I’d like to introduce you to Jeff Ubben, the Valeant Pharmaceuticals of hedge fund managers. Wait…nevermind, you get the point. This is a short post, but packed with must-know, must-read info. First is a look at Jeff Ubben’s ValueAct 13D performance. This is part of the activist performance database we’re pumping. You can read more about it a recent blog post on our happenings.
Ubben has killed it. His average 13D is up 23.5% annualized. All his closed 13D campaigns have returned 20% annually but one. C.R. Bard didn’t work out. His Valeant position is a big standout with a 58% CAGR, but there’s plenty of other winners, including Verisign, Rockwell Collins and Gardner Denver – all with 50% CAGRs. Open 13D campaign wise, 21st Century Fox and Allison Transmissions are the two most interesting ones to me.
Continued from part one... Q1 hedge fund letters, conference, scoops etc Abrams and his team want to understand the fundamental economics of every opportunity because, "It is easy to tell what has been, and it is easy to tell what is today, but the biggest deal for the investor is to . . . SORRY! Read More
Goodreads on Ubben-
- Jeff Ubben on what he learned from Peter Lynch [link] h/t @valuewalk
- @PainCapital thoughts on Ubben [link]
- Ubben taking a swipe at Barry Rosenstein at 2014 Milken [link] h/t @jay_21_
- @Emory_R notes and long-form Ubben interview [link] h/t @jeffubben
- @AlderLaneeggs on Jeff Ubben [link] h/t @jeffubben
- Jeff Ubben thesis on Valeant Pharma from 2010 [link] h/t [email protected]
- @jay_21_ thoughts on Ubben: “Listened to a few Ubben interviews 2 good concepts: 1) ensure equity rep is on BoD 2) don’t buy at a control premium but exit at one.”
- Our thoughts on Jeff Ubben and his 21st Century Fox thesis [link]
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