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Total Assets	9.30B
Total Liability	3.99B
Assets-to-Libability Ratio	2.33

Total Current Assets	3.92B
Total Current Liability	917.68M
Current Ratio	4.27

Quick Ratio	4.09
Debt to Equity Ratio	0.48

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Deep Track Capital Nominates Four Highly Qualified Candidates for Election to Dynavax Technologies’ Board of Directors at 2025 Annual MeetingIssues Letter to Fellow Shareholders Detailing Why Truly Independent Voices – Including a Shareholder Representative – Are Needed in the Dynavax Boardroom Highlights Concerns that Company’s Misguided Acquisition Strategy Will Destroy Value and Prevent Dynavax from Maximizing the Benefit of Heplisav...
Issues Letter to Fellow Shareholders Detailing Why Truly Independent Voices – Including a Shareholder Representative – Are Needed in the Dynavax Boardroom Highlights Concerns that Company’s Misguided Acquisition Strategy Will Destroy Value and Prevent Dynavax from Maximizing the Benefit of Heplisav for Shareholders and Patients In Deep Track’s View, Focusing on Heplisav Could Result in Nearly $2 Billion of Cash Being Returned to Shareholders by the End of 2030 Details Board’s Poor Governance, Reactive Entrenchment Maneuvers, and Unwillingness to Work Constructively Believes Its Slate of Director Nominees Would Collectively Bring Valuable Shareholder Perspective and Independence as Well as Necessary Life Sciences Background, Capital Allocation Experience and Operational Expertise to the Dynavax Board GREENWICH, Conn., February 19, 2025--(BUSINESS WIRE)--Deep Track Capital, LP, (together with its affiliates, "Deep Track" or "we"), one of the largest shareholders of Dynavax Technologies Corporation (NASDAQ: DVAX) ("Dynavax", "DVAX" or the "Company"), with ownership of approximately 13.53% of the Company’s outstanding shares, today announced that it has nominated four highly qualified candidates for election to the Company’s Board of Directors (the "Board") at the 2025 Annual Meeting of Stockholders (the "Annual Meeting"). Deep Track also issued a public letter to its fellow DVAX shareholders. The full text of the letter follows: February 19, 2025 Dear Dynavax Shareholders, Deep Track Capital, LP (together with its affiliates, "Deep Track" or "we") is one of the largest shareholders of Dynavax Technologies Corporation ("Dynavax", "DVAX" or the "Company"), with ownership of approximately 13.53% of the Company’s outstanding shares. Our firm manages over $4 billion on behalf of our investors, which include numerous healthcare organizations and non-profits, and we focus exclusively on investing in the life sciences space. Since the firm’s inception in 2021, we have directly invested billions of dollars into more than one hundred companies to advance the development of novel therapies. The senior members of Deep Track first purchased shares of Dynavax in a financing nearly 15 years ago1 to support the development of Heplisav, a best-in-class adult vaccine for hepatitis B. As a firm, we have continued to steadily build our position in the Company and, in fact, have purchased shares every quarter from Q4 2022 through Q4 2024 – demonstrating our conviction in Dynavax’s potential. Story Continues Heplisav is an extremely valuable asset positioned for many years of growth and continued cash generation that will only improve as it is further established in the marketplace. Unfortunately, the Company has not concentrated on leveraging Heplisav’s potential. Instead, it has pursued a misguided "empire-building" exercise led by the current chairman of the Board of Directors (the "Board"), Scott Myers. In fact, we believe the Board is more interested in making acquisitions that lack strategic rationale and simply burning the Company’s cash rather than investing resources into existing assets that present excellent opportunities for shareholders and patients alike. Deep Track does not typically take active, public roles at companies. However, as a long-term and significant investor of Dynavax, we felt compelled to alert our fellow shareholders to what we perceive to be a troubling fact pattern at the Company: Profits from nearly $1 billion of adjuvant sales during the pandemic have been idling on Dynavax’s balance sheet since 2022; the Company’s cash now totals $714 million2 and the Board has increasingly directed management to spend that on external assets3, with incentives to show opportunities to the Board and significant bonuses to be paid if a transaction is completed. The Board has provided no rational support for these forceful and distracting demands on management to identify strategic assets to acquire, leading us to suspect the underlying motivation is empire building rather than maximizing shareholder returns. We remain deeply concerned that Dynavax will not only squander its substantial and growing cash balance on an ill-advised acquisition but also jeopardize future profitability and rob shareholders of the immense opportunities to be realized by focusing on Heplisav. Deep Track’s Attempts at Constructive Engagement and the Board’s Reactive Entrenchment Moves To be clear, we attempted to engage with Company leadership privately for many months. When we initially filed a Form 13D with the Securities and Exchange Commission on September 16, 2024, we indicated our intent to have constructive discussions with the Dynavax management team and Board about the Company’s performance, business, operations, strategic opportunities, governance and optimal use of excess cash. In the context of this engagement, we urged the Board to take four straightforward steps to protect and maximize value for shareholders: Abandon the search for external assets, which is now well into the fourth year; Significantly increase the size of the share repurchase program; Execute a tax-advantaged return of capital against the Company’s accumulated $910 million deficit; and Focus exclusively on growing Heplisav into a must-own asset for any large pharma company with a vaccine portfolio. Unfortunately, after months of discussions, including numerous meetings that led nowhere, it has become clear that the Board at Dynavax is more interested in entrenchment and pursuing its misguided strategy than delivering for shareholders. In fact, the Board has taken steps to limit the rights of shareholders in response to our engagement and made only perfunctory moves to appear shareholder-friendly by "checking the box" with some governance reforms. Below are three recent notable examples: Poison pill: Five days after we amended our 13D filing on October 24, 2024 to show an ownership position of 13.6%, the Board adopted a poison pill to effectively limit any shareholder to a stake no larger than 15%. This is a shareholder-unfriendly maneuver and prevents us – and any other potential investors – from expressing additional conviction about the Company’s potential. Reactive share buyback: Two weeks after our amended 13D filing, the Board announced a $200 million share repurchase – something we (and we believe many others) had long implored the Company to do, but that only occurred after we publicly surfaced. Reactive changes to Board composition: Last month, Dynavax announced two director replacements in an obvious entrenchment attempt following our engagement. Dynavax touted that these moves would "enhance [their] governance profile." While these appointments may check certain boxes, it is hardly obvious to us just how they will improve the governance deficiencies at the Company. These appointments appear to be intended to "not rock the boat" with independent voices, given that Mr. Myers is simply swapping out one of his former fellow directors at Harpoon Therapeutics (Julie Eastland, who was also CEO of that Company) for another former Harpoon director (Lauren Silvernail)4. Nevertheless, Deep Track has continually attempted to negotiate in good faith to bring real change. We proposed three director candidates to the Board; we then exhibited flexibility and proposed a single nominee combined with three shareholder-friendly changes: removal of the poison pill, doubling the share repurchase to $400 million, and fully declassifying the Board after the 2025 Annual Meeting of Stockholders (the "Annual Meeting"). This proposal was also rejected. The disappointing engagement with the Board has led us to conclude that the only way to effect meaningful change is to bring our case to all shareholders. The Board’s Misguided Strategy Has Failed to Deliver for Shareholders Shares of DVAX have not performed under this regime. Over any relevant period of time, returns have been disappointing: Event Date DVAX Then DVAX Since* IPO 2/18/2004 $75.00 -82.7% Heplisav approval 11/9/2017 $20.05 -35.5% Board chair appointed 10/21/2021 $18.85 -31.4% *As of market close on February 18, 2025 Total shareholder returns ("TSR") have also been poor, both on a standalone basis and as measured against the Nasdaq Biotechnology Index. DVAX Total Shareholder Return 1-Year Through Unaffected Date** Chairman Tenure* Through Unaffected Date** Chairman Tenure Through Present DVAX -24.6% -42.9% -31.4% Nasdaq Biotechnology Index 24.6% -2.9% -5.9% Relative TSR: DVAX vs. Nasdaq Biotechnology Index -49.3% -40.0% -25.5% Source: Bloomberg * Scott Myers was elected Chairman on Oct. 21, 2021 **Deep Track filed its amended Schedule 13D on Oct. 24, 2024 This performance is extremely disappointing for a company that is growing sales at 26% annually and, we believe, reflects deep investor concern about future value creation and poor capital allocation decisions. In defense of its acquisition strategy, the Board and management team contend that buying external assets is critical because they believe Heplisav revenue will flatten after 2030. We see three problems with this argument: First, it is a cop out and underestimates the potential of Heplisav. Instead of fully committing to Heplisav – a best-in-class vaccine unlikely to ever face generic competition – they are hedging their bets. Shareholders need this management team and Board to be fully behind their most valuable asset. Even when sales do eventually flatten (and we can hardly predict when; the "2030" estimate provided by the Company could easily be many years later), margins will continue to improve as Heplisav becomes firmly established as the standard of care. Second, Dynavax has nothing to show for its strategy despite spending years looking for external programs. The Board first put goals into place for management to acquire assets5 in 2021; the following year, management was tasked6 with completing a "comprehensive assessment and defined strategy for inorganic growth by the third quarter of 2022," and in 2023, the Board directed management to "present comprehensive evaluation of at least three late-stage/commercial opportunities to the Strategic Advisory Committee7." To date, these efforts have yielded nothing, and we believe continuing this effort will only further distract management from growing Heplisav. Third, the key focus of the Company’s commercial efforts is in the retail pharmacy channel. There are only a finite number of complementary vaccines that would make any financial or strategic sense to promote next to Heplisav, and Dynavax does not have the financial wherewithal to acquire any of them. Management has indicated they are not willing to take on clinical risk when purchasing external assets, leaving a very small pool of vaccines – none of which will come close to matching the rate of return offered by Heplisav and DVAX shares at these levels. Should the current Board and their diversification strategy be allowed to continue, the downside risk to DVAX shares is significant. We are highly concerned the Board will act out of desperation, spending the Company’s cash and increasing future operating expenses to satisfy a corporate goal that is completely unnecessary. Heplisav Represents Significant Value for Dynavax Dynavax developed the best-in-class adult vaccine for hepatitis B, a disease with no cure and potential serious consequences including liver cancer. We expect sales of Heplisav to grow steadily as the Company increases market share and more adults are vaccinated as part of the universal recommendation instituted by the Centers for Disease Control and Prevention in 2022. This makes Heplisav an incredibly valuable asset, particularly as there is no patent "cliff" to worry about. This is very likely to be a multi-decade annuity with significant profitability. Based on the Company’s own long-term sales guidance and consensus numbers, we estimate Heplisav will generate well over $1 billion of cash through 2030. Combined with $714 million of cash at the end of 2024, we believe this translates into $2 billion of cash that can be returned to shareholders by the end of 2030 – greater than the fully diluted market capitalization today, including the convertible note due May 2026 – while still retaining full ownership of Heplisav economics in the post-2030 period. With renewed focus on Heplisav, we are confident additional value could be unlocked. The Company could also consider exploring potential opportunities such as monetizing royalties, borrowing at a favorable cost of capital to return even more money to shareholders, or, at the appropriate time, an outright sale to tuck Heplisav into a larger vaccine portfolio. Of course, any such path would have to be carefully evaluated to ensure it would provide shareholders with the ability to capture optimal value as opposed to a standalone strategy. Regardless of how it occurs, we believe that putting capital back into the hands of shareholders so that it may be redeployed into other innovative projects will do far more to advance drug development than keeping cash parked indefinitely on the Dynavax balance sheet. Shareholder-Driven Change is Urgently Needed Dynavax shareholders deserve a Board and a management team that is all-in on Heplisav and fully aligned with investors. Our numerous interactions with the Board over the last several months have made it clear that neither is the case. During our attempt to engage with Dynavax, we have grown significantly more troubled with this team and have several objective reasons for concern: Not one of the Board members up for election this year, including the chairman, has purchased a single share of DVAX stock on the open market. Besides serving as the chairman of DVAX, Mr. Myers also serves as the chairman of three other companies (Zentalis (NASDAQ: ZNTL), Umoja and Convergent Therapeutics). We are deeply concerned that four simultaneous chairmanships have left Mr. Myers stretched too thin. Even with a partial year in 2021, Mr. Myers has earned an average of $440,226 annually over the last three years as the chairman of Dynavax. We have no issue paying for performance, but this level of compensation does not square with a -31% decline in DVAX shares since he joined the Company. Further, Mr. Myers’ transactional experience in negotiating sales of distressed assets is of limited relevance to Dynavax’s acquisition strategy. Instead of allowing shareholders to vote for the entire Board at every annual meeting, Dynavax uses a "staggered" or "classified" Board structure. In response to our criticism of this poor governance practice, the Company announced last month that they would seek approval to declassify the Board at the upcoming Annual Meeting – but only over the course of years, with the full effect not taking place until 2028. Our Solution – A Truly Refreshed Board To help catalyze critical improvements at Dynavax, we are seeking to elect four highly qualified director candidates at the Annual Meeting. Our nominees will bring the expertise, owner’s mindset, and skillsets required to protect the interests of all shareholders, maximize the long-term value of Dynavax’s assets, and help eliminate hepatitis B. Given the Board’s classified structure and the unevenness of the classes – with only two directors (including the Company’s CEO) up for election in 2026 – we believe it is critical that shareholders have a real choice of candidates for all four seats in this year’s class. In our view, the Board’s unwillingness to compromise, coupled with the urgency of addressing the risk that the Company squanders its cash, warrants this level of change. Deep Track’s director candidates include: Brett Erkman: a Managing Director at Deep Track Capital. Mr. Erkman has spent the last twenty years investing in biotechnology companies and will bring a much needed (and the only) perspective of a large shareholder to the Board – something that is sorely lacking and would be highly valuable in the boardroom. Mr. Erkman’s first investment in Dynavax dates back to April 2010, giving him an extraordinary long-term perspective on the value of Heplisav. Jeffrey Farrow: the Chief Financial Officer at Tarsus Pharmaceuticals (NASDAQ: TARS). Mr. Farrow was also the CFO at Global Blood Therapeutics, Inc. (formerly NASDAQ: GBT; sold to Pfizer for $5.4 billion), ZS Pharma, Inc. (formerly NASDAQ: ZSPH; sold to AstraZeneca for $2.7 billion), and Hyperion Therapeutics (formerly NASDAQ: HPTX; sold to Horizon Pharma plc for $1.1 billion). Michael Mullette: the interim Chief Executive Officer at Lykos Therapeutics. Mr. Mullette was previously the Vice President of North American Commercial Operations at Moderna, Inc. (NASDAQ: MRNA) and spent nearly twenty years at Sanofi (NASDAQ: SNY) in a variety of positions including senior roles in global commercial operations. Donald Santel: the former President and Chief Executive Officer of Hyperion Therapeutics (formerly NASDAQ: HPTX), which developed and brought Ravicti to market for urea cycle disorders and was ultimately acquired by Horizon Pharma in 2015. Prior to Hyperion, Mr. Santel was the Chief Executive Officer of CoTherix (formerly NASDAQ: CTRX), which developed Ventavis for pulmonary arterial hypertension and was acquired by Actelion in 2006. Fortunately, shareholders can make their voices heard at the upcoming Annual Meeting. Dynavax deserves better than the status quo, and shareholders can be assured that our nominees will put shareholder interests first. Our interests have always been – and continue to be – directly aligned with those of all shareholders. We look forward to communicating further in the weeks to come. Regards, David Kroin Founder and Chief Investment Officer, Deep Track Capital LP APPENDIX: NOMINEE BIOGRAPHIES Brett Erkman Since October 2022, Brett Erkman has served as a Managing Director of Deep Track Capital, an investment firm focused on the life sciences. Prior to Deep Track, he was a biotechnology investor at Great Point Partners from October 2006 through April 2022. Previously, Mr. Erkman was a sell side associate at ThinkEquity Partners and a financial analyst at Abbott Laboratories. Mr. Erkman holds a B.S. in Finance from DePaul University. Jeffrey Farrow Jeffrey Farrow has served as Chief Financial Officer and Chief Strategy Officer of Tarsus Pharmaceuticals, Inc. since April 2023. Mr. Farrow also serves as a board member of Clover Biotherapeutics, a position he has held since September 2021. Mr. Farrow previously served as Chief Financial Officer of Global Blood Therapeutics, Inc., a biopharmaceutical company, from April 2016 until December 2022 when it was acquired by Pfizer. At Global Blood Therapeutics, he was part of the team responsible for the successful regulatory approval and commercial launch of Oxbryta for the treatment of sickle cell disease. Prior to that, Mr. Farrow served as chief financial officer of ZS Pharma, Inc., a biopharmaceutical company, which was acquired by AstraZeneca in December 2015. Prior to ZS Pharma, he served as the chief financial officer at Hyperion Therapeutics, Inc., a commercial pharmaceutical company, from July 2010 until May 2015 which was acquired by Horizon Therapeutics in May 2015. He previously served as vice president of finance at Evotec AG, a drug discovery and development company. Prior to Evotec, Mr. Farrow served as vice president of finance and chief accounting officer at Renovis, Inc., a drug discovery and development company, which was acquired by Evotec AG. Earlier in his career, Mr. Farrow spent seven years working in the audit practice of KPMG LLP. Mr. Farrow holds a B.A. in business administration with a concentration in corporate finance from California State University at Fullerton and is a certified public accountant (inactive). Michael Mullette Michael Mullette is an experienced drug development and commercialization professional with decades of experience growing businesses. Mr. Mullette has most recently been serving as interim CEO of Lykos Therapeutics since September 2024 and Chief Operating Officer since March of 2022. Before that, Mr. Mullette served as vice president of North America commercial operations for Moderna from July 2020 to March 2022, where he oversaw commercialization of the company’s COVID-19 vaccine during the height of the COVID-19 pandemic. Before Moderna he spent almost 20 years with Sanofi working in commercial, business development, operations, strategy, planning, marketing and sales in roles of increasing levels of responsibility in the U.S., France, Australia, Japan, and Canada. Mike earned his Bachelor of Business Administration from Villanova University and an M.B.A. from Lehigh University. Donald Santel Donald Santel currently serves as chairman of the board of a private biotechnology company, Tentarix Biotherapeutics, since March 2022, as an independent director of private biotechnology company, Inograft Biotherapeutics, since December 2023 and independent director of private biotechnology company March Therapeutics since August 2024. Since January 2023, he has served on the board of Aerovate Therapeutics, a public biotechnology company (NASDAQ: AVTE). He previously served as Chief Executive Officer of Hyperion Therapeutics (Nasdaq GM: HPTX) from June 2008 until the sale of the company to Horizon Pharma (Nasdaq: HZNP) for $1.1B in May 2015. Previously, Mr. Santel was the Chief Executive Officer of CoTherix, Inc., (Nasdaq: CTRX) from January 2000 through its sale to Actelion for $419M in January 2007. Prior to joining CoTherix, Mr. Santel was employed by several medical device companies, including Cardiac Pathways Corporation (acquired by Boston Scientific) and Medtronic, Inc. Mr. Santel holds an M.S. in electrical engineering from the University of Minnesota and a B.S.E. in biomedical engineering from Purdue University. About Deep Track Capital Deep Track Capital is a Greenwich, Connecticut-based investment firm focused exclusively on the life sciences industry. We develop long term partnerships with management teams of leading innovative public and pre-IPO biotechnology companies. In addition to capital, we seek to invest our time and expertise, while leveraging our network for the benefit of our partners. We aim to lead transactions while building large syndicates, and also to invest in rounds led by other qualified investors. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS The information herein contains "forward-looking statements." Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as "may," "will," "expects," "believes," "anticipates," "plans," "estimates," "projects," "potential," "targets," "forecasts," "seeks," "could," "should" or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if any of the underlying assumptions of Deep Track Capital, LP ("Deep Track") or any of the other participants in the proxy solicitation described herein prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward looking statements should not be regarded as a representation by Deep Track that the future plans, estimates or expectations contemplated will ever be achieved. Certain statements and information included herein may have been sourced from third parties. Deep Track does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein. Deep Track disclaims any obligation to update the information herein or to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such information, projected results or statements or to reflect the occurrence of anticipated or unanticipated events CERTAIN INFORMATION CONCERNING THE PARTICIPANTS Deep Track and the other Participants (as defined below) intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the Securities and Exchange Commission (the "SEC") to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 annual stockholders meeting (the "2025 Annual Meeting") of Dynavax Technologies Corporation, a Delaware corporation ("DVAX"). Promptly after filing its definitive proxy statement with the SEC, Deep Track will furnish the definitive proxy statement and accompanying WHITE universal proxy card to some or all of the stockholders entitled to vote at the 2025 Annual Meeting. The participants in the proxy solicitation are Deep Track, Deep Track Biotechnology Master Fund, Ltd. (the "Record Stockholder"), David Kroin (all of the foregoing persons, collectively, the "Deep Track Parties"), Brett A. Erkman, Jeffrey S. Farrow, Michael Mullette and Donald J. Santel (such individuals, collectively with the Deep Track Parties, the "Participants"). As of the date hereof, the Deep Track Parties beneficially own an aggregate of 17,791,486 shares (the "Deep Track Shares") of the common stock, par value $0.001 per share, of DVAX (the "Common Stock"). The Deep Track Shares collectively represent approximately 13.53% of the outstanding shares of Common Stock based on 131,454,561 shares of Common Stock outstanding as of November 5, 2024 as reported in DVAX’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. Each of the Deep Track Parties may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Deep Track Shares. As of the date hereof, none of the other Participants beneficially own any shares of Common Stock. IMPORTANT INFORMATION AND WHERE TO FIND IT DEEP TRACK STRONGLY ADVISES ALL STOCKHOLDERS OF DVAX TO READ THE PRELIMINARY PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT, AND OTHER PROXY MATERIALS WHEN FILED BY DEEP TRACK WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT, WHEN FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE BY DIRECTING A REQUEST TO THE PARTICIPANTS’ PROXY SOLICITOR, INNISFREE M&A INCORPORATED, 501 MADISON AVENUE, 20th FLOOR, NEW YORK, NY 10022 (STOCKHOLDERS CAN CALL TOLL-FREE: (877)-687-1865) 1 Press Release, Dynavax Raises $44 Million Through Public Offering of Common Stock and Warrants 2 Press Release, Dynavax Announces Preliminary Unaudited Fourth Quarter and Full Year 2024 Financial Highlights 3 Page 42, DVAX 2024 Proxy Statement 4 Press Release, Harpoon Therapeutics Appoints Lauren Silvernail to Board of Directors 5 Page 40, DVAX 2022 Proxy Statement 6 Page 26, DVAX 2023 Proxy Statement 7 Page 42, DVAX 2024 Proxy Statement View source version on businesswire.com: https://www.businesswire.com/news/home/20250219366152/en/ Contacts Investor Contact Innisfree M&A Incorporated Scott Winter / Gabrielle Wolf +1 212-750-5833 Media Contact Longacre Square Partners deeptrack@longacresquare.com View Comments
AVTE CTRX DVAX HZNP MRNA SNY TARS ZNTL | finance.yahoo | about 24 days ago | Neutral

