Tue, Sep 2, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Retailer J.C. Penney pulls in more hedge funds

Wednesday, September 04, 2013

Komfie Manalo, Opalesque Asia:

Retailer J.C. Penney is attracting investors after activist hedge fund manager William Ackman pulled out from the firm as Glenview Capital became the largest shareholder in J.C. Penney even outstripping George Soros’ shares, various media reported.

A report by Valuewalk.com showed that Larry Robbins’ Glenview Capital raised its J.C. Penney stakes to 9.1% or equivalent to 20,060,830 shares of JCP, up from 8,431,879 shares that it held until the end of Q2. The numbers are larger that Soros Fund’s 19,986,361 shares of JCP as of end June 30.

But Soros remains the top shareholder at JCP as he owns 500,000 call options on the retail firm.

The report added that activist investor Richard Perry of Perry Capital bought an additional three million shares to raise his position at J.C. Penney to 8.6%. Perry is also pushing for a change in the retailers’ board.

In another report, The Journal said that Hayman Capital Management run by Kyle Bass, filed a 5.2% stake in JCP in its latest 13F filing totaling to about 11.4 million shares. With the fresh acquisitions of JCP shares, hedge funds now control more than 21% of the retailer’s stocks.

The ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  3. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  4. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest

  5. Ex-UBS prop trader's hedge fund Manikay Partners eyes UK launch[more]

    From eFinancialnews.com: Manikay Partners, a $1.7 billion US multi-strategy hedge fund set up in 2008 by a proprietary trader from UBS with backing from Goldman Sachs, is planning to open in the UK. New York-based Manikay's move into Europe comes after Financial News revealed on Monday that Aurelius