Soros and Icahn Close Out the Week On Top
Abacab Fund Sees Mispricing In Options As Black-Scholes Has Become “Inadequate”
Abacab Asset Management's flagship investment fund, the Abacab Fund, had a "very strong" 2020, returning 25.9% net, that's according to a copy of the firm's year-end letter to investors, which ValueWalk has been able to review. Commenting on the investment environment last year, the fund manager noted that, due to the accelerated adoption of many Read More
Today’s top gainer is Magnum Hunter Resources Corporation (NYSE:MHR). The energy company shot up +11.17% ($7.12) after presenting a better-than-expected Q3 earnings report. Billionaire George Soros acquired 250,000 shares for $3.27 last quarter. This position represents 0.01% of Soros’ portfolio.
The second company in our daily gainers list is The Gap, Inc. (NYSE:GPS). The clothing firm rose +8.68 to $41.03 on the heels of a report of solid Q3 earnings. Edward Lampert holds 10.3 million shares, which represent 14.47% of his fund, purchased at $19.49. Ray Dalio owns 82,000 shares (0.03% of his fund). The shareholder paid $33.56 per asset.
Last but not least is Icahn Enterprises L.P. (NASDAQ:IEP). The financial stock is up +8.69%, now trading at $119.85. Billionaire Carl Icahn holds 99.2 million shares, representing 33.56% of his fund. Each asset cost him $64.57.
Today’s worst-performing stock is Marketo, Inc. (NASDAQ:MKTO), which dropped -4.19% to $34.78. Billionaire George Soros bought 40,000 shares for $21.67 each last quarter. This position represents 0.01% of Soros’ fund.
The second company on the daily loser list is IAMGOLD Corporation (NYSE:IAG). The gold mining firm is down -3.15% and is now trading at $4.47. As of June, John Paulson holds 3.8 million shares (0.12% of his portfolio) acquired for $14.75. Billionaire Ray Dalio owns 210,000 shares, representing 0.01% of his fund. The investor paid an average price of $6.32 per share.
The third and final firm is another gold company, Randgold Resources Limited (NASDAQ:GOLD). The stock dipped -2.90% to $75.01 after presenting a drop in Q3 profits. Again, billionaires Paulson and Dalio have positions in the firm. Paulson holds 6.7 million shares (0.30% of his fund), purchased at $80.96, and Ray Dalio owns 52,000 shares (0.03% of his portfolio), bought for an average $76.47.