Amgen stock falls as profit outlook disappoints investorsAmgen Inc (NASDAQ:AMGN) reported better-than-expected fourth-quarter results on Tuesday, but its shares fell 2.5% in after-hours trading as the company's profit outlook for 2025 fell short of analyst expectations. The biotechnology giant posted adjusted earnings per share of $5.31, surpassing the a...

AMGN HZNP | finance.yahoo | about 2 months ago | Neutral

22 Most Famous Hedge Fund Managers and Their Top Stock PicksIn this article, we will take a detailed look at the22 Most Famous Hedge Fund Managers and Their Top Stock Picks. For a quick overview of such stocks, read our article 5Most Famous Hedge Fund Managers and Their Top Stock Picks. Hedge funds on average underperformed the market in 2023 as investors c...
In this article, we will take a detailed look at the22 Most Famous Hedge Fund Managers and Their Top Stock Picks. For a quick overview of such stocks, read our article 5Most Famous Hedge Fund Managers and Their Top Stock Picks. Hedge funds on average underperformed the market in 2023 as investors continued to pull out money amid rise in bond yields, overall volatility and a changing financial landscape. But the $3.4 trillion hedge fund industry saw many blockbuster returns from select hedge funds. For example, SoMa Equity Partners posted a massive 62% gain in 2023, according to a Reuters report. Many notable hedge funds like Coatue Management of Philippe Laffont, Millennium Management of billionaire Israel Englander, Anson Funds' Investments Master fund posted double-digit returns. Chase Coleman's Tiger Global, which was devastated in 2022 due to its tech investments, rebounded strongly in 2023 and posted a 28.5% gain in the period, with most of the gains coming in the last quarter of the year, helped largely by tech stocks. While there's no shortage of hedge funds that performed extremely poorly during the year, you have funds like Mulvaney Capital Management which reportedly posted a 51.22% return, according to Reuters. This mixed bag of results and the average underperformance of the hedge fund industry when compared to the S&P 500's strong returns in 2023 only prove Insider Monkey's long-held thesis about the hedge fund industry, recently summarized by its founder and research director Dr. Inan Dogan: "Hedge funds, usually, underperform the market during bull markets and outperform during bear markets. Most investors don’t understand that hedge funds are “hedged”. When the S&P 500 Index returns 20+% like it did in 2021, it is a certainty that hedge funds will underperform. It is also a certainty that hedge funds will significantly outperform the market when the market declines 18.2% like it did in 2022. Hedge funds lost 4.25% in 2022 according to HFR. That’s an outperformance of 14 percentage points. " Story continues Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator Most Famous Hedge Fund Managers and Their Top Stock Picks 22. Israel Englander Top Stock Pick: Microsoft Corp (NASDAQ:MSFT) Israel "Izzy" Englander founded Millennium Management in 1989 with Ronald Shear. As of 2023 the fund has a whopping $61 billion worth of assets under management. The hedge fund operates relative value, equity arbitrage, fixed income and quantitative strategies. As of the end of the third quarter of 2023, Microsoft Corp (NASDAQ:MSFT) was the biggest position of Millennium Management as the fund had a $1.6 billion stake in Microsoft Corp (NASDAQ:MSFT). In its fourth quarter 2023 investor letter, ClearBridge Dividend Strategy stated the following regarding Microsoft Corporation (NASDAQ:MSFT): “Microsoft Corporation (NASDAQ:MSFT) is the largest holding in our portfolio. Given its partnership with OpenAI and leading position in the cloud, Microsoft is well-positioned to profit from the boom in AI. However, due to Microsoft’s tremendous scale and diversification, the company is not dependent upon AI for its success. Microsoft’s diverse portfolio of software and cloud offerings ensures the company will thrive even if the next hot thing, like AI, fizzles out. In this way, Microsoft is emblematic of our broader investing approach. We seek to benefit from powerful trends, but we do so with an eye toward managing risk and limiting downside in case the future turns out to be less rosy than hoped for.” 21. Ken Griffin Top Stock Pick: Boston Scientific Corp (NYSE:BSX) Worth about $35 billion today, Ken Griffin started Citadel LLC back in 1990. As of December 2022, the fund had assets under management worth over $62 billion. As of the end of the third quarter of 2023, Microsoft was the biggest position of the fund but since it would be a repetition, we focus on the fund's second-biggest holding, Boston Scientific Corp (NYSE:BSX). Citadel had a $1.1 billion stake in Boston Scientific Corp (NYSE:BSX). Baron Health Care Fund made the following comment about Boston Scientific Corporation (NYSE:BSX) in its Q3 2023 investor letter: “We added to our position in Boston Scientific Corporation (NYSE:BSX), a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties. We wrote about Boston Scientific last quarter. We believe Boston Scientific can grow revenue in the high single digits, driven by differentiated products used to treat atrial fibrillation, among others. The company held an Investor Day during the quarter at which management established financial targets for the 2024– 2026 period calling for an organic sales CAGR of 8% to 10%, 150 basis points of margin expansion and strong double-digit adjusted EPS growth and improved free-cash-flow conversion. We think this growth profile makes Boston Scientific a compelling name within the large medical device universe.” 20. John Paulson Top Stock Pick: Horizon Therapeutics Public Ltd Co. (NASDAQ:HZNP) John Paulson, who has a net worth of about $3.5 billion as of January 11, rose to fame in 2007 when he earned a whopping $4 billion, thanks to his bets against the U.S. subprime mortgage lending market via credit default swaps. Paulson founded Paulson & Co. in 1994. The hedge fund's biggest position as of the end of September was Horizon Therapeutics Public Ltd Co. (NASDAQ:HZNP) in which the fund had a $243 million stake. 19. David Einhorn Top Stock Pick: Green Brick Partners Inc (NYSE:GRBK) David Einhorn founded Greenlight Capital in 1996. The fund returned 36.6% in 2022, easily outperforming the S&P 500’s fall of 18.1%. Since its launch in 1996, Greenlight Capital has returned 2,358.3% for an annualized return of 12.8% net. Over the same timeframe, the S&P 500 gained 864% for an annualized return of 8.9%. The fund's biggest stock holding is Green Brick Partners Inc (NYSE:GRBK). Here is what Greenlight Capital has to say about Green Brick Partners, Inc. (NYSE:GRBK) in its Q3 2023 investor letter: “Green Brick Partners, Inc. (NYSE:GRBK) fell from $56.80 to $41.51 during the quarter. The company announced second quarter earnings of $1.63 per share, which far exceeded consensus estimates of $1.18 per share. Full-year estimates for 2023 and 2024 rose from $5.16 and $5.54 to $6.13 and $6.49, respectively. However, the market has become concerned about the impact of higher mortgage rates, and most homebuilding stocks reversed a portion of the gains achieved earlier this year.” 18. Jim Simons Top Stock Pick: Novo Nordisk A/S (NYSE:NVO) James Harris Simons is an American billionaire, award-winning mathematician and hedge fund manager who founded Renaissance Technologies in 1982. According to data compiled by Bloomberg, Jim Simons’ secretive Medallion Fund — closed for outsiders — posted a whopping $55 billion in profit over the last 28 years, about $10 billion more profitable than hedge funds of giants like Ray Dalio and George Soros. Renaissance Technologies' biggest stock holding as of the end of September 2023 was Novo Nordisk A/S (NYSE:NVO)in which the fund had a $1.5 million stake. ClearBridge Sustainability Leaders Strategy made the following comment about Novo Nordisk A/S (NYSE:NVO) in its Q3 2023 investor letter: “Our health care holdings also fared well. The sector has been largely overlooked in 2023 amid AI exuberance, but its defensiveness is looking more salutary as tighter monetary policy begins to sap market sentiment. Novo Nordisk A/S (NYSE:NVO) shares rose on continued unprecedented demand for GLP-1s, which treat diabetes and obesity, and of which Novo Nordisk is one of two major providers. GLP-1s represent the largest commercial opportunity and investable theme in health care.” 17. Cathie Wood Top Stock Pick: Tesla Inc (NASDAQ:TSLA) Cathie Wood is one of the most followed hedge fund managers in the Wall Street and is known for her bets on innovative, high-growth companies. In 2014, Wood founded ARK Invest. Cathie Wood's ARK Innovation exchange-traded fund ($ARKK) rallied about 70% in 2023. This was the fund's third best performance in a year since its inception. The biggest position of ARK Invest as of the end of September 2023 was Tesla Inc (NASDAQ:TSLA) in which the fund had a $1 billion stake. Here is what White Brook Capital has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q3 2023 investor letter: “The magnificent seven, that underpin the S&P 500 performance, which includes Tesla, Inc. (NASDAQ:TSLA), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.” 16. Guy Spier Top Stock Pick: Berkshire Hathaway Inc Class A (NYSE:BRK.A) Guy Spier has risen to fame over the past few years, thanks to his obsession with Warren Buffett and his value principles. The author of the famous value investing book The Education of a Value Investor famously paid $650,100 along with Mohnish Pabrai to have lunch with Warren Buffett. Spier founded the Aquamarine Fund after leaving investment banking career. The fund's biggest position as of the end of the third quarter was, you guessed it, Warren Buffett's Berkshire Hathaway Inc Class A (NYSE:BRK.A) as the fund owned 140,600 shares of the conglomerate. 15. Michael Burry Top Stock Pick: Stellantis NV (NYSE:STLA) Michael Burry is almost always in the news thanks to his blunt predictions which often warn about recessions and market crashes. The Big Short investor rose to fame after he correctly bet against the housing bubble in 2007. In 2000, Michael Burry founded Scion Capital. The fund's biggest stock holding as of the end of September was Stellantis NV (NYSE:STLA) in which the fund had a $7.6 million stake. 14. Leon Cooperman Top Stock Pick: Energy Transfer LP Unit (NYSE:ET) Billionaire Leon Cooperman is the chariman and CEO of Omega Advisors, which had about $1.9 billion under managed securities as of the end of the third quarter. The biggest stock holding of the fund was Energy Transfer LP Unit (NYSE:ET), in which the fund had a $167 million. 13. Mario Gabelli Top Stock Pick: Herc Holdings Inc (NYSE:HRI) Billionaire Mario Gabelli is the man behind GAMCO Investors, Inc., formerly known as Gabelli Asset Management Company. Gabelli is a value investor and has impressed the market with high returns over the past several years. Talking to Columbia Business School, the 81-year-old investor talked about the essence of value investing: "Value investing isn’t focused on short-term market movements. It’s about finding the ignored and unloved companies that nobody covers for whatever reason, with a good business, solid management, and a good price. But you do need to evaluate new trends as they come up. AI, for example, might accelerate the problem of income inequality. Also, there are food, water, and energy shortages. There’s the way capital is allowed to be allocated on a global basis — the regulatory hurdles and the challenges to the free market’s system of allocation. So you have to figure out how to bridge all that." The biggest stock holding of GAMCO as of the end of the third quarter of 2023 was Herc Holdings Inc (NYSE:HRI). 12. David Tepper Top Stock Pick: Amazon.com Inc (NASDAQ:AMZN) Billionaire David Tepper is the man behind Appaloosa Management, a Florida-based hedge fund. Tepper, who also owns Carolina Panthers, managed to post about 18% to 19% gains in 2023, according to a report by Institutional Investor. Tepper's top two holdings as of the end of September were Meta Platforms Inc (NASDAQ:META) and Microsoft Corp (NASDAQ:MSFT). But since these two stocks are already mentioned in our article as the top picks of other hedge funds, let's look at the third biggest position of the billionaire. Tepper's fund had a $477 million stake in the ecommerce giant Amazon.com Inc (NASDAQ:AMZN). In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Amazon.com, Inc. (NASDAQ:AMZN): “Much of that differential can be attributed to the performance of the Magnificent Seven (Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), a basket of mega cap growth stocks that accounted for 47.8% of the benchmark return for the quarter and 65.4% for 2023. The ClearBridge Large Cap Growth Strategy maintains exposure to six of the seven stocks, with overweights in Amazon.com, Inc. (NASDAQ:AMZN), Meta and Nvidia. Amazon benefited from strong margin expansion across segments, most notably its core e-commerce business, while Meta saw accelerated revenue growth and share gains in online advertising. Active management of our mega cap exposure contributed to the Strategy outperforming the benchmark both in the fourth quarter and through the narrow leadership market of 2023. We also attribute these improved results to solid stock picking, being opportunistic in adding to or initiating new positions in growth companies at or near the bottom of their earnings cycle, and maintaining a commitment to diversification across our three buckets of growth: select, stable and cyclical.” 11. Paul Tudor Jones Top Stock Pick: Activision Blizzard Inc (ATVI) Billionaire Paul Tudor Jones founded Tudor Investment Corporation in 1980. As of the end of the September quarter the hedge fund had a portfolio worth about over $9 billion. The biggest stake of the company was in Activision Blizzard which is now going under the ownership of Microsoft. Jones' fund had a $284 million stake in the company as of the end of the September quarter. 10. Dan Loeb Top Stock Pick: PG&E Corporation (NYSE:PCG) Daniel Seth Loeb started Third Point in 1995. The fund today has $10.8 billion in assets for sovereign wealth funds, endowments, foundations, corporate & public pensions, high-net-worth individuals, and employees. The fund returned -2.2% on a NAV basis in September 2023, compared with a -4.3% return for the MSCI World Index and a -4.8% return for the S&P 500 Index. As of the end of the September 2023 quarter, PG&E Corporation (NYSE:PCG) was the biggest position of the hedge fund. Third Point reported owning 57 million shares of the company. 9. Bill Ackman Top Stock Pick: Chipotle Mexican Grill Inc. (NYSE:CMG) Bill Ackman is currently in the news for his relentless outburst against Harvard University and reports alleging his wife was involved in academic plagiarism. Regardless of this hullaballoo, Ackman is among the top money managers in the world, having started Pershing Square Capital in 2004. In 2023, Pershing returned 26.7%. As of the end of the September quarter, the hedge fund's biggest position was Chipotle Mexican Grill Inc. (NYSE:CMG), in which the fund had a $1.7 billion stake. Over the past one year the stock has gained about 51%. ClearBridge Mid Cap Growth Strategy made the following comment about Chipotle Mexican Grill, Inc. (NYSE:CMG) in its Q3 2023 investor letter: “In the consumer discretionary sector, Chipotle Mexican Grill, Inc. (NYSE:CMG) proved a detractor as investors were disappointed in management’s decision not to push additional menu pricing, which resulted in full year guidance falling short of expectations. However, we believe this is just a timing mismatch as their value proposition relative to peers leaves room for continued strong pricing power.” 8. Ken Fisher Top Stock Pick:Apple Inc (NASDAQ:AAPL) Worth $7.9 billion today, Ken Fisher is one of the most renowned hedge fund managers in the world. Ken Fisher founded Fisher Investments back in 1979. Fisher Investments today manages over $236 billion in assets. Ken Fisher is bullish on the market. He recently wrote in an article for that The Globe and Mail that he sees "double-digit gains for both S&P 500 and the MSCI World Index, with tech and big growth stocks leading early on." Apple Inc (NASDAQ:AAPL) is the biggest holding of Fisher Investments as of the end of the third quarter of 2023. The fund owned a whopping $9.2 billion stake in Apple Inc (NASDAQ:AAPL). In its fourth quarter 2023 investor letter, ClearBridge Dividend Strategy stated the following regarding Apple Inc. (NASDAQ:AAPL): “We meaningfully reduced our exposure to Apple Inc. (NASDAQ:AAPL) in 2023. Apple is the largest company in the world and produces terrific products that engage users for hours each day. Despite the company’s size, ubiquity and relevance, however, Apple’s growth has slowed dramatically. Its fiscal 2023 earnings were flat with those of 2022. Apple trades at 30x earnings; sustaining that multiple will require a meaningful acceleration in revenues. While such an improvement is possible, we do not see any obvious catalysts for adding tens of billions of dollars to Apple’s topline. Consequently, the risk-reward skews negatively.” 7. Ray Dalio Top Stock Pick: Procter & Gamble Co (NYSE:PG) Ray Dalio in 1975 founded Bridgewater Associates which went on to become the largest hedge fund in the world. According to Forbes, the hedge fund has over $124 billion in assets under management. According to Bloomberg, Bridgewater's flagship hedge fund lost about 7.6% in 2023, while its long-only All Weather fund climbed 10.6% in the period. As of the end of the third quarter of 2023, Procter & Gamble Co (NYSE:PG) was the biggest holding of Ray Dalio's Bridgewater as the fund reported owning a $700 million stake in Procter & Gamble Co (NYSE:PG). Hayden Capital made the following comment about The Procter & Gamble Company (NYSE:PG) in its third 2023 investor letter: “It’s not just emerging markets either, where one could argue a “scarcity premium” given fewer quality public companies. Even in the US, Coca-Cola trades at ~30x P/E despite having the same earnings as 10 years ago. The Procter & Gamble Company (NYSE:PG) is likewise at ~27x P/E, with earnings only ~12% higher than a decade ago (or a ~1% annual growth rate). This equates to a mere 3.3% – 3.7% earnings yield. Both of these companies actually have lower revenues than 10 – 15 years ago too, indicating that their profit growth is mostly from margin expansion. This can only last for so long before there’s no more excess expenses left to cut. I find it ironic that all these companies trade as “bond-equivalents” in the minds of investors – even commanding lower yields than US treasuries, the safest security in the world. But it’s clear that their businesses are not nearly as safe. Proctor & Gamble is facing disruption from direct-to-consumer brands that offer their products for a fraction of the price. But these companies are ~35% more expensive than US Treasuries, despite the heightened risk. On a risk-adjusted basis, one could argue the implied premium is even higher. Perhaps the explanation is simply the price volatility difference between these stocks and treasuries over the last two years. For example, 10-year Treasury bonds are down ~-20% since the beginning of 2022. By comparison, KO and PG are remarkably down only -4 – 6% over that time frame.” 6. Chase Coleman Top Stock Pick: Meta Platforms Inc (NASDAQ:META) Having worked under legendary investor Julian Robertson, Chase Coleman rose to higher ranks in the money management industry with speed thanks to Robertson giving Coleman about $25 million after he shuttered his own fund Tiger Management. The famous tiger cub founded Tiger Global in 2001. According to Forbes, Coleman's worth today is about $5.7 billion. Tiger Global's biggest stock position as of the end of September 2023 was Meta Platforms Inc (NASDAQ:META), in which the fund had a $2.7 billion stake. In its fourth quarter 2023 investor letter, ClearBridge Large Cap Growth Strategy stated the following regarding Meta Platforms, Inc. (NASDAQ:META): “Much of that differential can be attributed to the performance of the Magnificent Seven (Alphabet, Amazon.com, Apple, Meta Platforms, Microsoft, Nvidia and Tesla), a basket of mega cap growth stocks that accounted for 47.8% of the benchmark return for the quarter and 65.4% for 2023. The ClearBridge Large Cap Growth Strategy maintains exposure to six of the seven stocks, with overweights in Amazon.com, Meta and Nvidia. Amazon benefited from strong margin expansion across segments, most notably its core e-commerce business, while Meta Platforms, Inc. (NASDAQ:META) saw accelerated revenue growth and share gains in online advertising. Active management of our mega cap exposure contributed to the Strategy outperforming the benchmark both in the fourth quarter and through the narrow leadership market of 2023. We also attribute these improved results to solid stock picking, being opportunistic in adding to or initiating new positions in growth companies at or near the bottom of their earnings cycle, and maintaining a commitment to diversification across our three buckets of growth: select, stable and cyclical.” Click to continue reading and see the 5Most Famous Hedge Fund Managers and Their Top Stock Picks. Suggested Articles: Billionaire Paul Singer's Recent Activist Targets and Top Stock Picks Cliff Asness Stock Portfolio: 10 Top Stock Picks Dan Loeb Stock Portfolio: 10 Top Stock Picks Disclosure. None.22 Most Famous Hedge Fund Managers and Their Top Stock Pickswas initially published on Insider Monkey.
