The Massachusetts Pension Reserves Investment Management Board has hired a new person to oversee its roughly $5 billion in hedge funds. Eric Nierenberg, who previously worked as a portfolio manager at Lee Munder Capital Group, will serve as senior investment officer for hedge funds and low volatility strategies. The state pension fund manages $50 billion.
Trian Fund Management, L.P., the activist hedge fund firm headed by Nelson Peltz, did not change its stock portfolio in the third quarter. However, it did take out a big hedge on its portfolio, establishing a new, large put position on the exchange traded fund that tracks the movement of the S&P 500.
Here are a few more interesting disclosures from third-quarter regulatory filings: Tom Steyer’s Farallon Capital cleared out its entire 1.69 million share position in Target. Louis Bacon’s Moore Global increased its U.S. stock portfolio by 50 percent, to $2.4 billion; its largest holding is a put option on a popular ETF that tracks the movement of the S&P 500. David Tepper’s Appaloosa Management boosted its U.S. stock portfolio by 25 percent, to $4 billion; its biggest positions are a Powershares ETF that tracks the direction of the Nasdaq 100 and Apple stock. Christian Leone's Luxor Capital Group reported it owns 5.1 percent of Lamar Advertising in a 13G filing Wednesday, indicating it is a passive investment.
Mount Kellett Capital Management is closing its Asian stock fund and plans to focus on credit investments. The $7 billion alternatives firm, co-founded by two former Goldman Sachs bankers, had just $120 million in the Asian fund.