Mon, Dec 5, 2022
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Three hedge funds lost nearly $3bn as Valeant tanks

Wednesday, March 16, 2016

Komfie Manalo, Opalesque Asia:

Three hedge fund managers lost nearly $3bn as shares of Valeant Pharmaceuticals dropped 52% Tuesday, data compiled by Bloomberg showed. Ruane Cunniff & Goldfarb, which manages Sequoia Fund, was the biggest holder of the drug maker’s shares, lost $1.26bn.

William Ackman, whose Pershing Square Capital Management is the biggest hedge funds investor at Valeant with 21.6 million common shares, lost an estimated $767m on paper. John Paulson’s Paulson & Co. gave up nearly $471m. The report said the losses were estimated on the assumption that the investors continue to hold on to their number of shares listed in their latest regulatory filings.

The drop in Valeant shares was prompted by the company’s decision to cut its revenue forecast for 2016. The drug maker lost more than 80% of its share values from an August peak and dropped more than 60% so far this year.

"As the largest shareholder of Valeant, our own credibility as investors has been damaged by this saga," Sequoia’s co-managers Robert Goldfarb and David Poppe wrote in their year-end letter to shareholders on Feb. 22, Bloomberg added.

Valeant adds hedge fund executive, 2 others to board

Last week, Valeant has added t......................

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. Opalesque Exclusive: Marks delves into what really matters[more]

    B. G., Opalesque Geneva: Howard Marks, co-founder and co-chairman of Oaktree Capital Management, weighs what should and should not matter for investors in his latest memo last week. Among the things t

  2. Legal: British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m, DOL slams lawsuit seeking to overturn crypto guidance[more]

    British fund manager Jeremy Leach and his firms settle fraud litigation for $11.5m From Offshore Alert: Four days before a trial was due to start in the Cayman Islands, British fund manager Jeremy Leach and eight of his firms settled a fraud complaint by agreeing to pay $11.5 million o

  3. Family offices upbeat on private assets, reduce public assets exposure[more]

    Laxman Pai, Opalesque Asia: Family offices are investing more in private assets and cutting back on investments in public markets, with higher risk-adjusted returns cited as the main driver, said a study. According to the survey findings by German digital private equity firm Moonfare, and the

  4. Opalesque Exclusive: A Swiss managed futures strategy that can offer diversification to any portfolio[more]

    B. G., Opalesque Geneva for New Managers: TARO (R) Diversified is a Swiss algorithmic and systematic investment strategy that offers diversification benefits to almost any professionally managed portfolio through it

  5. Alts manager Medalist Partners acquires a minority stake in Semper Capital to tap opportunities in structured credit[more]

    Laxman Pai, Opalesque Asia: Medalist Partners, which specializes in private credit, has acquired a minority stake in Semper Capital to extend its offerings to the mass market. Medalist currently manages approximately $2.2 billion in assets across strategies in asset-based private credit, struc