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16 Richest Hedge Fund Managers in the WorldIn this article, we discuss the 16 richest hedge fund managers in the world and their top stock picks. If you want to see more hedge fund managers, check out 5 Richest Hedge Fund Managers in the World. The global hedge fund industry experienced a tumultuous year, navigating through market fluctuati...
In this article, we discuss the 16 richest hedge fund managers in the world and their top stock picks. If you want to see more hedge fund managers, check out 5 Richest Hedge Fund Managers in the World. The global hedge fund industry experienced a tumultuous year, navigating through market fluctuations driven by the conflicts in Eastern Europe and Gaza, surging inflation, and the implementation of interest rate hikes. In such an environment, hedge fund managers still managed to amass billions of dollars in personal earnings. While the market downturn led many long-short and long-only managers to incur losses, with some performing worse than the S&P 500 index's decline, it proved to be a prosperous year for multistrategy, macro, trend-following, and fixed-income managers. Collectively, the 20 wealthiest hedge fund billionaires on Forbes' 2023 World's Billionaires list now hold a combined net worth of $245 billion, marking a $4 billion increase from the previous year. However, the individual returns of these managers have exhibited significant variations. During the second quarter of 2023, global hedge funds collectively amassed a fund totaling $3.6 billion, resulting in a positive net inflow of $12.64 billion in the first half of the year, according to data from HFR. As of June 2023, the total assets managed by hedge funds reached $3.95 trillion, marking a 1.8% increase from March 2023. This growth was largely driven by the second-quarter performance of hedge funds, which experienced an average increase of 2.15%, contributing to a 3.4% rise in the first half of the year. Overall, hedge funds across the industry are making big moves. Ken Griffin's hedge fund enterprise Citadel Investment Group, for instance, achieved an estimated $16 billion in net gains for investors last year—marking the highest amount ever tracked by LCH Investments in its annual ranking of the world's leading hedge fund managers. This brought Citadel's net gains since its inception to an unprecedented $65 billion. Citadel's specialized funds focusing on fixed income and equities also recorded impressive gains of 32.6% and 21.4%, respectively. The hedge fund, relocated by Griffin from Chicago to Miami in 2022, generated net trading revenue of $28.7 billion in 2022, including fees, equivalent to the capital markets revenue of banking giant JPMorgan. With a cumulative net return of 118% since 2020, Citadel significantly outperformed the S&P 500, which gained 25% over the same period. Story continues As such, investors commonly adopt the strategy of mirroring the stock choices of renowned hedge funds, often finding common holdings such as Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and Bank of America Corporation (NYSE:BAC). Richest Hedge Fund Managers in the World Our Methodology For our list of the 16 richest hedge fund managers in the world, we made use of Forbes' The Richest Hedge Fund Managers 2023 list as the basis for our rankings. These money managers, ranked according to their net worth, lead some of the premier hedge funds across the globe. We also highlighted their top stock picks based on 13F portfolios as of the end of the third quarter of 2023. 16. Bruce Kovner Net Worth: $6.6 billion Bruce Kovner, an accomplished American hedge fund manager, stands as one of the most successful traders in recent decades. As the founder of Caxton Associates, he has amassed billionaire status and is the proprietor of the Kovner Foundation, one of the largest private foundations in the United States. Kovner's exceptional trading skills have earned him recognition, and he is featured in Jack Schwager's book "Market Wizards" as one of the greatest traders of all time. Bruce Kovner's net worth is estimated to be approximately $6.6 billion, according to Forbes. Apart from his charitable activities managed by the Kovner Foundation, the chairman of CAM Capital focuses on investments in private assets. At the end of September 2023, Teck Resources Ltd (USA) (NYSE:TCK) was the largest holding in Caxton Associates' portfolio, with 1.03 million shares worth $44.69 million. Like Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and Bank of America Corporation (NYSE:BAC), Teck Resources Ltd (USA) (NYSE:TCK) is one of the top stock picks of the richest hedge fund managers. 15. George Soros Net Worth: $6.7 billion George Soros stands as one of the most accomplished investors in history. Managing the Soros Fund Management, his portfolio is valued at approximately $7 billion as of Q3 2023. According to Forbes, Soros has an estimated net worth of $6.7 billion, having donated over $32 billion to philanthropic causes. He previously oversaw the Quantum Fund, achieving an impressive average annual return of 30% over a 30-year span from 1970 to 2000. Notably, Soros gained widespread recognition for earning a $1 billion profit in a single day in 1992 through the strategic short selling of the British pound, thus earning him the name, "the Man Who Broke the Bank of England". George Soros' top holding as of Q3 2023 is Horizon Therapeutics Public Limited Company (NASDAQ:HZNP), with the billionaire owning more than 3.28 million shares worth $380.5 million, representing 5.4% of the total 13F portfolio. 14. Christopher Hohn Net Worth: $6.7 billion Christopher Hohn, a British billionaire and hedge fund manager, is renowned for both his philanthropic endeavors and assertive activist campaigns. In 2003, Hohn founded The Children's Investment Fund Management (TCI). Notably, Hohn committed to donating 50 basis points of the management fee to The Children’s Investment Fund Foundation, a charitable fund he co-established with his ex-wife, Jamie Cooper-Hohn. TCI Fund Management achieved profits for 13 consecutive years until 2021. However, the fund experienced a setback in 2022, registering an 18% decline, attributed to substantial investments in Alphabet Inc. (NASDAQ:GOOG) and Microsoft Corporation (NASDAQ:MSFT). This downturn resulted from investor shifts away from growth stocks towards value and dividend-oriented plays. The majority of Hohn's net worth is derived from TCI Fund Management. Notably, TCI was the world's best performing hedge fund in 2019 and managed about $27.56 billion at the end of Q3 2023. The largest stock in TCI Fund Management’s Q3 2023 portfolio is General Electric Company (NYSE:GE). Regulatory filings show that Chris Hohn's hedge fund owned 7.9 million shares of General Electric Company (NYSE:GE) at the end of September 2023 worth $4.6 billion, representing 16.7% of the portfolio of the fund. 13. David Siegel & John Overdeck Net Worth: $6.8 billion John Overdeck and David Siegel co-founded Two Sigma Advisors in 2001, alongside Mark Pickard, who has since retired. Prior to this venture, John Overdeck held the position of managing director at D.E. Shaw & Co., while David Siegel served as Chief Information Officer at the same firm. Notably, Siegel gained algorithmic experience during his tenure at Paul Tudor's Tudor Investment Corp, bringing valuable expertise to Two Sigma. Over the years, Two Sigma Advisors has strategically brought on board leading mathematicians and engineers to contribute to the development and refinement of proprietary trading models. This strategic approach likely contributes to the consistent ranking of the hedge fund among the top ten over the years. As of the end of the first quarter, the hedge fund recorded a notable gain of 21.7%, significantly surpassing the 6% gain of the S&P 500 ETF (SPY). Two Sigma has established a track record of consistently outperforming the S&P 500, with its flagship fund, Two Sigma Compass Enhanced, delivering an average annual return of 16.9% since 2007, outpacing the 9.2% gain of the S&P 500. Two Sigma Advisors top holding as of Q3 2022 is Apple Inc. (NASDAQ:AAPL), with the hedge fund owning more than 59 million shares worth $8 billion, representing 6.13% of the total 13F portfolio. 12. Philippe Laffont Net Worth: $6.9 billion Philippe Laffont, a French-born investor, has consistently outperformed the NASDAQ Composite, surpassing its returns by more than five percentage points on average over the past two and a half decades. Managing a hedge fund with assets exceeding $70 billion, he has achieved an average annual gain of 11% since 1999. Laffont initiated his financial career by joining consulting firm McKinsey immediately after completing his post-graduate degree in Computer Science from the Massachusetts Institute of Technology. Additionally, he served as a telecommunications analyst for Julian Robertson. As of the third quarter of 2023, the equity portfolio of his fund, Coatue Management, with significant holdings in tech firms, was valued at over $19.7 billion. The largest stock in Coatue Management’s Q3 2023 portfolio is NVIDIA Corporation (NASDAQ:NVDA), with 4.5 million shares worth $1.9 billion, representing 10.02% of the total holdings. In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said: “At the portfolio level, the positive fundamental trends we noticed in the second quarter continued into the third quarter as well – many of our companies are reporting stability or slight improvement in business trends. Weighted average 2023 revenue growth expectations for the portfolio were up 3.8% during the third quarter or up 0.8% if we exclude NVIDIA. We wrote at length about NVIDIA earlier this year, but it is worth mentioning that the company has continued to exceed its own projections and the Street’s most optimistic expectations. After raising its revenue and EPS guidance for 2023 by 40% and 69%, respectively, following its last quarter, NVIDIA increased it further by 26% and 35%, respectively, after reporting the most recent one. Consensus expectations now call for revenues to grow 94% this year, while earnings per share are expected to increase by 192%. You may have seen these kinds of growth rates before, but we doubt you saw them from a company generating $50 billion in revenues. The skeptics who continue to question and doubt the accelerating demand for Generative artificial intelligence forgot to tell NVIDIA about it. But we digress…back to the portfolio…profit expectations have risen even faster than revenues and were up 11% during the third quarter (or up 7.8% ex-NVIDIA) with margin expectations up 149bps (107bps ex-NVIDIA). So, broadly speaking, our companies are seeing improvement in overall business trends, which flow through to their bottom lines, driving higher margins. We are also starting to see the benefits of leaner cost structures and more disciplined capital allocation compared to two or three years ago when capital was both cheaper and more readily available.” 11. Paul Tudor Jones Net Worth: $7.5 billion Paul Tudor Jones stands as one of the wealthiest hedge fund investors globally. Establishing his hedge fund, Tudor Investment Corporation, in 1980, the fund has expanded significantly over the years. As of the end of the third quarter of this year, Tudor Investment's portfolio reached a value of $9.9 billion, reflecting substantial growth of $1.6 billion compared to the previous quarter. One of his notable and well-known moves occurred in 1987 when he bet against both American and Japanese stock markets, thus earning a staggering 125% in gains after fees. The largest position of Tudor Investment Corporation as of the end of September 2023 was Activision Blizzard, Inc. (NASDAQ:ATVI), with 3.03 million shares worth $284.2 million. Here is what Aristotle Value Equity has to say about Activision Blizzard, Inc. (NASDAQ:ATVI) in its Q2 2023 investor letter: “Headquartered in Santa Monica, California, Activision Blizzard is one of the largest video game companies in the world. The company develops and sells games that are played by nearly 400 million monthly active users across 190 countries. Activision Blizzard is a product of the 2008 merger of Activision, the console game maker, and Blizzard Entertainment, the PC game maker. In 2015, Activision Blizzard also acquired King Digital Entertainment, the developer of mobile games. The combined entities own some of the most well‐known franchises globally, including World of Warcraft, Call of Duty and Candy Crush. Together these three franchises account for roughly 80% of Activision Blizzard’s sales. The company has successfully navigated multiple console cycles and, in recent years, has shifted its revenue mix away from physical sales toward more recurring sources. In 2013, roughly 70% of sales came from physical games, while today ~75% of sales come from subscriptions, in‐game content and advertising across mobile devices, consoles and PCs. In early 2022, Microsoft—a current Value Equity holding—announced its intention to acquire Activision Blizzard. Our subsequent discussions with Sony, also a current holding, furthered our understanding that access to Activision Blizzard’s gaming franchises is critical for PlayStation, Xbox and the broader videogame industry. We do not attempt to predict regulatory approval of the transaction and instead view the company as an optimal investment regardless of whether the acquisition takes place…” (Click here to see the full text) 10. David Shaw Net Worth: $7.9 billion A Stanford University alumnus, David E. Shaw is among the hedge fund managers who have mastered the intricacies of quant investing, consistently delivering substantial returns. Once a computer science professor at Columbia University, Shaw established his quantitative hedge fund, D.E. Shaw, in 1988. Renowned for its utilization of sophisticated mathematical modeling and algorithms, the fund currently oversees assets exceeding $95.78 billion. In 2002, Shaw transitioned away from day-to-day operations, entrusting an executive committee with the firm's oversight. Under the D.E. Shaw hedge fund, Shaw's two major funds, Composite and Oculus, have consistently achieved an annualized net return of 12% through their quantitative investment strategy. Oculus stands out as one of the top-performing funds, maintaining a track record of never recording a negative annual return. The hedge fund, with an overall return exceeding 10%, has surpassed industry standards, underscoring the effectiveness of its quantitative investment approach. Microsoft Corporation (NASDAQ:MSFT) is the biggest position in Shaw’s portfolio, with 7.77 million shares worth $2.45 billion. In its Q3 2023 investor letter, Jackson Peak Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said: “The Microsoft Corporation (NASDAQ:MSFT)/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.” 9. Chase Coleman Net Worth: $8.5 billion Charles Payson "Chase" Coleman III is an American billionaire hedge fund manager and the creator of Tiger Global Management. He acts as the portfolio manager for both the public equity and private equity sectors. The public equity segment, involving long and long/short investment strategies, was initiated in March 2001 and follows a fundamentally focused, long-term investment strategy targeting high-quality companies positioned for robust secular growth. The private equity arm, established in 2003, has participated in numerous companies spanning over 30 countries, engaging in all funding stages from Series A to pre-IPO. The venture business, currently deploying its twelfth fund, strives to collaborate with dynamic entrepreneurs leading market-leading growth companies. According to Forbes, Coleman's net worth stands at approximately $8.5 billion as of July 2023, ranking him as the 258th wealthiest individual globally. His fund's biggest position at the end of Q3 was Meta Platforms, Inc. (NASDAQ:META) with a stake value of slightly over $2.67 billion. 8. Israel Englander Net Worth: $11.5 billion Israel (Izzy) Englander serves as the founder, CEO, and proprietor of Millennium Management, a multi-strategy hedge fund. By mid-2011, Israel Englander had expanded the firm to approximately $13 billion in assets under management, showcasing remarkable growth. Millennium achieved a 13% return in 2010 and posted around a 6% gain for 2011, surpassing many peers. Presently, Englander's hedge fund enterprise oversees $58 billion. In 2022, its primary multi-strategy fund delivered a 12.4% return, generating $8 billion in net gains for investors. Microsoft Corporation (NASDAQ:MSFT) and NVIDIA Corporation (NASDAQ:NVDA) ranks among the biggest positions in Englander’s portfolio. 7. Michael Platt Net Worth: $16 billion Michael Platt is the co-founder and CEO of BlueCrest Capital Management, established in 2000 following his nearly decade-long tenure at JPMorgan. BlueCrest reached its pinnacle in 2013, ranking among the world's largest hedge funds with over $35 billion in assets under management. In response to challenges in equities and lackluster results prompting investor withdrawals, Platt transformed the firm into a family office in 2015. This strategic shift turned out to be a game-changing decision for BlueCrest Capital Management. Since becoming a family office, the fund has delivered remarkable net returns, achieving 50% in 2016 and 54% in 2017. It has continued to thrive, consistently generating returns of at least 25% annually, including an impressive 95% net return in 2020 and 153% in 2022. At the end of September of this year, Platt's largest stock holding, with 2.26 million shares worth $65.99 million was Criteo S.A. (NASDAQ:CRTO). 6. Carl Icahn Net Worth: $17.5 billion Carl Icahn, an American hedge fund manager, was referred to as a corporate raider in the 1980s, but in subsequent years, he was more frequently characterized as an activist investor. The activist investor has been a prominent figure in shaping corporate America for decades, and the shares of his main investment entity, Icahn Capital LP, experienced a modest increase in 2021. Notably, he garnered a profit of approximately $250 million by acquiring Twitter, Inc. (NYSE:TWTR) stock following Elon Musk's announcement of a merger agreement to acquire the company. Icahn expressed his willingness to consider initiating a proxy fight if the proposed deal did not materialize. In March, he initiated a proxy battle with Illumina, Inc. (NASDAQ:ILMN), nominating three directors for the board and advocating for the DNA sequencing company to divest its $7.1 billion acquisition of healthcare firm Grail in 2021. At the end of the third quarter of 2023, Icahn's stock portfolio was worth $41.3 million. The Icahn Enterprises L.P. (NASDAQ:IEP) is the biggest position in billionaire’s portfolio, with 350.8 million shares valued at $6.93 billion. Click to continue reading and see the 5 Richest Hedge Fund Managers in the World. Suggested articles: 15 Best Merlot Wines Under $50 Here Are This Elite Fund’s Top 10 Stock Picks Brad Gerstner Stock Portfolio: 10 Top Stock Picks Disclosure. None. 16 Richest Hedge Fund Managers in the World is originally published on Insider Monkey.
AAPL AMZN ATVI BAC CRTO GE GOOG HZNP IEP ILMN META | finance.yahoo | about 2 years ago | Neutral

