Tuesday June 14, 2016

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Noctua Starts Latin America-Focused Credit Fund QUOTE OF THE WEEK BY HEMA PARMAR Noctua Partners, the $650 million emerging markets-focused firm, has started a new "The problem is demand, is credit fund focused on Latin America. The Emerging Markets Credit Opportunities Fund spending. ... We don’t have started trading on June 1 with $50 million in assets, according to CEO Martin Guyot. enough growth around the The fund invests across emerging markets with a focus on Latin America, Guyot said. world and I think with fiscal It looks for opportunities within the event-driven space and also those QE you could actually get prompted by dislocations in corporate bond prices and liquidity. The fund bets around volatility in emerging-market sovereign bonds, prompted by more demand.” lower commodity prices and political developments, Guyot said. "In corporates, we see — Blackstone Group LP's Tom Hill in an a lack of secondary market liquidity creating attractive opportunities," he said. Guyot interview on Bloomberg TV also said he sees long- opportunities as "the diversity of corporates’ balance sheets has some more prepared than others to handle declining profitability and funding INSIDE availability." Large redemptions from long-only funds in general have created forced Aurora redemptions said to have selling and dislocations in emerging-market sovereign and corporate bonds, he said. derailed takeover by 50 South Latin America offers opportunities for relative-value bets as spreads on bonds in Brazil Capital: Redemptions and Argentina, are "attractive" compared to those in Mexico and Colombia, Guyot said. "There are a number of corporate and quasi-sovereign issuances that we believe Kingdon Capital trimmed its loss for currently offer an attractive premium to their relative sovereign. Thus, we are looking for the year with a gain in May: Returns these spreads to compress, offering attractive capital appreciation for the fund," he said. For directional bets, the fund prefers Argentina as sovereign and corporate bond yield Ex-Soros duo Rogers and Donfeld curves in South America’s second-largest economy have begun to normalize and the take their team to start a fund with new issue market for corporate and provincial debt continues to grow. In December, Druckenmiller cash: On the Move former Noctua Partners portfolio manager Luis Caputo was appointed Argentina's secretary of finance under it's new president Mauricio Macri. Waratah Energy is bullish on Devon Two large institutional investors and some private individuals have invested in the Energy: Market Calls fund, which will be managed by Ricardo Navarro, Guyot said, declining to give investor specifics. Navarro joined Noctua this month after six years at Itau Unibanco Holding. A BNY Mellon survey found that Emerging markets-focused funds fell 0.5 percent last month and are up 1.1 hedge funds are the least favored percent this year through May, according to Research. Hedge funds on alternative asset class: Research average are up 0.7 percent year-to-date and 0.4 percent in May, the data provider said. Latin American hedge funds, which still lead emerging markets in year-to-date gains, K2 Advisors' Robert Christian says averaged a 3.4 percent loss in May, cutting year-to-date returns to 10.8 percent, it said. managers are looking to liquid alts to The firm also has a $110 million Argentina fund that is up 12.5 percent this year access new clients: Spotlight through May, and manages a $72 million macro fund that has gained 6.4 percent in that time period, according to investor letters obtained by Bloomberg.

L/S Equity: Liquid Alts vs. Hedge Funds BY MELISSA KARSH Long-short equity liquid alternative funds rose 1.2 percent in May versus a 0.8 percent gain for long-short equity hedge funds in the same month, according to data compiled by Bloomberg. On a monthly basis, long-short equity hedge funds outperformed liquid alternatives running the same strategy in nine out of 17 months from January 2015-May 2016, but experienced more volatility, according to Bloomberg Data analyst Sean Casey. Since January 2015, long-short equity liquid alts on average outperformed long-short equity hedge funds, gaining 2.6 percent versus 0.4 percent, respectively. The data consists of 237 global open-end funds that utilize a long-short equity strategy, and more than 700 long-short equity hedge funds. For more from Bloomberg Data, run HFND on your terminal.

RETURNS IN BRIEF June 14, 2016 Bloomberg Brief Hedge Funds 2

RETURNS IN BRIEF

A look at hedge fund performance last month. Funds in the table below not mentioned in the accompanying text on this page were reported in other issues of the Brief or in Bloomberg News stories. For questions, e-mail [email protected].

