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STRATEGY/ANALYSIS

Banks' pressure stalls opening of U.S. derivatives trading platform
By Reuters
08/27/2014 3:44:26 PM ET

NEW YORK (Reuters)—The first interdealer trading platform aimed at opening up credit derivatives markets to new competition has hit roadblocks due to resistance from some banks that dominate such trading, according to several people familiar with the situation. Derivatives markets continue to revolve around the small group of dominant banks, and credit markets have become more – not less – concentrated since the 2008 global financial crisis.
Retail investors pay price as hedge funds dominate ETFs
By Reuters
08/25/2014 11:07:22 AM ET

NEW YORK (IFR)—Junk-bond ETFs created for retail investors have been hijacked by hedge funds using them to make broad bets on bond prices, causing roller-coaster distortions in the high-yield market. Funds designed for retail investors have morphed into hedging tools that sell off too suddenly, and in too great a size, for illiquid high-yield bonds to keep up.
Argentina's default strategy raises debt acceleration risk
By Reuters
08/20/2014 6:03:32 PM ET

BUENOS AIRES (Reuters)—Argentina's plan to restructure its external debt to skirt a U.S. court ruling that prevented it paying its creditors boosts the risk of investors demanding the accelerated payment of their bond holdings.
'Good news' shock could kill the five-year-old bull market
By Reuters
08/20/2014 5:30:41 PM ET

LONDON (Reuters)—If bad economic news continues to translate into good news for investors, any sharp acceleration of the world economy from here could well kill off the long-running equity bull market. While a mid-summer wobble in global markets was blamed variously on anything from peripheral European bank woes to regional political conflicts from Ukraine to the Middle East, it's the familiar "bad news is good news" trope that's won out.
Fading volatility promises long period of gold stagnation
By Reuters
08/20/2014 5:11:59 PM ET

LONDON (Reuters)—Ultra-calm trading conditions in gold are becoming self-perpetuating as a persistent lack of volatility frustrates investors seeking a return, pushing them further away from a market that analysts say could be becalmed for years. Gold, which saw a dramatic reversal last year after a 12-year bull run took prices to record highs in 2011, has seen the spread between its daily price highs and lows narrow to just $15 an ounce this year on average, from nearly $25 in 2013.
Krom River keeps faith with commodities, bets on luring equity investors
By Reuters
08/20/2014 4:05:10 PM ET

LONDON (Reuters)—Commodity hedge fund Krom River is determined to stay the course in uncertain conditions despite a hefty sectoral slide, hoping for fresh inflows from investors fearing a retreat in equities. Commodity funds have been pummeled in recent years as pursuit of the asset class as an alternative investment lost its allure, a sharp contrast to its boom when investors were keen to ride a wave of infrastructure investment in China.
Stock traders seek edge in pre-market twilight zone
By Reuters
08/20/2014 3:50:09 PM ET

LONDON (Reuters)—On most weekday mornings over the past year, Paris-based financial trader David Sibi has turned on a computer program designed to try and beat the U.S.
As hunt for Allergan drags on, some Valeant owners have doubts
By Reuters
08/20/2014 2:36:00 PM ET

NEW YORK/BOSTON (Reuters)—A few months ago, an innovative partnership between Valeant Pharmaceuticals and billionaire investor William Ackman to buy Botox maker Allergan Inc. looked like a blueprint for success.
Top hedge funds flocked to Allergan amid bid backed by Ackman
By Reuters
08/15/2014 3:40:26 PM ET

BOSTON (Reuters)—Billionaire investor William Ackman, who often says he is flattered when others follow him into a stock he likes, was joined by several prominent hedge funds that made new bets on takeover target Allergan Inc. during the second quarter.
Paulson sticks with gold bets again in second quarter
By Reuters
08/14/2014 5:30:32 PM ET

NEW YORK (Reuters)—Hedge fund Paulson & Co. maintained its stake in the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust, in the second quarter, while Soros Fund Management sharply boosted his investment in gold mining stocks.
Top U.S. hedge funds up Dollar General, Walgreen stakes
By Reuters
08/14/2014 4:02:06 PM ET