Billionaire John Paulson’s Messy Divorce and Top Stock PicksIn this article, we discuss billionaire John Paulson's Messy divorce and top stock picks. If you want to see more stocks in this selection, check out Billionaire John Paulson's Messy Divorce and Top 5 Stock Picks. Born to immigrant parents, John Alfred Paulson is one of Wall Street's most revered h...
In this article, we discuss billionaire John Paulson's Messy divorce and top stock picks. If you want to see more stocks in this selection, check out Billionaire John Paulson's Messy Divorce and Top 5 Stock Picks. Born to immigrant parents, John Alfred Paulson is one of Wall Street's most revered hedge fund managers and one of the most followed voices. He rose to fame at the height of the 2008 financial crisis, making $4 billion by shorting the housing market. Paulson & Co, a hedge fund he founded in 1994, generated about $15 billion for investors even as turmoil rocked the markets. The hedge fund manager became widely recognized for identifying overvalued assets and taking positions that would benefit from a decline in value. As part of the strategy, the legendary investor has always emphasized conducting in-depth research to identify promising investment opportunities. The strategy entails going through financial statements and analyzing fundamentals and macro trends. Consequently, investors have always sought billionaire John Paulson's top stock picks. Paulson's impressive returns at the height of the financial crisis did not come as a surprise, having accrued significant experience and understanding after years on Wall Street. The Finance degree holder from the New York University College of Business and Public Administration acquired an MBA from the Harvard Business School in 1980, which paved the way for him to take up a job at Boston Consulting Group Odyssey Partners and Bear Sterns. His star in the investment world would align after founding Paulson Co in 1994 with $2 million and one employee. As the financial crisis ended in 2011, the hedge fund had about $38 billion in assets under management, affirming Paulson's success as a hedge fund manager. Nevertheless, by 2018, the hedge fund's holdings had declined significantly to just $9 billion in assets. The massive sell-off came as the overall hedge fund industry came under immense pressure and lost ground amid severe losses. Paulson Co's reputation had also been tarnished over the decade amid poor returns on hedging returns that could not keep up with the unhedged returns of the market indices. After an illustrious career, Paulson announced at the end of 2020 that this hedge fund would no longer accept outside money. The hedge fund was converted into a family office. Story continues Amid the success in the equity markets, Paulson fell into the category of hedge fund managers embroiled in a fierce divorce standoff. In 2022, the legendary investor made his intention to marry his 34-year-old girlfriend clear after moving her into his Fifth Avenue apartment. The billionaire investor told friends he wanted to have a baby with the nutrition influencer Alina de Almeida, who was almost half his age. The rumors came to light amid an ugly divorce from Jenny Paulson, having been married for 20 years and sharing two daughters. The soon-to-be ex-wife rejected a multibillion-dollar settlement from the hedge fund magnate, deciding to take the divorce to court. Nevertheless, Paulson is not the first and won't be the last hedge fund manager embroiled in a fierce divorce settlement. Billionaire hedge fund manager Israel Englander, who co-founded Millennium Management, was forced to settle for over $1 billion as his wife of more than 40 years left him for a woman. The wife filed for divorce, alleging that the billionaire investor worth over $10 billion had become enraged after she fell in love with a Swiss gallerist. David Einhorn's performance in the market was never affected as he separated from his wife of 24 years, Cheryl Strauss, in 2017. The Greenlight Capital hedge fund founder has become a successful long/short equity hedge fund manager. Ken Griffin, the brains behind Citadel Investment Group, another high-profile hedge fund, found himself in a fierce standoff with his ex-wife Anne Dias Griffin after filing for divorce. The ex-wife demanded $1 million in monthly expenses, including $160,000 for hotels and $2,000 for stationery, as part of a divorce settlement in 2015. The divorce battle came after Griffin had built a $24 billion hedge fund empire. Studies have shown that divorce issues can significantly affect fund managers' performance. Likewise, divorce issues have always been a red flag for savvy investors investing in hedge funds. Hedge fund manager Paul Tudor is one of the high-profile portfolio managers to reiterate that he always withdraws money from a fund when a manager's marriage break up. Billionaire John Paulson's Messy Divorce and Top Stock Picks "You can automatically subtract 10% to 20% from any manager when he is going through a divorce," Tudor said at a conference in 2013. It has also emerged that marriages tend to be more detrimental to older managers who frequently use a trading strategy. Performance among those above the median age of 49 tends to fall 14.3% when hit with marriage issues. On the other hand, young managers are barely affected. Nevertheless, the likes of Ken Griffin, David Einhorn, and John Paulson have not been affected by marital strife. The duo has continued to perform, depicted by the solid returns of their hedge funds. Bill Ackman, John Burbank, and David Tepper are other high-profile hedge fund managers embroiled in divorce issues and have continued to deliver stellar returns for investors. Our Methodology Paulson has joined an exclusive club of hedge fund managers, including Carl Icahn, George Soros, and Stanley Druckenmiller, who have quit managing money for external customers. By releasing himself from the demands of sending quarterly client letters and explaining complex positions to clients, Paulson is now solely focused on managing his money and growing his wealth. While the billionaire investor has also been embroiled in a fierce divorce settlement, he has not shown any signs of going slow on investing. The legendary investor is active and has diversified his holdings into various sectors, from healthcare to basic metals and financial services. Likewise, he is always looked upon as investors seek insight into market movements and emerging opportunities. Similarly, we have picked billionaire John Paulson's top stock picks as of the end of the second quarter of 2023. The stocks represent more than 80% of Paulson & Co's portfolio. We have ranked the stocks in ascending order of the hedge fund’s stakes in them. We also got the scoop on what 910 hedge funds in our database had to say about each stock by the end of Q2 2023. Billionaire John Paulson's Messy Divorce and Top Stock Picks 10. SSR Mining Inc. (NASDAQ:SSRM) Paulson & Co Q2 2023 Investment: $28.36 Million Percentage of Paulson &Co as of Q2 2023: 2.76% Number of HedgeFund Holders: 18 SSR Mining Inc. (NASDAQ:SSRM) sums up billionaire John Paulson's top stock pick and one of his hedge fund's most significant holdings in the mining sector. The company acquires, develops, and operates precious metal resource properties in Turkey and America. The company has made a name for itself in exploring gold, silver, copper, lead, and zinc deposits. Over the last ten years, SSR Mining Inc. (NASDAQ:SSRM) has returned 154% to investors, affirming why it is one of billionaire John Paulson's top stock picks. Since the legendary investor acquired stakes in the company in 2019, they have registered a 108% gain. While the stock is down from its all-time highs, Paulson & Co. has still generated significant returns, For instance, SSR Mining Inc. (NASDAQ:SSRM) has returned $74 million to shareholders through dividends and a share buyback program. Likewise, it is on track to return over $100 million for a third consecutive year. Of the 910 hedge funds in Insider Monkey’s database, 18 reported having stakes in SSR Mining Inc. (NASDAQ:SSRM). 9. Agnico Eagle Mines Limited (NYSE:AEM) Paulson & Co Q2 2023 Investment: $39.16 Million Percentage of Paulson &Co as of Q2 2023: 3.82% Number of HedgeFund Holders: 42 Agnico Eagle Mines Limited (NYSE:AEM) is another company that seeks to strengthen Paulson & Co.'s prospects in the mining sector. The gold mining company explores, develops, and produces precious metals in low-risk jurisdictions. It boasts flagship projects in Canada, Australia, Finland, Mexico, and the US. It has emerged as billionaire John Paulson's top stock pick even as it increases clout in the gold mining industry through aggressive acquisitions and booking huge profits. While Agnico Eagle Mines Limited (NYSE:AEM) used to operate a single mine in 2008, it has more than 12 operational projects, including the acquisition of Canadian Malartic from Yamana Gold. Agnico Eagle Mines Limited (NYSE:AEM) is on course to increase its annual production from 3.1 million ounces of gold in 2022 to 3.44 million ounces at the year's end. The mining stock is one of the oldest in Paulson & Co.'s portfolio, with the first investment made in 2011. According to Insider Monkey’s database of 910 hedge funds, Agnico Eagle Mines Limited (NYSE:AEM) had 42 hedge funds backing it by the end of the June quarter. The lion’s share of Agnico Eagle Mines Limited (NYSE:AEM) was held by First Eagle Investment Management, which had a $313 million stake in the company. 8. Thryv Holdings, Inc. (NASDAQ:THRY) Paulson & Co Q2 2023 Investment: $49.20 Million Percentage of Paulson &Co as of Q2 2023: 4.8% Number of HedgeFund Holders: 18 Thryv Holdings, Inc. (NASDAQ:THRY) is a communication services company that offers digital marketing solutions and cloud-based tools to small and medium-sized businesses. The company provides print and digital solutions, including print Yellow Pages search engine market and other digital media solutions. Thryv Holdings, Inc. (NASDAQ:THRY) emerged as billionaire John Paulson's top stock pick at the height of the pandemic as digital marketing was in high demand. At one point, the stock rallied by more than 300%, generating significant returns for the legendary investor. While the stock has pulled significantly from its 52-week high, the hedge fund still generates substantial returns. The stock currently accounts for 4.8% of Paulson & Co.'s portfolio. A total of 18 hedge funds tracked by Insider Monkey had reported owning stakes in Thryv Holdings, Inc. (NASDAQ:THRY) as of the end of the second quarter of 2023. 7. Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) Paulson & Co Q2 2023 Investment: $51.43 Million Percentage of Paulson &Co as of Q2 2023: 5.02% Number of HedgeFund Holders: 85 Headquartered in Dublin, Ireland, Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is a biotechnology company that discovers, develops, and commercializes medicines for addressing critical needs impacted by autoimmune and severe inflammatory diseases. It is one of billionaire John Paulson's top stock picks in the healthcare sector as it boasts a portfolio of 12 medicines touching on rare diseases, gout, ophthalmology, and inflammation. Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) has become one of Paulson's best investments since first acquiring stakes in 2019. The share price has exploded from $25 a share to a high of $116. The stock has nearly doubled in value over the past year as it closes in on a $27.8B deal to merge with Amgen. After the takeover, Paulson & Co. owns stakes worth $51 million, accounting for 5.02% of its portfolio. During Q2 2023, 85 hedge funds out of the 910 that are part of Insider Monkey’s database were Horizon Therapeutics Public Limited Company (NASDAQ:HZNP)’s investors. Matthew Halbower’s Pentwater Capital Management is the largest investor among these since it owns a $1.31 billion stake. 6. AngloGold Ashanti Limited (NYSE:AU) Paulson & Co Q2 2023 Investment: $80.85 Million Percentage of Paulson &Co as of Q2 2023: 7.89% Number of HedgeFund Holders: 16 AngloGold Ashanti Limited (NYSE:AU) is a basic materials company that operates as a gold mining company in America, Africa, and Australia. The company's flagship project is Geita project at the Geita project in the Lake Victoria goldfields of Mwanza, Tanzania. It also operates mines in Ghana, Brazil, the US, and Australia. AngloGold Ashanti Limited (NYSE:AU) has emerged as billionaire John Paulson's top stock pick since 2010. Over the past, the hedge fund has bought and sold shares as one of the ways of gaining exposure and locking in profit. As of the end of the second quarter, the stock accounted for 7.89% of the hedge funds portfolio. Insider Monkey sifted through 910 hedge funds and found out that 16 of them had stakes in AngloGold Ashanti Limited (NYSE:AU) by the end of the June quarter. Howard Marks’ Oaktree Capital Management was the top gun among the investors, which paid $99.7 million for a piece of the pie. Click to continue reading and see Billionaire John Paulson's Messy Divorce and Top 5 Stock Picks. Suggested articles: Bill Gates’ Investment Company’s 10 Newest Stock Picks 15 Worst Performing Dow Stocks YTD Retirement Stock Portfolio: 10 Low Risk Investments Disclosure: None. Billionaire John Paulson's Messy Divorce and Top Stock Picks is originally published on Insider Monkey.
AEM AU HZNP SSRM THRY | finance.yahoo | about 2 years ago | Neutral