Kingdon Capital Management’s $1.7 May Returns billion global long-short equity fund gained 5.2 percent in May, cutting its loss for the first five months of the year to 3.2 percent, according to a person with knowledge of the matter. Kingdon’s $345 million Credit Master Fund was up 2.6 percent last month, bringing year-to-date returns to 2.6 percent, the person said. A spokesman for Mark Kingdon’s $2.2 billion firm declined to comment. — Hema Parmar

Winton Capital Management’s $12.8 billion Futures Fund lost 3.9 percent through May 31 after gaining almost 1 percent in 2015, said a spokesman for the firm. The London-based managed futures fund is run by David Harding, who founded Winton in 1997. Funds trading a managed futures strategy averaged losses in March, April and May, Year-to-Date to End-May Returns wiping out combined gains of 7.2 percent posted in the first two months of the year, according to Societe Generale SA’s index, which tracks the performance of the 20 largest CTAs globally that provide daily returns and are open to new investment. It lost 0.3 percent in the first five months of 2016 after rising by 0.03 percent in 2015. — Will Wainewright

REDEMPTIONS June 14, 2016 Bloomberg Brief Hedge Funds 3

REDEMPTIONS

Aurora Redemptions Said to Have Derailed Takeover by 50 South Capital

BY HEMA PARMAR to tell clients it would wind down and underlying managers. The number of The planned acquisition of Aurora return all capital, to avoid that remaining around the world declined Investment Management by 50 South investors would be hurt by the to 1,616 at the end of the first quarter Capital Advisors collapsed because redemptions, one of the people said. The from 2,462 in 2007, according to Hedge Aurora clients had asked to pull money surprise decision by one of Chicago’s Fund Research Inc. after the deal was announced, according notable hedge fund investors highlights 50 South wasn’t the only suitor for to four people with knowledge of the the difficulties of the fund-of-funds Aurora. Mesirow Financial — which matter. business as declining assets force the manages $30.5 billion, including almost The deal required that a certain industry to consolidate. $12 billion in hedge funds — was also in percentage of its $5.4 billion in assets “Allocation to the fund of hedge fund talks to purchase the firm before the stay with the firm after the merger, said industry has declined, which has made it agreement with 50 South was struck, one the people. When that condition wasn’t more difficult to maintain scale,” said Ted of the people said. Both 50 South and met the deal was terminated, according Meyer, a spokesman for Natixis Global Mesirow are also based in Chicago. to the people. The decision was mutually Asset Management, Aurora's parent Debbie Krieps, a spokeswoman for agreed upon by both parties, said John company. Mesirow, declined to comment. O'Connell, spokesman for Northern Trust Funds of hedge funds have struggled While Aurora winds down, at least one Corp., of which 50 South is the $5 billion to attract assets as investors voice member of its senior team may spin out alternative-investment unit. concerns over paying a layer of fees to to start a new firm that will seed The failed merger eventually led Aurora the middlemen on top of those charged emerging managers, one of the people by the said.

