Hedge fund Pine River Capital Management has taken a 6.4
percent stake in Anworth Mortgage Asset, a real estate
investment trust that invests in mortgage securities. In a 13-D
filing, the Minnetonka, Minnesota-based hedge fund firm
complained that Anworth, with about $904 million in market
capitalization, has historically underperformed its peer group.
Pine River threatened to raise questions on how to improve
performance and increase shareholder value. The stock barely
budged, however, closing at $6.33 in Tuesday trading.
Good news for John Paulson. A federal judge threw out a class action
suit filed against the hedge fund manager's Paulson &
Co., stemming from its 2011 investment in the Chinese forestry
company Sino-Forest. Sino-Forest's stock plummeted after
Canadian securities regulators filed fraud charges against the
company, causing Paulson's Advantage fund to lose $100
Daniel Loeb's Third Point, among the top hedge fund
performers in the first quarter, disclosed its top positions at
the end of March: Yahoo!, Virgin Media, gold, American
International Group and Ally Financial (multiple securities
were held in Ally Financial). This was the same lineup in
February. Top winners for the month were Yahoo!, a Japanese
macro position, Cheniere Energy, Virgin Media and DE Master
Blenders 1753 NV, a German distributor of coffee and tea. Its
top disclosed losing positions were mostly overseas: Greek
government bonds, which contributed greatly to 2012 returns,
Volkswagen, and Porsche Automobil Holding SE. The losers also
included Bond Street Holdings, a Florida bank holding company,
and an unidentified short position.
Here come the monthly indexes. The Credit Suisse Liquid
Alternative Beta Index indicates that the hedge fund industry
in general was up 1.22 percent in March. This performance was
attributed to merger arbitrage, the strongest performer for
March, finishing up 2.34 percent and 4.69 percent year-to-date.
Meanwhile the Liquid Alternative Beta Index was up 2.17 percent
for the first three months of the year.