Carlson Capital L P Boosts Stake in Glatfelter CorpCarlson Capital L P, a Dallas-based hedge fund sponsor, has recently increased its stake in Glatfelter Corp (NYSE:GLT), a leading manufacturer and seller of paper and fiber products. This article aims to provide a comprehensive overview of the transaction, the profiles of both Carlson Capital L P an...
Carlson Capital L P, a Dallas-based hedge fund sponsor, has recently increased its stake in Glatfelter Corp (NYSE:GLT), a leading manufacturer and seller of paper and fiber products. This article aims to provide a comprehensive overview of the transaction, the profiles of both Carlson Capital L P and Glatfelter Corp, and an analysis of the stock's performance. The target audience for this article is value investors who are members of GuruFocus. Details of the Transaction Warning! GuruFocus has detected 7 Warning Signs with GLT. On October 26, 2023, Carlson Capital L P added 150,000 shares of Glatfelter Corp to its portfolio at a trade price of $1.56 per share. This transaction increased the firm's total holdings in Glatfelter Corp to 7,176,000 shares, representing 0.96% of its portfolio and 15.93% of Glatfelter Corp's total shares. The trade had a 0.02% impact on Carlson Capital L P's portfolio. The significance of this transaction lies in the firm's increased confidence in Glatfelter Corp's potential for growth and profitability. Profile of Carlson Capital L P Carlson Capital L P is a hedge fund sponsor founded in 1993 by Clint Carlson, who continues to play an active role in the company as its Chief Investment Officer. The firm believes in achieving risk-adjusted returns through thoughtful, targeted hedging strategies and diversification across multiple strategies and decision makers. It currently manages approximately $23 billion in total assets spread across 29 accounts. The firm's top holdings include Horizon Therapeutics PLC(NASDAQ:HZNP), National Instruments Corp(NASDAQ:NATI), Aerojet Rocketdyne Holdings Inc(AJRD), Black Knight Inc(BKI), and SWK Holdings Corp(NASDAQ:SWKH). The firm's primary sectors of investment are financial services and industrials. Carlson Capital L P Boosts Stake in Glatfelter Corp Overview of Glatfelter Corp Glatfelter Corp, with a market capitalization of $72.073 million, is a leading manufacturer and seller of paper and fiber products. The company operates through two segments: Composite Fibers and Airlaid Materials. The majority of the company's manufacturing facilities are located in North America and Europe, and it has sales and distribution offices in Russia, Italy, China, and the United States. The company's current stock price is $1.6, and its GF Value is 21.55, indicating a possible value trap. The company's GF Score is 67/100, suggesting a poor future performance potential. Story continues Carlson Capital L P Boosts Stake in Glatfelter Corp Analysis of Glatfelter Corp's Stock Glatfelter Corp's stock has a balance sheet rank of 4/10, a profitability rank of 6/10, a growth rank of 5/10, a GF Value rank of 2/10, and a momentum rank of 5/10. The company's financial health is indicated by its F score of 2, Z score of 1.49, and cash to debt ratio of 0.06. These figures suggest that the company has some financial challenges to overcome. Industry Context Glatfelter Corp operates in the forest products industry, which is currently facing various trends and challenges. The company's ROE is -41.49, and its ROA is -8.18, indicating a negative return on both equity and assets. The company's gross margin growth is -8.90, and its operating margin growth is -12.80, suggesting a decline in profitability. However, the company's revenue growth over the past three years is 16.50, indicating some potential for growth. Conclusion In conclusion, Carlson Capital L P's recent acquisition of additional shares in Glatfelter Corp reflects the firm's confidence in the company's potential for growth and profitability, despite some financial challenges. This transaction is likely to have a significant impact on both the stock and the guru's portfolio. As of October 27, 2023, all data and rankings are accurate and are based on the provided relative data. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
GLT HZNP NATI SWKH | finance.yahoo | about 2 years ago | Neutral

Rule 17(e) Announcement - Horizon Therapeutics plcDUBLIN, October 06, 2023--(BUSINESS WIRE)-- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE Octob...
DUBLIN, October 06, 2023--(BUSINESS WIRE)-- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION FOR IMMEDIATE RELEASE October 6, 2023 RECOMMENDED CASH OFFER for HORIZON THERAPEUTICS PLC by Pillartree Limited, a private limited company wholly owned by Amgen Inc. to be implemented by way of a scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act 2014 Announcement relating to the Scheme becoming effective Horizon Therapeutics plc, a public limited company incorporated in Ireland ("Horizon" or the "Company") announces that the Irish High Court-sanctioned scheme of arrangement between Horizon and its shareholders under Chapter 1 of Part 9 of the Irish Companies Act 2014 (the "Scheme") pursuant to which Pillartree Limited, a private limited company wholly owned by Amgen Inc., a Delaware corporation ("Amgen"), would acquire the entire issued ordinary share capital of Horizon (the "Acquisition"), became effective today, October 6, 2023. Payment of the Scheme Consideration to the Scheme Shareholders pursuant to the Scheme is being commenced by Amgen today, October 6, 2023. Trading of Horizon Shares on the Nasdaq Global Select Market ("Nasdaq") was halted with effect from 8:00 p.m. (E.T.) on October 5, 2023, will remain halted on October 6, and will be suspended effective October 9, 2023. Certain capitalised words used in this announcement and not herein defined have the meanings given to such words in the Scheme set forth in Part 3 of the proxy statement filed by the Company with the United States Securities and Exchange Commission (the "SEC") on January 23, 2023. Statement Required by the Irish Takeover Rules The directors of Horizon accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Horizon (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Story continues Cautionary Statement Regarding Forward-looking Statements This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such as "anticipate," "believe," "intend," "estimate," "expect," "see," "continue," "could," "can," "may," "will," "likely," "depend," "should," "would," "plan," "predict," "target," and similar expressions, and may include references to assumptions and relate to the Acquisition. Such forward-looking statements include, but are not limited to, statements relating to the timing of payments and other post-closing actions pursuant to the Acquisition. Horizon’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to the outcome of any legal proceedings that have or may be instituted against the parties or any of their respective directors or officers related to the Acquisition. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in Horizon’s most recent filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2022, and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. The forward-looking statements set out in this announcement are made only as of the date hereof. Horizon assumes no obligation and does not intend to update these forward-looking statements, except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20231006256107/en/ Contacts Enquiries Horizon Investors: Tina Ventura Tel: +1 224 383 3344 Media: Geoff Curtis Tel: +1 224 383 3333 Morgan Stanley (Joint Financial Advisor to the Company) Julie Rozenblyum Tel: +1 212 761 4000 Joe Modisett Tel: +1 212 761 4000 Tedd Smith Tel: +1 212 761 4000 David Kitterick Tel: +44 20 7425 8000 J.P. Morgan (Joint Financial Advisor to the Company) Dwayne Lysaght Tel: +44 (0) 20 7742 4000 Jeremy Meilman Tel: +1 (212) 270-6000 Ben Carpenter Tel: +1 (212) 270-6000 Steve Frank Tel: +1 (212) 270-6000
HZNP | finance.yahoo | about 2 years ago | Neutral

