Thu, May 26, 2016
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. Paul Tudor’s hedge fund trims fee amidst poor performance, keep investors[more]

    Komfie Manalo, Opalesque Asia: Paul Tudor’s $11.6bn hedge fund firm Tudor Investment Corp. announced on Monday it would slash down fees of one of its biggest fund to 2.25% of assets and 25% of profits amidst backlash arising from poor performa

  2. Ares Capital to buy American Capital in $3.4 billion deal[more]

    From PIOnline.com: Ares Management's business development company Ares Capital Corp. is buying troubled BDC American Capital for $3.43 billion, said a joint news release by the BDCs and another release by Ares Management. Ares Capital Corp.'s assets are expected to grow to about $13.2 billion when t

  3. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  4. West Virginia objects to Alpha Natural sale to hedge fund[more]

    From AP/Heraldcourier.com: West Virginia's environmental authority has filed an objection to the proposed $500 million sale of Alpha Natural Resources' assets to a hedge fund, arguing that the deal could leave the state holding hundreds of millions in reclamation liabilities. The Register-Hera

  5. Launches - Man Group and American Beacon launch new emerging debt fund, Nikko AM launches new Japan equity UCITS fund[more]

    Man Group and American Beacon launch new emerging debt fund American Beacon Advisors, an experienced provider of investment advisory services to institutional and retail markets, launched the American Beacon GLG Total Return Fund today. The Fund became effective May 20. The America