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.