Rule 17(d) Announcement – Horizon Therapeutics plcDUBLIN, October 05, 2023--(BUSINESS WIRE)-- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION October 5, 2023 RECOMMENDED...
DUBLIN, October 05, 2023--(BUSINESS WIRE)-- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION October 5, 2023 RECOMMENDED CASH OFFER for HORIZON THERAPEUTICS PLC by Pillartree Limited, a private limited company wholly owned by Amgen Inc. to be implemented by way of a scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act 2014 Announcement relating to the outcome of the Court Sanction Hearing Horizon Therapeutics plc, a public limited company incorporated in Ireland ("Horizon" or the "Company") announces that the Irish High Court (the "Court") has today sanctioned the scheme of arrangement between Horizon and its shareholders under Chapter 1 of Part 9 of the Irish Companies Act 2014 (the "Scheme") pursuant to which Pillartree Limited, a private limited company wholly owned by Amgen Inc., a Delaware corporation ("Amgen"), will acquire the entire issued and to be issued ordinary share capital of Horizon (the "Proposed Transaction"). As set out in the definitive proxy statement filed by the Company with the United States Securities and Exchange Commission (the "SEC") on January 23, 2023 (the "Proxy Statement"), completion of the Proposed Transaction remains subject to the delivery to the Registrar of Companies (the "Registrar") in Ireland of a copy of the order of the Court sanctioning the Scheme under section 453 of the Irish Companies Act 2014 (the "Order"). Assuming that a copy of the Order is processed and made available to Horizon by no later than the morning of October 6, 2023 (Irish time), the Order is expected to be delivered to the Registrar on October 6, 2023 and, accordingly, the Scheme is expected to take effect on October 6, 2023 (the "Effective Date"). Story continues Certain capitalised words used in this announcement and not herein defined have the meanings given to such words in the Scheme set forth in Part 3 of the Proxy Statement. Statement Required by the Irish Takeover Rules The directors of Horizon accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Horizon (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. Cautionary Statement Regarding Forward-looking Statements This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such as "anticipate," "believe," "intend," "estimate," "expect," "see," "continue," "could," "can," "may," "will," "likely," "depend," "should," "would," "plan," "predict," "target," and similar expressions, and may include references to assumptions and relate to the Proposed Transaction. Such forward-looking statements include, but are not limited to, statements relating to Horizon's and Amgen's expectations with respect to the timing of the closing of the Proposed Transaction. Horizon’s expectations and beliefs regarding these matters may not materialize. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks, and changes in circumstances, including but not limited to risks and uncertainties related to: the ability of the parties to consummate the Proposed Transaction in a timely manner or at all; the satisfaction of the remaining condition to the consummation of the Proposed Transaction; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Transaction Agreement or failure of any closing condition to be satisfied; and the outcome of any legal proceedings that have or may be instituted against the parties or any of their respective directors or officers related to the Proposed Transaction. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption "Risk Factors" and elsewhere in Horizon’s most recent filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2022, and any subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed with the SEC from time to time and available at www.sec.gov. These documents can be accessed on Horizon’s website at https://ir.horizontherapeutics.com/financial-information/sec-filings. The forward-looking statements set out in this announcement are made only as of the date hereof. Horizon assumes no obligation and does not intend to update these forward-looking statements, except as required by law. Dealing Disclosure Requirements Under the provisions of Rule 8.3(b) of the Irish Takeover Panel Act, 1997, Takeover Rules, 2022 (the "Irish Takeover Rules"), if any person is, or becomes, 'interested' in 1% or more of any class of 'relevant securities' of the Company, that person must publicly disclose all 'dealings' in any 'relevant securities' of the Company during the 'offer period', by not later than 3:30 p.m. (E.T.) on the 'business day' following the date of the relevant transaction. If two or more persons co-operate on the basis of any agreement either express or tacit, either oral or written, to acquire an 'interest' in 'relevant securities' of the Company or any securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules. A disclosure table, giving details of the companies in whose 'relevant securities' and 'dealings' should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie. 'Interests' in securities arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8 of the Irish Takeover Rules, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 1 678 9020. General A copy of this announcement will be available, free of charge (subject to certain restrictions relating to persons resident in certain restricted jurisdictions) on Horizon's website at https://ir.horizontherapeutics.com/information by no later than 12:00 noon (E.T.) on the business day following this announcement and throughout the course of the Proposed Transaction. Neither the contents of Horizon's website nor the contents of any other website accessible from hyperlinks are incorporated into, or form part of, this announcement. View source version on businesswire.com: https://www.businesswire.com/news/home/20231005623253/en/ Contacts Enquiries Horizon Investors: Tina Ventura Tel: +1 224 383 3344 Media: Geoff Curtis Tel: +1 224 383 3333 Morgan Stanley (Joint Financial Advisor to the Company) Julie Rozenblyum Tel: +1 212 761 4000 Joe Modisett Tel: +1 212 761 4000 Tedd Smith Tel: +1 212 761 4000 David Kitterick Tel: +44 20 7425 8000 J.P. Morgan (Joint Financial Advisor to the Company) Dwayne Lysaght Tel: +44 (0) 20 7742 4000 Jeremy Meilman Tel: +1 (212) 270-6000 Ben Carpenter Tel: +1 (212) 270-6000 Steve Frank Tel: +1 (212) 270-6000
HZNP | finance.yahoo | about 2 years ago | Neutral

17 George Soros Stocks that are on Sale NowIn this article, we will discuss the 17 George Soros Stocks that are on sale now. If you want to explore similar stocks, you can also take a look at 5 George Soros Stocks that are on Sale Now. George Soros is one of the greatest investors of all time, renowned for aggressive investment strategies t...
In this article, we will discuss the 17 George Soros Stocks that are on sale now. If you want to explore similar stocks, you can also take a look at 5 George Soros Stocks that are on Sale Now. George Soros is one of the greatest investors of all time, renowned for aggressive investment strategies that have netted him billions of dollars over the years. The 93-year-old billionaire investor is best described as a greedy, impulsive risk taker, market-timer, and short seller who is always ready to go against the grain. Averaging gains of over 30% a year between 1970 and 2000 through the Quantum Fund underscores why he is regarded as one of the greatest in the investment circles. The stellar performance is down to the Hungarian-American businessman doing what investors are often advised not to do. The market is always efficient, the share price always reflects all relevant information, and that the stock market is always fairly valued; that’s the general thumb rule that most investors always stick to. However, not George Soros; to him, humans are not rational, especially with money. Therefore, the market can never be efficiently priced. Soros has always stuck to the idea that market prices are inefficient. Instead, they are distorted most of the time from reality. “My interpretation of financial markets directly contradicts the efficient market hypothesis which has been the prevailing theory about financial markets. That theory three claims that markets tend towards equilibrium deviations occur in a random fashion and can be attributed to extraneous shocks if that theory is valid mine is false and vice versa,” Soros once said. The theory that markets are never efficient allowed Soros to turn $12 million in seed funding to well over $20 billion using his hedge fund, Soros Fund Management. With a net worth of over $8 billion, Soros could have been much richer, given that he has donated well over $30 billion to charitable causes. Story continues Soros is best remembered as the man who broke the Bank of England, generating a single-day gain of over $1 billion at the expense of the British Pound. Using leverage, Soros took a $10 billion short position on the pound, a trade that ended up being one of the greatest of all time, racking $1 billion in profits as the pound imploded. The hedge fund manager also bet $1 billion against the Thai baht as the financial crisis was ensuing in 1997. He bet the currency would implode as the Bank of Thailand had run out of ammunition to support the currency. The currency did implode even though the billionaire had generated significant returns before it imploded. With age slowly catching up with the legendary investor, he has had to relinquish control of Soros Fund Management to his 37-year-old son, Alex Soros. He is tasked with managing over $20 billion. Since 2011, Soros has carried out investment activities through his family office, Soros Fund Management, which most people continue to follow to gain insights into the direction the market is likely to move. The hedge fund relies on diversification to generate returns in the market with stakes in technology companies to healthcare and Industrial goods consumer discretionary. He is also big on renewable energy as one of the proponents of fighting climate change. 17 George Soros Stocks that are on Sale Now Horizon Therapeutics Public Limited Company (NASDAQ:HZNP) is one of the biggest holdings in the Soros fund, followed by Rivian Automotive, Inc. (NASDAQ:RIVN). Soros also has exposure in the tech industry through Alphabet Inc. (NASDAQ:GOOG) and Amazon.com, Inc. (NASDAQ:AMZN), having also made significant investments in Salesforce, Inc. (NYSE:CRM). Soros has also sought exposure to the artificial intelligence boom with stakes in Advanced Micro Devices, Inc. (NASDAQ:AMD) and NVIDIA Corporation (NASDAQ:NVDA). He has also increased stakes in Meta Platforms, Inc. (NASDAQ:META), heavily invested in AI large language models. Yet, Soros is sometimes wrong and has endured losses and difficulties in his work. For example, in 2000, he lost about $2 billion when he bet against the rise of technology stocks during the dot-com bubble. In 2016, he lost about $1 billion when he bet against the U.S. stock market after Donald Trump's election victory. In 2018, he faced criticism and backlash from some governments and groups for his support of liberal causes and organizations. Soros admits his mistakes and learns from them. He invests based on "reflexivity", which means markets are shaped by people's actions and beliefs. He adapts his strategies to changing situations. With this angle in mind let's explore 17 George Soros stocks that are on sale now. Our methodology While the overall market has turned bullish in 2023, some stocks in the Soros hedge fund have been on the receiving end amid deteriorating macro conditions. We have compiled a list of the stocks that have shed a significant amount of market value and underperformed the S&P 500, which is up by about 15%. The stocks are ranked chronologically based on their year-to-date losses. Moreover, we looked into the perspectives of 910 hedge funds in our database on each stock at the end of Q2 2023. George Soros stocks that are on Sale now 17. Blue Apron Holdings, Inc. (NYSE:APRN) Year to Date Loss: 30% Number of Hedge Fund Holders: 2 Blue Apron Holdings, Inc. (NYSE:APRN) operates a direct-to-consumer platform that delivers original recipes with fresh and seasonal ingredients. Likewise, it operates an e-commerce platform that offers cooking tools, utensils, pantry items, and other products. The home meal kit delivery company has underperformed in the market for the better part of the year, a situation compounded by a worsening debt situation. It has seen its sentiments take a hit on slowing growth amid increasing competition and soaring inflation. Blue Apron Holdings, Inc. (NYSE:APRN) was down by about 30% before it emerged. It is an acquisition target for Wonder Group, which has agreed to purchase it for $13 a share, representing a 137% premium. APRN shares currently trade at $12.83 a share and more than doubled before we are able to publish this article. 16. Norfolk Southern Corporation (NYSE:NSC) Year to Date Loss: 13% Number of Hedge Fund Holders: 51 Norfolk Southern Corporation (NYSE:NSC) is a company that underscores Soros' investment in the Industrial sector. The company engages in rail transportation of raw materials. It transports agriculture, forest, and consumer products. Norfolk Southern Corporation (NYSE:NSC) is down by 23% year to date after shedding 13% in market value last year. Wall Street has a Moderate Buy rating on the stock with a $246.31 price target, implying a 25.07% upside potential to current levels. 15. Canada Goose Holdings Inc. (NYSE:GOOS) Year to Date Loss: 14% Number of Hedge Fund Holders: 7 With its subsidiaries, Canada Goose Holdings Inc. (NYSE:GOOS) designs, manufactures, and sells performance luxury apparel for men, women, youth, and children. The company has seen its prospects take a significant hit amid waning consumer spending power with persistent Inflationary pressure. Early in the year, the company struck a cautious note on its business amid easing luxury spending in the US. Canada Goose Holdings Inc. (NYSE:GOOS) said it expects full-year earnings of between $1.20 and $1.48, lower than estimates of $1.46. The stock is down by about 26% year to date compared to 155 gain for the S&P 500. 14. RingCentral, Inc. (NYSE:RNG) Year to Date Loss: 14% Number of Hedge Fund Holders: 37 Soros's exposure in the burgeoning cloud segment is further firmed by stakes in RingCentral, Inc. (NYSE:RNG), which provides cloud communications, video meetings, and collaborative contact center solutions. The company’s sentiments took a hit after founder long-term CEO Vlad Shmunis announced he was stepping down in August. The announcement came as RingCentral, Inc. (NYSE:RNG) delivered impressive Q2 results but offered disappointing guidance. Revenue in the quarter was up 11% to $539 million. It is one of the stocks in the red in Soros's portfolio, having shed 14% in market value year to date. Nevertheless, analysts on Wall Street maintain a Moderate Buy rating on the stock with a $43.70 price target, implying 47.49% upside potential. 13. BlackLine, Inc. (NASDAQ:BL) Year to Date Loss: 20% Number of Hedge Fund Holders: 23 Soros Fund Management holds stakes in BlackLine, Inc. (NASDAQ:BL), a company that offers cloud-based solutions for automating and streamlining accounting and finance operations. The company provides financial close management solutions for account reconciliation. BlackLine, Inc. (NASDAQ:BL)'s poor run that began last year and saw it lose about 28% in market value has persisted in 2023. The stock is already down by 20% year to date. The stock is currently rated as a Hold with a $59.0 price target, implying a 7.99% upside potential from current levels. 12. Alteryx, Inc. (NYSE:AYX) Year to Date Loss: 21% Number of Hedge Fund Holders: 39 Alteryx, Inc. (NYSE:AYX) operates an analytic process automation platform that allows organizations to enhance business outcomes and the productivity of business analyst data scientists and data engineers. It was one of the biggest losers in Soros's portfolio after dropping by 28% in August on delivering slowing sales that fell below expectations. Slowing sales saw Alteryx, Inc. (NYSE:AYX) deliver a 4% increase, half an 8% increase that analysts expected. A 22% growth in annual recurring revenue also suggests things are not okay in the company as it struggles amid deteriorating macroeconomic conditions. The company is exploring a potential business sale as it faces stiff competition from Microsoft Corporation (NASDAQ:MSFT) and Oracle Corporation (NYSE:ORCL). Amid the sale push, the stock is still rated as Moderate Buy with a $48.57 price target, implying a 28.87% upside potential to current levels. 11. Sea Limited (NYSE:SE) Year to Date Loss: 21.8% Number of Hedge Fund Holders: Soros turned to Sea Limited (NYSE:SE) to gain exposure in the digital entertainment e-commerce and digital financial sector. The company offers a platform that allows people to access mobile and PC games and sports operators. It also operates an e-commerce platform and provides financial services. In August, Sea Limited (NYSE:SE)’s shares tumbled by more than 28% after the rampant missed sales estimates and indicated plans to increase spending on e-commerce, a move that could lead to further losses. While the company has increased spending on e-commerce, such spending has only led to losses, which continues to spook investors. A slide that began in late 2021 shows no signs of slowing down, with the stock down by 21.8% year to date. Last year, the stock fell by about 73%. Amid the underperformance of Wall Street rates, Sea Limited (NYSE:SE) has a Moderate Buy with a $66 price target, implying a 50% upside potential. 10. NIKE, Inc. (NYSE:NKE) Year to Date Loss: 23% Number of Hedge Fund Holders: 70 NIKE, Inc. (NYSE:NKE) and its subsidiary are a footwear and accessories company that designs, develops, and markets athletic footwear apparel equipment and services worldwide. It provides athletic and casual footwear apparel and accessories under the jump man trade wear. Deteriorating earnings has been NIKE, Inc. (NYSE:NKE)’s biggest undoing, having reported its first revenue loss for the first time in two years. In its fiscal first quarter, it delivered $12.94 billion in revenue, missing $12.98 billion expected. Heightened inflation has seen most people cut back spending on footwear and other accessories. Nike has also struggled amid slowing growth in China NIKE, Inc. (NYSE:NKE) has underperformed the overall market as it is down by 23% years to date compared to a 15% gain for the S&P 500. Despite the underperformance, the stock is still rated as a moderate Buy with a $120.54 price target implying a 26.06% upside potential 9. RTX Corporation (NYSE:RTX) Year to Date Loss: 30% Number of Hedge Fund Holders: 56 Soros has also diversified his holdings into the aerospace and defense sector with stakes in RTX Corporation (NYSE:RTX). The company provides systems and services for commercial, military, and government customers. It has four segments: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. RTX Corporation (NYSE:RTX)'s sentiments have significantly hit following a massive recall of its most popular aircraft engine. The recall is expected to result in $3 billion in charges. Likewise, the stock has tumbled by about 30% year to date. Nevertheless, the stock is still rated as a Moderate Buy with an $88.29 price target, implying a 22.68% upside potential to current levels. 8. SPDR S&P Regional Banking ETF (NYSEARCA:KRE) Year to Date Loss: 32% Number of Hedge Fund Holders: N/A Soros has also sought to gain exposure in the financial sector through exchange-traded funds. SPDR S&P Regional Banking ETF (NYSEARCA:KRE) is one of the ETFs in the legendary investor portfolio that tracks the performance of regional banks in the US. With regional banks trying to bounce back from the banking crisis early in the year, the ETF has continued to underperform the overall market. The ETF is down by about 32% year to date. 7. The Beauty Health Company (NASDAQ:SKIN) Year to Date Loss: 33% Number of Hedge Fund Holders: 18 The Beauty Health Company (NASDAQ:SKIN) is a company that designs, develops, manufactures, and sells aesthetic technologies and products worldwide. Its flagship product, HydraFacial, enhances the skin to cleanse, extract, and hydrate it with proprietary solutions and serums. The Beauty Health Company (NASDAQ:SKIN) has underperformed in 2023 as investors react to demand trends for its products slowing. Revenue in the first quarter was only up 14% compared to 41% last year. The stock did receive a boost after the company announced a business reorganization and a stock repurchase program Nevertheless, The Beauty Health Company (NASDAQ:SKIN) is down by 33% year to date. The stock is also rated as a Moderate Buy with a $12.33 price target, implying 104% upside potential. 6. Block, Inc. (NYSE:SQ) Year to Date Loss: 38% Number of Hedge Fund Holders: 66 Block, Inc. (NYSE:SQ) develops tools for sellers to take card payments and get reports and analytics. It also includes hardware products, including Square Register, point-of-sale software, and payment technology. When Block, Inc. (NYSE:SQ) went public, it was a hot tech stock that attracted the likes of George Soros on its ability to develop fintech solutions. Nevertheless, the company has faced a myriad of challenges, among them struggling to be profitable. Block, Inc. (NYSE:SQ) is down by 38%, dragging George Soros's portfolio lower. However, analysts are still bullish with a Strong Buy rating and an $85.72 price target, implying a 93.67% upside potential. Click to continue reading and see 5 George Soros Stocks that are on Sale Now. Suggested articles: 10 Best ASX Stocks To Invest In 11 Best Battery Stocks To Buy Before They Take Off 15 Best Beginner Stocks To Buy Now Disclosure: None. 17 George Soros Stocks that are on Sale Now is originally published on Insider Monkey.
AMD AMZN APRN AYX BL CRM GOOG GOOS HZNP META MSFT | finance.yahoo | about 2 years ago | Neutral

