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The Morning Brief: Citadel Posts Gains in May
Ken Griffin’s flagship multi-strategy funds at Citadel, Kensington and Wellington, gained 1 percent in May, putting them up 6.21 percent for the year. May results were driven by fixed income, credit, especially convertible securities, energy and macro plays.
Alan Howard’s BH Macro fund got off to a rough start this month, losing 2.59 percent through June 7. As a result, the full-year gain was chopped to 4.34 percent. BH Macro is run out of Howard’s London-based hedge fund firm Brevan Howard.
Jeff Ubben's San Francisco-based hedge fund firm ValueAct Capital has raised its stake in Willis Group Holdings to 17.9 million shares, or 10.29 percent of the total outstanding, up from a previous stake of 9.5 percent. On June 6, the San Francisco-based activist investor bought 568,400 shares for between $38.90 and $39.04. In a regulatory filing dated April 30, the hedge fund firm also said the insurance broker agreed to nominate Ubben to its board of directors.
Another data collector has reported results for May. The Hennessee Hedge Fund Index rose 1.79 percent in May, bringing its full-year gain to 7 percent, less than half the 14.34 percent return of the S&P 500. The Hennessee Long/Short Equity Index climbed 2.71 percent in May, lifting it by 8.57 percent for the year.
DSP Group said that at its annual meeting Monday, two of the four elected directors were nominated by activist hedge fund Starboard Value LP – Norman Rice III and Norman Taffe.