This content is from: Portfolio

The Morning Brief: March Gains Trim Hefty Losses at Omega, Glenview

Several high-profile hedge fund managers who were deep in the red for the first two months of the year posted decent gains in March, enabling them to trim their losses for the quarter. Even so, they are still in a hole. Omega Advisors founder Leon Cooperman’s Omega Overseas gained 4.80 percent for the month. As a result, the New York hedge fund was able to cut its loss for the year to 5.60 percent. Larry Robbins’ Glenview Capital Partners, managed by New York-based Glenview Capital Partners, gained 3.70 percent in March. However, the health care-heavy fund is still down more than 12 percent for the year.

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Shares of hedge fund favorite Allergan fell more than 2 percent on Friday. They are now down more than 15 percent since the drug giant called off its planned merger with Pfizer last week. As we earlier noted, at year-end Allergan was the third most widely held stock among hedge funds.

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In a minor trade, Baupost Group cut its stake in Bellatrix Exploration by nearly two-thirds, to 4.51 percent of the energy company. However, this is a tiny holding for the Boston hedge fund firm, given that the company itself only has a $191 million market capitalization.

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Bridgewater Associates Founder Ray Dalio is offering to have lunch with an individual and a guest who is the highest bidder on charity auction website Charitybuzz.com. The proceeds will go to the David Lynch Foundation, which tries to help at-risk people who have suffered major trauma. The auction closes on April 26. As of Friday afternoon, there was one bid for $50,000, according to the website, which values the lunch at $50,000. The lunch is estimated to take 1.5 hours at a restaurant of Dalio’s choosing, in either New York City or Connecticut.

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