Things are looking up for Och-Ziff Capital
Management…at least for now. The multistrategy firm
posted strong results in June in what is shaping up to be a
solid year. Last month its flagship OZ Master Fund returned
1.37 percent, boosting its gain for the year to 7.50 percent.
Its OZ Asia Master Fund gained 2.15 percent last month and
14.65 percent for the first half, while its OZ Europe Master
Fund rose 1.35 percent in June and 4.26 percent for the
the firm suffered another $1 billion or so in redemptions
last month. As a result, it now manages about $31.8 billion,
down $600 million from the previous month despite the gains
posted by its main hedge funds. Investors in the management
company, however, are upbeat. Its stock rose 1.4 percent on
Wednesday and has surged 32 percent since April 21. However,
the stock is still trading for a low $2.86 per share.
Shares of Buffalo Wild Wings fell another 3.3 percent, to
close at $123.90, after an analyst at Stephens reportedly
downgraded the shares from overweight to equal weight and
slashed the price target to $145 from $195. According to the
report, analyst Will Slabaugh thinks
Marcato Capital Management’s proxy fight has
raised more questions than answers, including uncertainty
surrounding future leadership, margin pressure, and soft
top-line trends. Like other analysts, Stephens raises questions
about near-term prospects at the casual dining company. Since
Marcato initially reported its stake a year ago, the stock is
down nearly $10 per share. It is off nearly 19 percent since
CEO Sally Smith said she would resign and Marcato won three
seats on the board in early June.
Julian Robertson Jr.’s Tiger Management
disclosed that as of June 21 it owned more than 1.2 million
shares of Ooma, or 6.7 percent of the consumer telecom company.
It did not own any shares of the company as of the end of the
first quarter. On May 24, the stock fell nearly 24 percent
after the company reported quarterly results that disappointed
Wall Street and lowered its fiscal 2018 guidance. Several
investment banks downgraded the stock that day, including
Credit Suisse, which lowered its rating from outperform to
neutral and cut its price target from $16 to $12, citing "too
many unforced errors" by the company.
Point72 Asset Management said that as of June 30 it owned
nearly 1.86 million shares of Vera Bradley, or 5.1 percent of
the fashion company. Steven Cohen’s family office
did not own any shares of the company at the end of the first
Balyasny Asset Management disclosed it owned 2 million
shares of Sunesis Pharmaceuticals, or 9.32 percent of the
clinical-stage biopharmaceutical company.