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Here is how hedge fund titans have performed so far
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Loading...Stanley Druckenmiller contended that the stock market had hit a wall. David Einhorn recommended General Motors Co. And Jeffrey Gundlach reiterated his prediction of a Trump presidency.
James Chanos, Kynikos Associates LP
The call: Short MTN Group Ltd., Africa’s biggest mobile- phone company, as it’s too reliant on Nigeria and South Africa -- its largest markets -- for sales.
The upshot: While MTN’s American depositary receipts had a total return of less than 1 percent in the past year. In February, the company reported a full year loss after underperforming in those markets. It also agreed to pay a $1 billion fine in Nigeria for missing a deadline to disconnect 5.1 million customers.
Jeffrey Gundlach, DoubleLine Capital LP
The call: “Trump is going to win, and Trump is going to increase the deficit,” Gundlach said.
The upshot: Well, you know what happened. We’ll see what happens with the deficit.
Another call: A pair trade. Long a mortgage REIT exchange- traded fund and short a utilities ETF.
The upshot: The iShares Mortgage Real Estate ETF has produced a total return of almost 29 percent in the year. The Utilities Select Sector SPDR has gained 8 percent.
Stanley Druckenmiller, Duquesne Family Office LLC
The call: Bearish on stocks, bullish on gold. The bull market in stocks has “exhausted itself” and the metal was his largest currency allocation, he told the conference.
The upshot: The S&P 500 index is up 19 percent since last May. Gold is down 4 percent. Druckenmiller has said he sold all his gold on the night of the U.S. presidential election but bought gold in late December and January because it “was down a lot.”
Jeffrey Smith, Starboard Value LP
The call: The activist investor said drugmaker Depomed Inc., in which Starboard owned a stake, could be an “extremely attractive” acquisition target.
The upshot: The stock has lost one-third of its value in the past year and the chief executive was replaced.
Larry Robbins, Glenview Capital Management
The call: Recommended health insurer Anthem Inc. and VCA Inc., an animal-hospital chain, because he said their share prices didn’t reflect fundamentals.
The upshot: Anthem has jumped 30 percent. VCA rose 45 percent. It’s being acquired for $7.7 billion by Mars Inc.
David Einhorn, Greenlight Capital
The call: Short Caterpillar Inc. since shares of the machine maker will fall with commodities. Go long General Motors Co. on the prospect of higher auto sales.
The upshot: Caterpillar is up 39 percent. GM has gained 13 percent since the conference though it was up almost 25 percent through March.
Source: Bloomberg
Jr Trader Ivan Ivanov
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