Rule 8.1 Dealing Disclosure (Horizon Therapeutics plc)DUBLIN, October 03, 2023--(BUSINESS WIRE)--IRISH TAKEOVER PANEL DEALING DISCLOSURE UNDER RULE 8.1(c) AND (d)(i) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY AN OFFEROR, OFFEREE OR PARTIES ACTING IN CONCERT WITH THEM IN RESPECT OF DEALINGS FOR THEMSELVES OR FOR DISCRETIONARY CLIEN...
DUBLIN, October 03, 2023--(BUSINESS WIRE)--IRISH TAKEOVER PANEL DEALING DISCLOSURE UNDER RULE 8.1(c) AND (d)(i) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022 BY AN OFFEROR, OFFEREE OR PARTIES ACTING IN CONCERT WITH THEM IN RESPECT OF DEALINGS FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS 1. KEY INFORMATION (a) Full name of discloser: Elizabeth Crossan (b) Owner or controller of interests and shortpositions disclosed, if different from 1(a): The naming of nominee or vehicle companies isinsufficient. For a trust, the trustee(s), settlor andbeneficiaries must be named. N/A (c) Name of offeror/offeree in relation to whoserelevant securities this form relates: Use a separate form for each offeror/offeree Horizon Therapeutics plc (d) Status of person making the disclosure: e.g. offeror, offeree, person acting in concert with theofferor/offeree (specify name of offeror/offeree) Person acting in concert with the offeree (namely, a sibling of a director of the offeree) (e) Date dealing undertaken: October 2, 2023 (f) In addition to the company in 1(c) above, is thediscloser also making disclosures in respect ofany other party to the offer? If it is a cash offer or possible cash offer, state "N/A" N/A 2. INTERESTS AND SHORT POSITIONS If there are positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security. Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (Note 1) Class of relevant security: (Note 2) Ordinary shares of US$0.0001 each ("Ordinary Shares") Interests Short positions Number % Number % (1) Relevant securities ownedand/or controlled: 13,864 0.006% N/A N/A (2) Cash-settled derivatives: N/A N/A N/A N/A (3) Stock-settled derivatives(including options) andagreements to purchase/sell: N/A N/A N/A N/A Total: 13,864 0.006% N/A N/A All interests and all short positions should be disclosed. Story continues Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8. 3. DEALINGS BY THE PERSON MAKING THE DISCLOSURE (Note 3) Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in. The currency of all prices and other monetary amounts should be stated. (a) Purchases and sales (i) Offeree, offeror or person acting in concert (except for a principal trader in the same group as a financial or other professional adviser acting in relation to the offer for the offeree or the offeror) Class of relevant security Purchase/sale Number of securities Price per unit (Note 4) Ordinary Shares Purchase 119 US$76.07 (ii) Principal trader where the sole reason for the connection is that the principal trader is in the same group as a financial or other professional adviser acting in relation to the offer for the offeree or the offeror Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/ received Lowest price per unit paid/ received N/A N/A N/A N/A N/A (b) Cash-settled derivative transactions Class of relevant security Product description e.g. CFD Nature of dealing e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position Number of reference securities (Note 5) Price per unit (Note 4) N/A N/A N/A N/A N/A (c) Stock-settled derivative transactions (including options) (i) Writing, selling, purchasing or varying Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates (Note 5) Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit N/A N/A N/A N/A N/A N/A N/A N/A (ii) Exercise Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit (Note 4) N/A N/A N/A N/A N/A (d) Other dealings (including transactions in respect of new securities) Class of relevant security Nature of dealing e.g. subscription, conversion, exercise Details Price per unit (if applicable) (Note 4) N/A N/A N/A N/A 4. OTHER INFORMATION (a) Indemnity and other dealing arrangements Details of any indemnity or option arrangement, or any agreementor understanding, formal or informal, relating to relevant securitieswhich may be an inducement to deal or refrain from dealingentered into by the party to the offer or person acting in concertmaking the disclosure and any other person: Irrevocable commitments and letters of intent should not be included. Ifthere are no such agreements, arrangements or understandings, state"none" N/A (b) Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understandingbetween the person disclosing and any other person relating to thevoting rights of any relevant securities under any option referred toon this form or relating to the voting rights or future acquisition ordisposal of any relevant securities to which any derivative referredto on this form is referenced. If none, this should be stated. N/A (c) Attachments Is a Supplemental Form 8 attached? YES/NO No Date of disclosure: October 3, 2023 Contact name: Aidan Milstead Telephone number: +1 224 206 4983 Public disclosures under Rule 8.1 of the Rules must be made to a Regulatory Information Service. NOTES ON FORM 8.1(c) and (d)(i) 1. See the definition of "interest in a relevant security" in Rule 2.5 of Part A of the Rules and see Rule 8.6(b) of Part B of the Rules. 2. See the definition of "relevant securities" in Rule 2.1 of Part A of the Rules. 3. See the definition of "dealing" in Rule 2.1 of Part A of the Rules. 4. If the economic exposure to changes in the price of securities is limited, for example, by virtue of a stop loss arrangement relating to a spread bet, full details must be given. 5. See Rule 2.5(d) of Part A of the Rules. 6. If details included in a disclosure under Rule 8 are incorrect, they should be corrected as soon as practicable in a subsequent disclosure. Such disclosure should state clearly that it corrects details disclosed previously, identify the disclosure or disclosures being corrected, and provide sufficient detail for the reader to understand the nature of the corrections. In the case of any doubt, the Panel should be consulted. For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel. References in these notes to "the Rules" are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022. View source version on businesswire.com: https://www.businesswire.com/news/home/20231003402245/en/ Contacts Aidan Milstead +1 224 206 4983
HZNP | finance.yahoo | about 2 years ago | Neutral

Profile

Horizon Pharma PLC (HZNP)

Horizon Therapeutics Public Limited Company, a biotechnology company, focuses on the discovery, development, and commercialization of medicines that address critical needs for people impacted by rare, autoimmune, and severe inflammatory diseases. Its portfolio comprises 12 medicines in the areas of rare diseases, gout, ophthalmology, and inflammation. It markets TEPEZZA (teprotumumab-trbw) for intravenous infusion; KRYSTEXXA (pegloticase injection) for intravenous infusion; RAVICTI (glycerol phenylbutyrate) oral liquid; PROCYSBI (cysteamine bitartrate) delayed-release capsules and granules for oral use; ACTIMMUNE (interferon gamma-1b) injection for subcutaneous use; BUPHENYL (sodium phenylbutyrate) tablets and powder for oral use; QUINSAIR (levofloxacin) solution for inhalation; and UPLIZNA (inebilizumab-cdon) injection for intravenous use. The company also markets PENNSAID (diclofenac sodium topical solution) for topical use; DUEXIS (ibuprofen/famotidine) tablets for oral use; RAYOS (prednisone) delayed-release tablets for oral use; and VIMOVO (naproxen/esomeprazole magnesium) delayed-release tablets for oral use. It has collaboration agreements with HemoShear Therapeutics, LLC; Alpine Immune Sciences, Inc.; Halozyme Therapeutics, Inc.; Arrowhead Pharmaceuticals, Inc.; Q32 Bio Inc.; and Xeris Biopharma Holdings, Inc. The company was formerly known as Horizon Pharma Public Limited Company and changed its name to Horizon Therapeutics Public Limited Company in May 2019. Horizon Therapeutics Public Limited Company was founded in 2005 and is headquartered in Dublin, Ireland.