ON THE MOVE June 14, 2016 Bloomberg Brief Hedge Funds 4

ON THE MOVE Ex-Soros Duo to Start Fund With Druckenmiller Cash Levinson’s Fund Hires Ex- David Rogers and Joshua Donfeld, who left their jobs as money managers at Soros BlueCrest's McNiff Fund Management last month, are bringing most of their team to start a fund with a Adam Levinson’s $4.5 billion macro substantial anchor investment from Stan Druckenmiller, according to people with hedge fund, Graticule Asset knowledge of the matter. Management, has hired former The investment from Druckenmiller, who trained Rogers at his former hedge fund BlueCrest Capital Management’s John Duquesne Capital Management, will be his biggest after the $1 billion he gave another McNiff in New York to invest in credit protege, Zach Schreiber, to help start PointState Capital in 2011, said the people. markets, a person with knowledge of the Rogers and Donfeld are planning to start Castle Hook Partners in the fourth quarter of matter said. this year. Rogers is “extremely talented and he did a great job when he worked for me,” McNiff is starting at the firm on Druckenmiller said in an April interview. Thursday, said the person. The The pair are bringing seven members of their team, and has gotten help from Singapore-based company was spun out billionaire George Soros’s to keep the group intact, said one of the people. of Fortress Investment Group Inc.’s Asia The team includes Matthew Lentz, who specializes in real estate and infrastructure, macro hedge fund, where Levinson was and Jake Carney, a macro strategist. Both previously worked at Duquesne and chief investment officer, in January 2015 PointState. Castle Hook, which will be based in New York, will invest across asset and counts the New York-based asset classes. manager as a backer. Representatives for Castle Hook, Soros Fund Management and Druckenmiller A spokesman for Graticule in New York declined to comment. said he couldn’t comment. Rogers and Donfeld decided to leave Soros Fund Management after disagreeing with McNiff, who was head of U.S. credit at Chief Investment Officer Ted Burdick about the direction of global markets, people BlueCrest, was among money managers familiar with the matter said in April. Burdick earlier this year replaced Scott Bessent, who left the investment firm earlier this who had left to start his own hedge fund. He is the sixth CIO to hold the job since Soros year after its billionaire founder Michael decided to scale back risk following the departures of star traders Druckenmiller and Platt decided to return client money to Nicholas Roditi in April 2000. focus on managing his own wealth and Soros, 85, has been spending more time in the office directing trades and recently that of his partners. oversaw a series of big, bearish investments, a person familiar with the matter said Graticule managed $4.5 billion of earlier this week. The philanthropist, who built a fortune through savvy wagers on assets by the end of March, up from $4 markets, has taken a dim view of the world economy and particularly of China. billion a year earlier, according to reports — Katia Porzecanski and Katherine Burton from Fortress. — Nishant Kumar Cohen’s Point72 Hires Citadel’s Harooni for Industrials Point72 Asset Management, the family office of billionaire Steven A. Cohen, hired Jon Harooni from Citadel as a money manager for industrials at the $11 billion firm. Ex-Credit Suisse Trader Harooni will start in the fall and report to Phil Villhauer, the sector executive for Said to Join London Startup Point72’s industrials investments, said Jessica Schaefer, a spokeswoman for the firm. David Allen, a money manager who Harooni left his job as money manager at Surveyor, one of Citadel’s stock-trading units, left the $217 billion Canada Pension in recent months, according to a person with knowledge of the matter. Katie Spring, a Plan Investment Board last month, has spokeswoman for Citadel, and Harooni declined to comment. hired Matthew Courey, former head of The investment firm also said it hired Niall Hession, a former executive at Pacific high-yield bond trading at Credit Suisse Investment Management Co., as an equity trader in London. Hession declined to Group AG, as he prepares to start his comment. own fund in London, according to a Point72 is building its presence in London and is seeking to boost headcount to 70 person with knowledge of the matter. people. Will Tovey, the former co-head of equity distribution for Barclays Plc in Europe, Allen has also hired Joseph Novarro, was appointed to head the office earlier this year and money managers have also been the former managing partner at hired from hedge funds such as Moore Capital Management and GLG Partners. investment firm Renshaw Bay, to External hires account for 20 percent of Point72, which prefers to groom analysts and become the chief operating officer of his money managers internally, Cohen said last month at the Milken Institute Global private debt fund, which will open later Conference in Beverly Hills, California. He also said he was “blown away” by the lack of this year, said the person. They will both talent in the hedge fund industry, and that “it’s not easy to find great people.” be partners at the new firm, the person Before joining Citadel, Harooni worked at Viking Global Investments. Hedge Fund said. Alert reported Harooni’s move as a stock specialist earlier. Courey, Novarro and Allen declined to — Katia Porzecanski and Nishant Kumar comment on the appointments or the fund. — Nishant Kumar

MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION June 14, 2016 Bloomberg Brief Hedge Funds 5

MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION

Waratah Energy Bullish on MARKET CALLS, REVISITED BY HEMA PARMAR Devon Energy

Waratah Advisors’ energy fund is Remy Trafelet, president of long-short equity fund Trafelet Brokaw & Co., said last looking for companies that are viewed by June that he was bullish on Cedar Fair LP, which owns 14 amusement parks in the the market as low quality but it sees as U.S. and Canada, and had a price target of $84 for the stock. Trafelet said at last moderate quality, such as Devon Energy year’s Carter Burden Conference on June 11, 2015 that the company, whose shares Corp., said portfolio manager Jason are set up in a master-limited partnership structure, was akin to a "regional Landau. monopoly" with steep barriers to entry keeping new competitors from entering the "We prefer to design our portfolio to be market. long higher-quality energy names and short lower-quality, but in this market we do not feel that we can generate the appropriate level of return shorting low- quality stocks, given the risks embedded in these stocks today," Landau said. Waratah Energy LP is focused on North American equities and is run on a low net basis. It's currently long energy producer Devon, which this month agreed to sell some of its oil and gas assets for almost $1 billion. "Devon has a slightly bloated balance sheet, but does have large-scale, high- quality assets in both Canada and the U.S. that are being misinterpreted by the market," Landau said in an interview this month. Its a top-five position on the long Source: Bloomberg side of the portfolio, which includes 40 to Click on or a live version of this chart, click on image or run G #HF.BRIEF 19. 50 positions on both the long-and-short sides of the portfolio on average, he said. Since June 11, 2015, the stock has returned 7.9 percent. Trafelet did not Waratah Energy opened to outside immediately reply to requests for comment. investors in the beginning of the year, after starting as a standalone strategy in Seven Generations Energy Ltd., a ago, the balance sheet was cleaned up April 2015. Prior to that, the strategy Calgary-based energy company that has or insulated more after its equity raise, so existed inside Toronto-based Waratah’s been the second-best performing energy the company will probably have the low net fund — Waratah stock in Canada this year, is another fastest production growth in North One LP — since inception in 2010. There's company where the fund sees America. more than $C275 million ($215 million) of opportunity this year. Landau said the fund is staying away gross market value currently invested in "The Street is underestimating and from very crowded shorts. "We don’t the strategy between the two funds, under-modeling their production and think you are being paid to take that risk," according to Landau, who declined to cash flow, so the stock is really cheaper he said. "Companies that were effectively disclose the energy fund’s assets under than it looks to everyone else," Landau insolvent or borderline bankrupt at $26 oil management citing company policy. The said. "The asset scale is impressive, the have seen their share prices double or fund is up 14 percent this year through management team and execution have triple. We do not find opportunity in these the end of May after rising about 5.6 been flawless since the IPO in 2014 and stocks particularly on the short side, nor percent last month. The firm has about have vastly exceeded expectations, and do we think it’s a prudent area to deploy $C1.1 billion ($861 million) in assets and the cost structure is very much in check." capital to today." runs a total of five funds. Landau added that about three months — Melissa Karsh

RESEARCH June 14, 2016 Bloomberg Brief Hedge Funds 6

RESEARCH

Hedge Funds Have Lowest Allocation Among Alternatives, BNY Says BY JESSE RISEBOROUGH Hedge Funds Least Favored Alternative Asset by Investors Hedge funds are the least favored alternative asset class by institutional investors, while holdings in private equity are the most favored, according to a survey of 400 investors by BNY Mellon. Capital allocated to hedge funds stood at 14 percent as of last year's third quarter, while private equity funds have the highest allocation among alternative assets, with 37 percent. Fifty-three percent of investors said they planned to increase their exposure to private equity over the next 12 months. The investors surveyed are also seeking to curb the costs. Sixty-three percent said they would seek to lower hedge fund fees in the next 12 months, while 62 percent planned to do so for private equity fees. A total of 50 hedge fund executives were also interviewed for the study. next 12 months, according to BNY, which BNY Mellon has $1.6 trillion in assets Seventy-eight percent of those commissioned FT Remark to survey under management and also serves as a respondents said they would consider executives from global institutions. custody bank. reducing their management fees over the

Insurers Pull Back From Hedge Funds BY RYAN O'CONNELL AND HIMANSHU AIG, CNA Have Above-Average Hedge Fund Exposures BAKSHI, BLOOMBERG INTELLIGENCE American International Group Inc. and CNA Financial Corp. have above- average exposures to hedge funds, although each company is taking steps to reduce its holdings. AIG, for instance, intends to cut its hedge fund allocation by 50 percent, to reduce its investment risk and earnings volatility. AIG submitted notices of redemption in the first quarter for $4.1 billion, or about 40 percent, of its $9.4 billion invested in hedge funds. It has so far received proceeds for $1.2 billion pursuant to those redemption requests. As of March 31, hedge funds represented about 3 percent of AIG's investments and about 4 percent of CNA's. Several peers have allocated less than 0.5 percent of their investments to hedge funds and yet they are still taking their investments in private equity. allocations or raise them. Lincoln steps to lower their allocation. MetLife However, the insurers have said their National said it will shift assets out of Inc. and Lincoln National Corp. fall into private equity holdings generally hedge funds into private equity. that category. performed well and they plan to keep their AIG and CNA have about 2 percent of

