This content is from: Portfolio

The Morning Brief: QE Spurs on Tepper’s Palomino

David Tepper’s Palomino Fund continued its winning ways in March, posting a 2 percent or so gain for the month. As a result, the Short Hills, New Jersey manager’s Palomino is now up 11.5 percent for the first three months of the year and more than 16 percent over the past five months. Tepper apparently continues to benefit from bullish bets related to central bank easing in various parts of the world.

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Paul Hudson’s two hedge funds—Glade Brook Global Domestic Fund and Glade Brook Global Offshore Fund—lost 1.1 percent in March. As a result, they were flat for the first quarter, according to its exposure report obtained by Alpha. For the quarter, the two funds posted gains of 3.2 percent in their longs but a 2.7 percent loss among their shorts. A classification called “other income/expenses” accounted for the rest of the quarterly losses. Earlier this week, we reported the Greenwich, Connecticut Tiger Grandcub raised $250 million for two new funds that make private investments.

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Jeffrey Smith’s Starboard Value boosted its stake in Integrated Silicon Solution to 9.9 percent. New York-based Starboard bought the new shares from March 12 through April 10 for between $18 or so to $18.70 per share. On March 12, the Milpitas, California semiconductor company announced it agreed to be acquired by a Chinese consortium of investors led by Shanghai’s Summitview Capital for $19.25 per share in cash.

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Tiger Global Management’s venture-capital arm has made several new investments. The New York firm and Menlo Park, California-based venture-capital firm Sequoia Capital are investing $35 million in a Series B round of financing for Grofers, a mobile-based grocery delivery company in India. They had participated in the company’s $10 million financing in February. In addition, Tiger Global participated in the $5 million financing of LocalOye, an Indian company that offers a marketplace for hiring local service providers, according to The Economic Times of India. “LocalOye’s vision to bridge the online-to-offline services market in India is highly compelling for both consumers and businesses,” Tiger Global partner Lee Fixel said in a press release.

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