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In a separate filing, ValueAct said it sold nearly 4 million shares of CBRE, the commercial real estate giant. This cut its stake to 7.3 percent. The hedge fund firm sold its shares for between $42.25 and $42 88 per share.

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Viking Global Investors said it owns a little more than 6.6 million shares of Jianpu Technology, or 9.6 percent of the Chinese online financial firm that went public in mid-November. We earlier reported that Dan Och’s Och-Ziff Capital Management disclosed it scooped up 2.5 million shares of Jianpu.

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Shares of popular hedge fund stock Micron Technology continue to tumble, dropping another 3.10 percent on Thursday, to close at $42.39. The stock is now down nearly 15 percent this week alone. Still, it is up about 93 percent for the year.

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Shares of Horizon Pharma jumped 4.4 percent, to $14.38, after UBS raised its price target on the stock from $16 to $20. At the end of the third quarter, Deerfield Management and Paulson & Co. were among the company’s top ten shareholders.

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