All eyes are now on ValueAct Capital and Paulson &
Company now that Bill Ackman’s Pershing Square
Capital Management has liquidated its huge stake in Valeant
Pharmaceuticals International. Shares of the embattled drug
company plunged 10 percent on Tuesday after news of
Pershing Square’s capitulation on the stock,
with the hedge fund firm selling more than 18.1 million shares.
Valeant closed at $10.89 and are now down 25 percent just
this year alone.
Atlantic Investment Management boosted its stake in Owens
Illinois to 5.9 percent of the maker of glass containers. In a
regulatory filing, the activist investor used the usual
regulatory boilerplate language to say the stock is cheap and
it may one day talk to management or take some sort of action.
However, the hedge fund firm made it clear it "has no present
plans or proposals." At year-end, Owens Illinois was
Atlantic’s largest U.S. long position, accounting
for more than 18 percent of assets even after the firm cut its
stake by about 15 percent.
Brigade Capital Management more than doubled its stake in
Parker Drilling, to 7.125 million shares, or 5.2 percent of the
oil driller. The investment is passive.
Tiger Global Management disclosed it owns nearly 4.9
million shares of Teladoc, or 9 percent of the company that
provides health care remotely. The total investment is valued
at around $98 million. However, it would have only ranked
around twentieth in Tiger Global’s top-heavy
portfolio as of year-end.