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Alternative Market Briefing

Sohn: Hedge funds seek redemption in Teletubbies, planned communities - first half update

Tuesday, May 09, 2017

Bailey McCann, Opalesque New York:

Hedge funds are on a redemption mission at the annual Sohn Conference currently underway in New York. Following a rocky few years of redemptions and choppy performance, market watchers are looking for the next big idea from the buy-side and the first half of the Sohn Conference offered a few interesting bets. Keith Meister, Managing Partner and CIO at Corvex Management, opened with a long call on telecommunications company CenturyLink. Meister's bullish view on CenturyLink is actually a follow up to his call last year, which was long another telecommunications company - Level 3. Now, CenturyLink is set to acquire Level 3 as part of a broader consolidation trend within the telecommunications industry.

Corvex has taken a five percent stake in CenturyLink and says the share price could go as high as $34 up from the mid-20s, where it is today. Meister's long-term case for CenturyLink is that the acquisition of Level 3 will improve profitability and position the company to take advantage of growing demand for more data bandwidth from consumers.

Meister was followed by Debra Fine, Founder and President of Fine Capital Partners, who announced a long call on Canadian media company DHX Media. The company buys older children's television brands like Inspector Gadget, Strawberry Shortcake and importantly, Teletubbies. In the age of Netflix and Hulu, streaming services have started buying up older children's television beca......................

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