OVER THE HEDGE June 14, 2016 Bloomberg Brief Hedge Funds 7

OVER THE HEDGE Streep Does Trump in Activist Shakespeare for Hedge Funders BY AMANDA GORDON Meryl Streep made her face a shade of orange on the night of June 6, then whipped up her hair and stuffed a pillow or two under a dark business suit and red tie. She was Trump for the finale of the Public Theater’s one-night-only gala performance exploring Shakespeare’s influence on America. It was a show of Shakespearean activism that completely bowled over the audience, including activist investors Dan Loeb and Barry Rosenstein. The show at the Delacorte Theater in Central Park, titled "The United States of America," was crafted by Jeremy McCarter, who hosted with James Shapiro, editor of the Library of America volume "Shakespeare in America." There were sections about Source:Amanda Gordon/Bloomberg Abraham Lincoln’s affection for the Elizabethan playwright and Dan Loeb the prejudiced responses to the interracial couple in "Othello." The first light break came with the balcony scene from "Romeo Public’s chief financial officer. and Juliet," followed by the "West Side Story" version. Paul Taubman sat with Len Tessler and Ashley Leeds, the co- Streep’s number, with its nod to current events, had the crowd chair of the gala, whose dad, Larry Leeds, and husband, roaring right into the after party, where Third Point’s Loeb got a Christopher Harland, were one table over. Samantha Power sat drink as a DJ spun Aerosmith, Prince, and Bell Biv Devoe. The with Tom Bernstein, recording Streep’s performance on her Public presents free performances of Shakespeare plays at the phone to show her husband, Cass Sunstein, who was in Delacorte attended by about 100,000 people annually. Chicago promoting his new book "The World According to Star A supper al fresco — no tent, no rain — preceded the Wars." performance with a menu that won the approval of Sandra Lee, Charles Hale of Hale Global enjoyed the location. Peter a guest of Barry and Lizanne Rosenstein. The first course was Wallace of Blackstone and Chris Kojima of Goldman Sachs roasted artichoke salad; the second was pan-seared chicken ruled over the eastern edge of the dinner party with "Hamilton" with cornbread pudding. There were almost 1,000 guests, a director Thomas Kail. Pledge cards on every table let guests record, raising "way more" than $2 million, said Rachel Pivnick, enter a drawing to win tickets to "Hamilton," with donations of the $100 and up.

