Starboard Value, a New York-based activist hedge fund firm, received strong support from other investors in its proxy battle with wireless chipset maker DSP Group, whose annual meeting is scheduled for Monday, June 10. Roumell Asset Management, the sixth largest investor in the company, said it will support Starboard’s three director nominees. In May Nokomis Capital, the fifth largest holder, also said it would support Starboard’s director slate.
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The HFRI Fund Weighted Composite Index climbed 0.5 percent in May, led by a gain of 1.8 percent for the HFRI Equity Hedge Index. The event-driven index rose 1.7 percent for the month. For the full year, the fund-weighted index is up 4.92 percent, while the equity hedge index is up 7.32 percent.
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The $10.6 billion Orange County Employees Retirement System has approved a total allocation of $143 million to $200 million to three hedge funds, according to a report. The pension fund said it would give $55 million to $74 million to D.E. Shaw Multi-Asset International Fund and $44 million to $63 million each to the Hoplite Offshore Fund, a global long-short equity fund, and to the PFM Healthcare Fund. The pension fund also said it would invest $50 million in a direct lending strategy managed by Tennenbaum Capital Partners.
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Equinix, one of the more popular stocks among hedge funds, saw its stock sink more than 5 percent on Friday amid a wider sell-off among companies seeking to convert to a real estate investment trust (REITs) after the IRS said it would study these actions. Equinix, which provides data center services, is counted among the top-10 holdings of at least 20 hedge fund funds, according to Goldman Sachs.