Exchange: NASDAQ

IPO Date: 7/28/2011

Sector: Healthcare

Industry: Drug Manufacturers - General

Employees: 2190

Address: 70 St. Stephen?s Green, Dublin, Ireland, 2

https://www.horizontherapeutics.com

Quarterly Yearly

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	Totals
	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	Totals
Assets	9.30M	8.99M	9.11M	9.03M	8.85M	8.74M	8.68M	8.61M	8.21M	7.85M	184.20M
Current Assets	3.92M	3.60M	3.65M	3.41M	3.20M	2.95M	2.80M	2.41M	2.18M	1.83M	63.54M
Cash And Short Term Investments	2.46M	2.34M	2.35M	2.13M	1.89M	1.67M	1.61M	1.07M	836.20K	833.32K	37.46M
Net Receivables	717.42K	630.06K	676.35K	646.39K	673.31K	684.51K	632.77K	775.37K	735.43K	443.17K	16.05M
Inventory	170.32K	164.50K	169.56K	190.26K	203.68K	226.52K	225.73K	237.43K	258.68K	238.31K	4.14M
Other Current Assets	564.81K	115.97K	449.35K	419.73K	25.59K	365.19K	334.43K	332.57K	345.07K	316.57K	5.19M
Non Current Assets	5.38M	5.39M	5.46M	5.62M	5.65M	5.79M	5.88M	6.19M	6.03M	6.02M	120.66M
Property Plant Equipment	362.33K	355.87K	340.51K	317.69K	302.26K	295.15K	368.00K	285.84K	305.24K	201.86K	4.18M
Long Term Investments	-	-	-	-	-	-	-	-	-	-	42.41K
Non Currrent Assets Other	263.04K	187.81K	204.13K	203.61K	160.62K	162.46K	140.74K	125.91K	132.59K	57.16K	715.39K
Liabilities	3.99M	3.90M	4.04M	3.99M	3.91M	3.92M	4.01M	4.16M	4.13M	3.99M	99.03M
Current Liabilities	917.68K	884.89K	949.14K	860.61K	791.06K	825.18K	886.57K	854.04K	852.81K	773.84K	24.47M
Accounts Payable	85.54K	76.62K	155.80K	32.11K	18.54K	67.01K	30.13K	50.72K	51.95K	42.99K	14.03M
Short Long Term Debt	16.00K	-	16.00K	16.00K	16.00K	16.00K	16.00K	16.00K	16.00K	16.00K	5.63M
Other Current Liabilities	816.14K	792.27K	777.34K	812.50K	756.52K	742.16K	840.45K	745.14K	764.03K	714.86K	9.74M
Non Current Liabilities	3.07M	3.01M	3.09M	3.13M	3.12M	3.10M	3.12M	3.30M	3.28M	3.22M	74.56M
Long Term Debt	2.54M	2.54M	2.55M	2.55M	2.55M	2.55M	2.56M	2.56M	2.56M	2.56M	60.90M
Other Liabilities	-	-	-	473.22K	457.19K	433.09K	469.73K	746.57K	617.03K	655.48K	10.30M
Stockholder Equity	5.31M	5.10M	5.07M	5.03M	4.95M	4.82M	4.67M	4.45M	4.07M	3.85M	85.03M
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	9.30M	8.99M	9.11M	9.03M	8.85M	8.74M	8.68M	8.61M	8.21M	7.85M	184.06M
Common Equity	23	23	23	23	23	23	23	22	22	22	682
Retained Earnings	771.76K	644.69K	590.01K	606.28K	583.84K	522.87K	318.61K	145.42K	-181.12K	-339.24K	-19.91M
Totals		49.96M	47.72M	48.78M	48.50M	46.96M	46.62M	46.25M	45.68M	43.41M	41.12M	31.48M	30.24M	23.98M	22.93M	23.83M	19.44M	19.29M	20.85M	22.10M	22.10M	23.80M	21.97M	22.94M	22.60M	24.45M	23.66M	22.87M	18.77M	16.69M	16.56M	15.95M	15.49M	15.10M	7.76M	5.53M	5.65M	1.21M	1.76M	984.00M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Assets	9.11M	8.68M	6.07M	4.44M	4.15M	4.20M	4.29M	3.06M	1.11M	45.11M
Current Assets	3.65M	2.80M	3.07M	1.69M	1.55M	1.27M	1.05M	1.11M	324.69K	16.50M
Cash And Short Term Investments	2.35M	1.58M	2.08M	1.08M	966.91K	751.37K	516.15K	861.48K	219.54K	10.40M
Net Receivables	676.35K	632.77K	659.70K	408.69K	464.73K	405.21K	305.73K	210.44K	73.92K	3.84M
Inventory	169.56K	225.73K	75.28K	53.80K	55.29K	73.07K	184.98K	23.07K	20.88K	881.67K
Other Current Assets	449.35K	360.94K	255.52K	147.33K	61.49K	38.52K	49.62K	15.86K	14.37K	1.39M
Non Current Assets	5.46M	5.88M	3.00M	2.75M	2.60M	2.93M	3.25M	1.95M	789.64K	28.61M
Property Plant Equipment	340.51K	368.00K	189.04K	30.16K	20.10K	20.41K	23.48K	14.02K	7.24K	1.01M
Long Term Investments	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	204.13K	140.74K	55.70K	48.31K	23.03K	-118.39K	-293.29K	-110.90K	11.56K	-39.11K
Liabilities	4.04M	4.01M	2.05M	2.25M	3.09M	3.20M	3.03M	1.75M	574.13K	23.99M
Current Liabilities	949.14K	886.57K	875.74K	723.17K	761.90K	794.97K	605.85K	357.55K	218.67K	6.17M
Accounts Payable	155.80K	30.13K	37.71K	21.51K	30.28K	34.68K	594.78K	352.11K	169.80K	1.43M
Short Long Term Debt	16.00K	16.00K	-	-	-	10.63K	7.75K	4.00K	48.33K	102.71K
Other Current Liabilities	777.34K	840.45K	838.03K	701.65K	726.72K	742.78K	3.32K	1.45K	1.26K	4.63M
Non Current Liabilities	3.09M	3.12M	1.17M	1.53M	2.33M	2.41M	2.42M	1.39M	355.46K	17.81M
Long Term Debt	2.55M	2.56M	1.00M	1.35M	1.90M	1.89M	1.80M	1.14M	594.34K	14.78M
Other Liabilities	-	469.73K	168.15K	128.07K	146.49K	514.99K	622.68K	255.13K	58.29K	2.36M
Stockholder Equity	5.07M	4.67M	4.03M	2.19M	1.05M	991.10K	1.26M	1.31M	540.20K	21.12M
Preferred Stock Equity	-	-	-	-	-	-	-	-	-	-
Liabilities And Stockholders Equity	9.11M	8.68M	6.07M	4.44M	4.15M	4.19M	4.29M	3.06M	1.11M	45.10M
Common Equity	23	23	22	19	17	16	16	16	13	165
Retained Earnings	590.01K	318.61K	-215.89K	-605.68K	-	-1.25M	-848.02K	-681.19K	-720.72K	-3.42M
Totals		48.78M	46.25M	31.48M	23.36M	24.07M	23.10M	23.16M	16.07M	5.53M	241.81M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	12/31/2020	09/30/2020	06/30/2020	03/31/2020	Totals
Revenue	876.41K	885.25K	1.01M	1.04M	832.55K	342.41K	745.31K	636.43K	462.78K	355.91K	12.79M
Cost Of Revenue	230.22K	215.06K	241.51K	251.64K	201.00K	100.37K	162.29K	151.47K	121.52K	97.42K	3.78M
Gross Profit	646.20K	670.18K	772.96K	785.35K	631.55K	242.04K	583.02K	484.95K	341.26K	258.49K	9.01M
Operating Expenses	501.47K	475.87K	539.87K	453.81K	495.04K	389.69K	347.84K	256.37K	303.40K	274.98K	7.89M
Selling General Administrative	398.22K	372.73K	398.95K	360.26K	355.20K	331.99K	276.96K	226.16K	222.33K	247.78K	5.85M
Research Development	103.25K	103.13K	140.91K	93.55K	139.83K	57.69K	70.88K	30.21K	81.07K	27.21K	1.38M
Other Operating Expenses	731.68K	690.93K	781.38K	705.45K	696.03K	490.05K	510.13K	407.85K	442.17K	372.40K	11.83M
Operating Income	88.56K	194.32K	233.09K	331.54K	138.51K	-160.02K	235.19K	228.58K	20.61K	-16.49K	521.93K
Net Interest Income	-21.41K	-21.26K	-22.05K	-22.98K	-22.58K	-13.46K	-11.52K	-12.19K	-18.57K	-17.34K	-270.43K
Interest Income	-	-	-	-	-	-	-	-	-	-16.57K	-103.62K
Interest Expense	21.41K	21.26K	22.05K	22.98K	22.58K	13.46K	11.52K	12.19K	18.57K	17.34K	698.98K
Other Income Expense Net	-23.77K	-21.58K	-22.03K	-24.30K	-22.88K	-11.08K	5.64K	26.82K	17.66K	16.13K	445.68K
Income Before Tax	64.79K	172.74K	211.06K	307.24K	115.63K	-171.10K	229.55K	201.76K	2.95K	-32.62K	-163.84K
Tax Provision	3.81K	-31.52K	37.87K	-19.30K	-42.48K	-47.75K	38.99K	-91.08K	82.96K	-19.03K	-680.77K
NetIncome	60.97K	204.26K	173.18K	326.54K	158.12K	-123.35K	190.56K	292.84K	-80.01K	-13.59K	741.98K
NetIncome Applicable To Common Shares	60.97K	204.26K	173.18K	326.54K	158.12K	-123.35K	190.56K	292.84K	-80.01K	-13.59K	886.92K
Ebit	86.20K	194.00K	233.10K	330.22K	138.21K	-157.64K	241.06K	241.09K	21.52K	-15.27K	778.00K
Basic EPS	-	1.34	1.41	1.75	1.62	0.03	1.28	1.74	0.4	0.4	16.45
Totals		3.83M	4.33M	4.93M	5.27M	3.99M	1.16M	3.83M	3.39M	1.96M	1.52M	2.24M	1.40M	1.34M	1.12M	1.88M	1.56M	1.28M	466.79K	1.08M	931.44K	772.58K	610.70K	733.22K	810.52K	1.10M	721.90K	1.24M	984.93K	453.03K	419.49K	340.28K	375.67K	-351.46K	-316.69K	55.39M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Revenue	3.23M	2.20M	1.30M	1.21M	1.06M	981.12K	757.04K	296.95K	11.03M
Cost Of Revenue	794.51K	532.70K	362.18K	422.32K	493.37K	392.00K	219.50K	78.75K	3.30M
Gross Profit	2.43M	1.67M	937.85K	785.25K	562.86K	589.12K	537.54K	218.20K	7.73M
Operating Expenses	1.88M	1.18M	800.28K	775.25K	902.33K	669.01K	482.17K	226.69K	6.92M
Selling General Administrative	1.45M	973.23K	697.11K	692.49K	655.09K	287.94K	219.86K	88.96K	5.06M
Research Development	431.99K	209.36K	103.17K	82.76K	224.96K	60.71K	41.87K	17.46K	1.17M
Other Operating Expenses	2.67M	1.72M	1.16M	1.20M	1.40M	1.13M	856.90K	312.67K	10.44M
Operating Income	543.13K	490.03K	126.61K	2.39K	-340.44K	-145.90K	-99.85K	-15.71K	560.26K
Net Interest Income	-81.06K	-59.62K	-87.09K	-121.69K	-126.52K	-86.61K	-	-	-562.59K
Interest Income	-	-	-87.06K	-121.88K	-126.78K	-87.61K	-22.57K	-	-445.91K
Interest Expense	81.06K	59.62K	87.09K	121.69K	126.52K	86.61K	69.90K	23.83K	656.32K
Other Income Expense Net	-80.30K	-88.38K	-146.84K	-121.54K	118.37K	80.92K	32.86K	253.98K	49.07K
Income Before Tax	462.83K	401.64K	-20.22K	-119.15K	-458.81K	-226.81K	-132.71K	-269.69K	-362.92K
Tax Provision	-71.66K	11.85K	-593.24K	-44.96K	-102.75K	-61.25K	-172.24K	-	-1.03M
NetIncome	534.49K	389.80K	573.02K	-74.19K	-350.13K	-165.56K	39.53K	-263.60K	683.36K
NetIncome Applicable To Common Shares	534.49K	389.80K	573.02K	-38.38K	-410.53K	-166.83K	39.53K	-263.60K	657.50K
Ebit	543.89K	461.26K	66.86K	2.55K	-326.35K	-140.20K	-62.81K	-245.86K	299.33K
Basic EPS	4.81	3.82	1.99	1.83	1.17	2.24	1.93	-2.68	15.11
Totals		15.35M	10.54M	5.86M	4.65M	3.29M	3.19M	2.81M	459.02K	46.14M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	Totals
	06/30/2023	03/31/2023	12/31/2022	09/30/2022	06/30/2022	03/31/2022	12/31/2021	09/30/2021	06/30/2021	03/31/2021	Totals
Cash From Operating Activities	161.47K	86.32K	426.39K	366.46K	249.20K	215.79K	538.56K	411.04K	89.40K	-3.73K	4.59M
Net Income	127.07K	54.68K	120.41K	135.84K	60.97K	204.26K	173.18K	326.54K	158.12K	-123.35K	1.18M
Depreciation	96.28K	94.86K	98.77K	99.08K	97.43K	95.11K	96.53K	94.48K	91.92K	70.82K	2.40M
Extraordinary Items	-	-	-	-	-	-	-	-	-	-	-
Change Receivables	-92.67K	51.53K	-29.78K	26.83K	11.15K	-51.66K	142.57K	-39.76K	-292.59K	224.57K	-531.02K
Change To Inventory	-5.83K	5.07K	20.71K	13.38K	22.82K	-785	11.76K	21.22K	-18.05K	-13.66K	237.58K
Change To Liabilities	28.34K	-35.18K	128.97K	23.04K	-11.17K	-77.71K	-19.84K	56.35K	9.31K	-110.97K	428.15K
Change To Net Income	53.63K	-29.19K	123.00K	69.75K	132.18K	15.40K	125.74K	-75.02K	111.57K	44.77K	596.05K
ChangeToOperatingActivities	-	-	-	9.10K	-37.01K	-85.37K	7.15K	82.78K	27.66K	-203.20K	70.04K
Cash flows From Investing Activities	-20.03K	-41.75K	-49.07K	-32.02K	-12.18K	-40.72K	-36.84K	-142.10K	-85.66K	-2.73M	-6.35M
Capital Expenditures	-18.47K	-39.13K	-47.11K	-29.82K	-10.15K	-39.20K	-19.97K	-73.94K	-13.92K	-18.33K	-563.24K
Other Cashflows From Investing Activities	-	-15.00K	-22.25K	-15.00K	-1.60K	-26.53K	-19.94K	-114.66K	-71.74K	-2.71M	-5.98M
Cash From Financing Activities	9.03K	-88.13K	-160.97K	-94.37K	17.42K	-110.04K	9.71K	-8.26K	-528	1.47M	4.14M
Net Borrowings	-4.00K	-4.00K	-4.00K	-4.00K	-4.00K	-4.00K	-4.00K	-4.00K	-6.62K	1.58M	5.17M
Sale Purchase Of Stock	17.54K	3.42K	-161.87K	-88.21K	26.84K	9.07K	21.60K	12.17K	19.48K	19.84K	1.75M
Dividends Paid	-	-	-	-	-	-	-	-	-	-	-
Other Cashflows From Financing Activities	13.03K	-87.55K	-25.41K	-3.42K	8.46K	-106.04K	13.71K	-4.25K	-528	1.47M	4.98M
Cash And Cash Equivalents Changes	150.47K	-43.56K	216.35K	240.07K	254.43K	65.03K	511.43K	260.68K	3.21K	-1.26M	2.24M
Totals		515.88K	-87.60K	634.16K	716.71K	804.78K	62.62K	1.55M	803.28K	21.02K	-2.30M	2.64M	3.01M	-12.24K	-996.44K	596.81K	60.28K	-265.40K	-187.36K	913.32K	187.69K	87.59K	-328.73K	1.60M	296.76K	-264.71K	1.12M	493.67K	481.10K	69.26K	-1.03M	261.92K	116.47K	597.28K	1.39M	238.55K	643.55K	80.52K	-157.45K	14.37M

&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;&ebsp;	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015	12/31/2014	Totals
Cash From Operating Activities	1.26M	1.04M	555.69K	426.33K	194.54K	280.21K	369.46K	194.17K	27.55K	4.34M
Net Income	521.48K	534.49K	389.80K	573.02K	-74.19K	-350.13K	-165.56K	39.53K	-263.60K	1.20M
Depreciation	390.39K	353.75K	279.45K	237.16K	275.73K	283.42K	221.66K	138.34K	34.01K	2.21M
Extraordinary Items	-	-	-	-	-	-	-	-	-	-
Change Receivables	-43.46K	34.80K	-251.17K	56.17K	-	-61.83K	-67.50K	-124.77K	-46.18K	-503.94K
Change To Inventory	56.12K	1.27K	-21.45K	-3.27K	10.28K	108.37K	67.63K	12.22K	7.17K	238.34K
Change To Liabilities	63.13K	-12.20K	130.64K	11.06K	-4.99K	110.39K	159.80K	108.53K	72.30K	638.66K
Change To Net Income	340.33K	203.58K	219.38K	-404.52K	53.81K	174.23K	52.72K	-88.67K	-864	549.99K
ChangeToOperatingActivities	-	-85.61K	-89.07K	-41.77K	-38.99K	172.38K	103.23K	123.35K	44.25K	187.77K
Cash flows From Investing Activities	-134.00K	-2.99M	-464.07K	-17.86K	27.65K	-101.62K	-1.38M	-995.05K	-227.72K	-6.28M
Capital Expenditures	-126.28K	-126.17K	-199.85K	-17.86K	-16.77K	-4.33K	-15.73K	-7.16K	-3.50K	-517.64K
Other Cashflows From Investing Activities	-65.37K	-2.92M	-294.22K	-6.00K	-6.00K	-97.28K	-1.36M	-1.02M	-224.22K	-5.99M
Cash From Financing Activities	-347.96K	1.47M	904.58K	-290.45K	-16.60K	58.41K	657.07K	1.44M	338.29K	4.22M
Net Borrowings	-16.00K	1.56M	-1.74K	-625.17K	-27.72K	462.10K	1.04M	942.03K	286.97K	3.62M
Sale Purchase Of Stock	-250.08K	73.09K	972.82K	351.68K	16.97K	-992	3.88K	499.03K	41.93K	1.71M
Dividends Paid	-	-	-	-	-	-	-	-	-	-
Other Cashflows From Financing Activities	-112.20K	1.48M	-13.47K	1.53M	829.15K	1.68M	650.69K	469.77K	294.71K	6.81M
Cash And Cash Equivalents Changes	775.88K	-488.72K	996.20K	118.03K	-	242.31K	-350.56K	640.81K	138.33K	2.07M
Totals		2.31M	127.17K	3.11M	1.90M	1.22M	2.95M	-9.85K	2.37M	519.42K	14.51M

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