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Alternative Market Briefing

Largest hedge funds increase equity exposure

Thursday, August 22, 2013

Beverly Chandler, Opalesque London:

Research from Factset reveals that the 50 largest hedge funds increased their equity exposure by just over 1% in the second quarter of 2013. The firm writes: "Dell Inc. was the largest addition for the group of funds. While this was primarily due to Icahn Associates’ activity in the buyout target (Icahn’s purchases amounted to over 80% of the increased allocation in the stock), nearly 50% of the funds also purchased Dell in Q2. The largest of these buyers included Elliott Management, which purchased $278 million worth of the stock, and Farallon Capital Management ($181 million)."

Excluding Dell, Thermo Fisher Scientific, a company providing laboratory products and services, analytical technologies and specialty diagnostics, received the highest net inflows from the funds. "Five of the fifty funds purchased more than $200 million worth of the stock during the quarter, with Viking Global Investors leading the pack at $792 million in purchases. During the quarter, Thermo Fisher announced an agreement to acquire Life Technologies Corp., a biotechnology research services company, and later held a $2.5 billion stock offering to fund the cash deal. Simultaneously, the top 50 hedge funds liquidated $1.0 billion in Life Technologies over the quarter."

Apple was the flavour of the quarter according to Factset’s research, with significant net inflows in Q2 ($1.4 billion, or 29% of its Q......................

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