SPOTLIGHT June 14, 2016 Bloomberg Brief Hedge Funds 8

SPOTLIGHT

Hedge Fund Managers Look to Liquid Alts to Access New Clients, Says K2's Christian Q: Is there more interest in liquids? A: We have four broad strategy groups Robert Christian is senior managing director and A: Liquid alts is high growth, and a lot of — equity long-short is one. Relative head of investment research at Franklin that growth is coming from the retail side. value, which is fixed-income RV, is Templeton's K2 Advisors, which invests in You’re getting hedge fund expertise at a another so there is an element of that hedge funds. He told Bloomberg Brief's Melissa reasonable fee in a daily registered that's not applicable. So some managers Karsh that managers are looking to liquid vehicle, as retail investors are finding it and programs don't fit but we work alternative funds to attract new clients as money challenging in their traditional portfolios. closely with them to have low-leverage coming into hedge funds plateaus. Comments Retail investors now have a new tool that programs and liquid underlyings. Part of were edited and condensed. offers diversification, reasonable fees, that is traditional fixed-income RV liquidity. That's been a driver of growth. trading, but also credit, mortgages, but More and more it's becoming adopted the liquid tranches. The third bucket is Q: How much do you have allocated by big-name managers, and it's possible event, but activism is not really scalable to hedge funds and liquid alts? others will follow Brevan Howard, which for liquid alts so we don't have any A: About $3.1 billion in liquid alts, is the best example recently. Part of the activism in there. But merger arbitrage is including $2.3 billion in UCITS and '40 move is that the amount of new money very liquid friendly. The fourth is global Act funds combined, and we have $822 coming into hedge funds is plateauing. It macro — so liquid listed futures million of platform structure. As of May 1, allows managers to access a new set of contracts, liquid foreign-exchange and there was $10.2 billion firmwide in hedge clientele, and it's an offshoot of what that has a leverage cap we've adapted. fund assets. In the hedge fund business, they're already doing. We also have an emerging-markets we work with 105 managers, and so discretionary manager, but it’s their liquid about 25 of the 105 managers are Q: How do fees play into this? I heard component. A lot of people think of EM involved in some way in liquid alts. that liquid alts fees could be higher as not being liquid, but the market has than hedge fund fees on the back end. really matured, so you can trade Mexico, Q: How are these funds performing A: Fees are one of the drivers. We try to Brazilian bonds, Russia. So it's the liquid versus hedge funds this year? keep the fees very competitive. There slice of the EM component. A: We found that more than half of our are other products that have higher fees. managers on the liquid side since That's from a retail point of view. Our Q: Are you adding more managers? inception, so from November 2013-May fees are industry standard for the A: We’re happy with the fund now, but 2016, have beaten their hedge funds. A multiasset and multimanager funds. On we’re constantly evaluating the big driver is they don't have the hedge the retail side, our fees are competitive opportunity set and managers we have. fund fee drag versus liquid alts where it's and we do have different share classes, This calendar year we'll probably add 1 percent flat. So in a low-to-negative but what you heard could be true if you're around three managers. We added one return environment, that fee difference, a small investor buying off of a platform in May — a European equity long-short while it may seem small, can actually adding in fees on top of a fund. On the manager that's somewhat catalyst driven. make a pretty big different over a year or institutional side — we have an From a top-down point of view, there’s a two. A second component would be the institutional share class and then we also lot of opportunity, a lot of dispersion in illiquidity premium — you just haven't have institutions coming directly to us. In the European equity market. It’s a direct gotten paid to take liquidity risk, and that’ particular, Asian and Australian way to play that and then also we like the s just a phenomenon of where we are in institutional clients are very focused on manager from a bottom-up manager the market cycle. And part of that is fees and they'll come directly to us and point of view. So it made sense to add linked to this crowding effect everyone is engage in the platform where they them. I can see that continuing. We like talking about. So the illiquid names tend bypass a lot of those fees. merger arb and we're working closely to get popular, then they get crowded, with a merger arb specialist to possibly they do very well and then when there’s Q: Which strategies lend themselves add that in the near future. an unwind for something — either market best to liquid alts versus hedge funds? specific or security specific — they can go down very fast. And suddenly it’s difficult for managers to capture that illiquidity risk premium. Over a full cycle, Hometown/Residence: Grew up in Medford, Oregon. Currently you would expect for hedge funds to resides in Westport, Connecticut. outperform, but that's not what we’re Education: Stanford University; MBA at NYU seeing and time will tell. If we remain in Professional Background: Prior to joining K2 in May 2010, worked this low-rate, low-return environment, it's at FRM Americas. Also previously worked at Graham Capital going to be more difficult for hedge funds Management and Julius Baer Investment Management. to make money and overcome their cost Hobbies: Anything outdoors including skiing, fishing, boating. structure. Investment philosophy: We're very risk focused and the returns will come over time.

ACTIVIST SITUATIONS BY PATRICK BROWN AND MICHAEL THIEME, BLOOMBERG DATA June 14, 2016 Bloomberg Brief Hedge Funds 9

ACTIVIST SITUATIONS BY PATRICK BROWN AND MICHAEL THIEME, BLOOMBERG DATA

Significant Actions at Companies Targeted by Activist Investors

COMPANY ACTIVIST WHAT HAPPENED Omega Wynnefield Activist hedge fund sent a letter to shareholders on June 13 urging them to vote in favor of its nominee to the company's board of directors over the Protein Capital incumbent. The activist said the health-care firm's current board is not qualified to serve the best interests of the company and its stockholders. Corp. Facebook Citron Activist short-seller said in an interview that the social media giant is too expensive and will lose market share to competing social media platforms Inc. Research such as Snapchat, Bloomberg News reported June 13. Neuberger Investment manager on June 13 escalated it's rare activist proxy fight by criticizing the performance of the maker of lights and lasers for the Ultratech Berman technology sector. A public campaign is a rarity for the asset manager, which is the company's third-largest shareholder with 7.6 percent of Inc. Group outstanding stock, as it typically is a passive investor in public companies. Vodafone Elliott Activist investor won a court fight June 10 to get a second audit on the company's acquisition of Kabel Deutschland, potentially boosting its bid to Group Plc Management get a bigger payout for its 13.5 percent stake in the cable operator. Eastern Ka An Company facing a contested election for its board condemned on June 9 for nominating six new directors that may put the Platinum Development company's finances at risk. Ltd. Co. CDK Activist hedge fund sent a letter June 8 to the company outlining shareholders' positive responses to the recommendations it laid out on May 4 to Elliott Global unlock value within the company. The company's stock price has risen 15.7 percent since the May 4 letter, according to data compiled by Management Inc. Bloomberg. Activist firm with a 9.3 percent stake filed a 13D on June 7 to postpone the New York-based financial media company's annual meeting set for June TheStreet Raging 9. The activist said in the filing that the postponement would allow the board to discuss its composition with shareholders. This is the activist's Inc. Capital fourteenth campaign since 2010, and its first targeting the communications sector, according to data compiled by Bloomberg. Source: Bloomberg Data, NI SHRHOLDACT, BI BESG This story was compiled by a Bloomberg LP employees involved with data collection and was edited by the News department. To suggest ideas or provide feedback, contact the editor for this story: Melissa Karsh at [email protected]. For more on activist investors from Bloomberg Intelligence, run BI BESG on the terminal.

