Activist hedge fund
JANA Partners established a new position in drug maker
Bristol-Myers Squibb in the fourth quarter, making it one of
the firm’s five largest long positions, according
to published reports citing its fourth-quarter letter to
investors. It is not known what JANA paid for the stock. In
mid-July the stock peaked at around $76 and then dropped to
around $50 or so, where it kicked around for the first five
weeks of the fourth quarter. It closed at $60.14 on Thursday,
up 1.7 percent.
Drug stocks have been among the big losers for over a year,
since they were placed in the cross-hairs of politicians who
want to rein in drug prices and other health care costs. At the
end of the third quarter — the last period for which
investment firms were required to disclose their stock holdings
— no hedge fund ranked among
Bristol-Myers’ largest shareholders.
Even so, several prominent hedge funds did take sizable
stakes during the period, including
Tiger Management, which established a new position that
made it the firm’s ninth largest U.S. long.
D.E. Shaw counted the stock as its twelfth-largest U.S.
long, while the stock ranked No. 15 in the huge equities
The other four largest positions held by JANA at year-end
were ConAgra Brands, its long-time number one holding; HD
Supply Holdings; Liberty Broadband; and MPLX LP.
Skybridge Capital founder Anthony Scaramucci, determined to
join the administration of president-elect Donald Trump, is
hoping to sell his hedge fund of funds firm for $200 million,
according to the New York Post. "The Mooch" is
best known for running the annual SALT Conference in Las Vegas
and reviving the Wall Street Week television program. According
to the Post, assets at Skybridge have dropped to $7.5
billion from $9.2 billion. "He’s saying he has a
job if he wants it," the newspaper quotes a friend of
Scaramucci. "Scaramucci has been talking about selling
SkyBridge for a while. The business sucks."
Two Sigma Ventures, a division of
Two Sigma, has participated in the $18 million Series E
financing for Rethink Robotics. The firm says it is developing
robots "to automate the 90 percent of tasks that until now have
been beyond the reach of traditional automation." In a press
release, Rethink says it plans to use the proceeds for global
expansion initiatives and new product development.
Elliott Management Corp. liquidated its remaining stake in
American Capital, selling more than five million shares of the
private equity firm and asset manager.
Glenview Capital Management trimmed its stake in Flex by
about 6 percent, to 36.4 million shares. It now owns 6.75
percent of the technology manufacturer, formerly called