The average hedge fund gained 1.85 percent in February, its best monthly return since February 2014, according to Chicago-based industry tracker Hedge Fund Research. The HFRI Equity Hedge Index gained 2.8 percent last month, its best monthly performance since January 2013. The firm’s event-driven index rose 3 percent in February, its best monthly gain since October 2011, while the activist sub-index surged 4.4 percent for the month.
“The combination of variables which has contributed to the activist trends, including high corporate cash holdings, improving investor risk tolerance and equity market gains which expose poor management strategy execution, show no signs of slowing, even with categorical strategy volatility from last October,” states Kenneth Heinz, president of HFR, in a press release. The firm’s multistrategy index gained 4.1 percent for the month, its best performance since October 2011.
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Maverick Capital Ventures, the venture capital fund arm ofMaverick Capital, has made an investment in Vserv, which describes itself as a smart data platform for mobile marketing in India and South East Asia, according to a company announcement. After Maverick’s investment, Vserv has raised a total of $18 million to date, including $3 million from its first round of funding from IDG Ventures India, according to the announcement.
“We are highly impressed with the rapid pace of Vserv’s growth, its smart data platform and management team,” says Matthew Kinsella, managing director of Maverick Capital Ventures, in a press release. “Vserv is uniquely positioned to drive the mobile internet ecosystem in India and South East Asia through their exceptional data assets.”
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Boston-basedAdage Capital Partnersdisclosed that it owns 5.36 million shares, or 5.15 percent, of aluminum maker Constellium. It owned 5.15 million shares at the end of last year, according to regulatory filings.
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Credit Suisse raised its price target on hedge fund favorite Walgreens Boots Alliance to $85 from $73, even though it maintained its Neutral rating on the stock. The investment bank cites the new management team at the company — which on December 31 completed the merger of Walgreen Co. and Switzerland-based Alliance Boots GmbH — and its huge upside potential. Credit Suisse figures Walgreens’ margins are below those of rival CVS. At year-end, Walgreens’ two largest hedge fund holders, which are also among the stock’s top ten investors, were Greenwich, Connecticut-basedViking Global Investorsand New York-basedJana Partners. Viking counts the drugstore chain as its second-largest holding, while Jana has made Walgreens its largest position.