Viking Global Equities surged 3.8 percent last month, boosting the long-short fund’s gain for the year to 9.6 percent. It is managed by Greenwich, Connecticut-based Viking Global Investors. The hedge fund firm is one among a number of high-profile funds managed by Tiger Cubs to enjoy strong gains in July. Maverick Fund, headed by Lee Ainslie III, was up 3.9 percent last month and is now up 18.8 percent for the first seven months, one of its best years in recent memory. It is managed by Dallas-based Maverick Capital. We earlier reported that Tiger Global Investments, the long-short funds managed by New York-based Tiger Global Management, posted a 3.7 percent gain in July and are now up 4.6 percent for the year. Paul Hudson’s Glade Brook Global Offshore Fund, managed by Greenwich, Connecticut-based Glade Brook Capital Partners, jumped 4.6 percent last month and is now up 6.8 percent for the year.
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Deutsche Bank is the latest investment bank to cut its price target on hedge fund favorite SunEdison, from $45 to $28, noting it took a close look at the renewable energy company’s earnings power in light of the recent sharp sell-off. However, the bank tells clients: “While it is difficult to point to specific catalysts that can reverse the sell-off, we believe risk-reward has never been this attractive.” Sure enough, the stock advanced more than 4 percent on Monday, to close at $15.59. The stock was the No. 1 contributor to first-half gains among all individual stocks in the portfolio of Leon Cooperman’s Omega Advisors, according to its second quarter letter to clients. David Einhorn’s Greenlight Capital was the largest shareholder at the end of the first quarter.
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Tiger Global Management, the Tiger Cub and seed founded by Charles “Chase” Coleman III, has participated in the $30 million, Series B funding of Grey Orange Robotics, an Indian company that is making hardware and software products for the automated warehousing industry. This is at least the second investment the New York firm has made in the company.
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The Fortress Macro Fund finally reversed some of its loss for the year, gaining 1.36 percent in July. Even so, the New York hedge fund is down 9.46 percent year-to-date. In early July, we reported that Michael Novogratz took sole control of the fund and that co-manager Jeff Feig left the firm. The fund, managed by Fortress Investment Group, also lost 1.6 percent in 2014.
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Jeffrey Smith’s New York-based Starboard Value late Friday said it trimmed its stake in LSB Industries to 1.39 million, or 6.1 percent of the chemical maker. The stock surged more than 12 percent on Monday.