NEW YORK (Reuters)—Top U.S. hedge fund managers did some shopping for shares of discount retailer Dollar General Corp. and drug store operator Walgreen Co.
Small holding could trigger big acceleration on Argentina bonds
By Reuters
08/14/2014 5:24:19 PM ET

NEW YORK (IFR)—Owning just $25 million of bonds may be all it takes to accelerate payments on $30 billion of Argentina's restructured debt, if holders of a particularly small series of New York-law Pars decide to pull the trigger. Among all the bonds eligible to be accelerated, one Par in particular – the U.
Acceleration threatens to make Argentina holdout crisis messier
By Reuters
08/13/2014 11:40:52 AM ET

NEW YORK (IFR)—Holdout investors' legal battle with the Argentine sovereign could get a lot messier should holders of newly defaulted debt decide to declare principal and interest immediately due. The move, known as acceleration, could push Argentina into a new restructuring on up to $30 billion in debt and significantly complicate efforts to put its decade-long debt woes to rest.
Fund managers turn gumshoe as forensic short-selling pays off
By Reuters
08/12/2014 2:16:54 PM ET

LONDON (Reuters)—Fund managers are increasingly turning to investigative tactics, detailed accounting analysis and corporate sleuthing in a bid to uncover skeletons in company closets that can offer an investment edge in a low-yield world. While billionaire investors such as William Ackman and David Einhorn have made such tactics famous by respectively betting against nutrition group Herbalife – which denies Ackman's allegations it is a pyramid scheme – and Lehman Brothers in 2008, the broader industry is now adopting them.
Russia CDS trading booms following sanctions
By Reuters
08/08/2014 4:58:38 PM ET

LONDON (IFR)—Trading in Russian sovereign CDS has almost doubled since the start of the year, as U.S. and EU sanctions have steadily ramped up pressure on the Russian economy.
Markets scramble to find answer to Argentina default
By Reuters
08/08/2014 1:30:13 PM ET

NEW YORK (IFR)—Investors, bankers and legal experts are scrambling to find ways to end Argentina's decade-long legal dispute with holdouts before acceleration complicates the situation for all parties involved. An all-inclusive debt exchange, a buyback of debt held by holdouts and a waiver of the controversial RUFO clause are all ideas being pushed forward.
Hedge funds hit by RMBS margin calls
By Reuters
08/08/2014 1:14:04 PM ET

NEW YORK (IFR)—Several hedge funds have received margin calls in recent days on their holdings of risk-sharing RMBS bonds from Freddie Mac and Fannie Mae, market sources told IFR. The sources said the margin calls were met, but the event still unnerved the structured finance market, which has again become reliant on cheap leverage to sustain momentum.
Och-Ziff reports record assets that help boost earnings
By Reuters
08/05/2014 3:34:45 PM ET

BOSTON (Reuters)—Och-Ziff Capital Management Group LLC, one of a handful of publicly listed hedge fund firms, reported higher quarterly earnings on Tuesday [Aug. 5] as assets rose to a record amid fresh demand for portfolios investing in real estate, stocks and credit.
Greenlight's Einhorn says still cautious, macro bets weigh
By Reuters
08/05/2014 4:46:33 PM ET

NEW YORK (Reuters)—David Einhorn, head of hedge fund firm Greenlight Capital, said Tuesday [Aug. 5] that he remained cautious on the stock market and that second-quarter investments suffered slightly from short bets against French bonds and the Japanese yen.
Jana Partners, Greenlight Capital report losses for July
By Reuters
08/01/2014 1:24:05 PM ET

BOSTON (Reuters)—Hedge fund managers Barry Rosenstein and David Einhorn, like many other investors, were hurt by last month's late but sharp stock market selloff and are reporting losses for July, investors who saw their performance numbers said. Rosenstein's Jana Partners funds lost 1.






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