Tuesday, 23 September 2014
Last updated 10 hours ago
Feb 4 2013 | 1:54pm ET
Tiger Global Management has sold off its stake in a major firearms manufacturer in the wake of December's killing of 20 children at a Connecticut elementary school.
The hedge fund owned a 4.2% stake in Sturm, Ruger & Co. as of Sept. 30, but has since sold off the position. New York-based Tiger Global said it will no longer invest in gun stocks, Forbes reports.
It's unclear precisely when Tiger bought and sold the 800,000 Ruger shares, so it is unclear whether the hedge fund made or lost money on the trade. Ruger shares traded between $40.15 and $49.49 during the third quarter, and between $40.60 and almost $50 following the Newtown, Conn., shooting.
Tiger Global has been one of the most successful hedge funds in recent years. The firm did not say why it sold the shares; Tiger Global tends to avoid the spotlight, and some major public pension funds have threatened to divest from managers that own gun companies.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.