June 14, 2016 Bloomberg Brief Hedge Funds 10

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected] June 14, 2016 Bloomberg Brief Hedge Funds 11

CALENDAR TO SUBMIT AN EVENT E-MAIL [email protected]

The "event" column links to websites. "Attendees of note" links to individual's BIO page, where available, on the Bloomberg terminal.

DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE/DETAILS LOCATION Theodore P. Enders, Goldman Sachs AM; Anthony June 15 Fidelity Investments '16 Alternative Investments Forum The Pierre New York Scaramucci, SkyBridge; Mark Yusko, Morgan Creek. Anthony Scaramucci, SkyBridge; Michael Kieffer, June 15 BattleFin Discovery Day Intrepid New York Kieffer Capital. Gordon Ritter, GSA Capital; Matt Ober, Millennium June 16 RavenPack 4th Annual Research Symposium New York Partners; Yin Luo, Deutsche Bank. New England Credit & Hedge Fund Eric Nierenberg, Massachusetts PRIM; James June 21 Markets Group Boston Investor Forum Mnookin, Cambridge Associates; Kamal Suppal, NEPC. David Meneret, Mill Hill Capital; Joseph Peta, Kingsford 2016 Carter Burden Investment Bloomberg offices, New June 21 Carter Burden Center for the Aging Capital Management; Melanie Davis, University of Conference York Virginia Investment Management Co. Brian Hurst, AQR; Ian Haas, Neuberger Berman; Sandy June 21 Managed Funds Association Forum 2016 Four Seasons, Chicago Rattray, Man AHL; Jackie Rosner, KKR Prisma. Cybersecurity Challenges and Discussion of threats facing managers and steps to June 23 Hedge Fund Association Boston Solutions for Emerging Managers protect the business from cybersecurity threats. Sessions on EU and U.S. regulation, business Hedge Funds: Regulatory, Risk and June 23-24 Storm-7 Consulting continuity and disaster recovery and 3rd-party New York Compliance administration. Mitigating Risks Caused by Rogue Paul Neale, DOAR; Mark S. Sidoti, Gibbons; R. Scott June 28 Hedge Fund Association Harvard Club, New York Employees Garley, Gibbons. Annual Benjamin Graham Jason Karp, Tourbillon Capital; Leon Cooperman, June 29 NYSSA New York Conference Omega Advisors; John Bader, Halcyon Capital. New York Hedge Fund Maureen Sherry, author of "Opening Belle" and June 30 June Roundtable New York Roundtable, Bloomberg previously of Bear Stearns. July 11-14 Risk.net Quant Summit 2016 USA Maurizio Ferconi, BlackRock; Attilio Meucci, KKR. New York Private Investment Fund, Discussion topics include how are investors assessing July 18-19 FRA LLC Operations and Compliance Forum New York fund operations, hedge fund tax and valuation issues. East Family Office & Private Wealth Gregory A. Coleman, FBI (retired); Norm Champ, Hyatt Regency Newport, July 18-20 Opal Group Management Forum 2016 Kirkland & Ellis; Mitzi Perdue, Perdue Farms. Rhode Island DISCLAIMER: The information on this page was compiled by Bloomberg from multiple sources, public and private, and is deemed to be accurate, but not definitive or exhaustive. Questions about events should be addressed to the event organizer.

Bloomberg Brief: Hedge Funds

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