13F: Soros Buys $1.8 billion in Puts; Hedgies Dump Tesla, Healthcare, and FANGS

Markets

Many hedge funds have bounced back nicely this year in parallel with the stock surge. But managers are not optimistic about the second half, per a new survey from Preqin. It’s apparently their clients’ fault: “Despite positive signs in regards to both performance and inflows, more fund managers reported that investors have become more negative toward hedge funds over the past year.”

Activists have done plenty of muscle flexing recently, but companies are also hitting the gym. ADP rejected new board candidates despite Bill Ackman’s vocal criticisms. Energen could be gearing up for a proxy fight with Corvex. Glenview directors left Tenet’s board, citing irreconcilable differences. In Europe, companies are seeking help dealing with the activist investor threat. And Citi just tapped an activist defense specialist from Goldman for a global role. Also, a new study suggests women CEOs should be more guarded then men; their companies are disproportionately targeted.

Here’s a roundup of stock moves disclosed in 13F filings:

· Funds bearish on FAANG stocks in second-quarter

· U.S. hedge funds circle high-flying tech stocks in Q2

· Hedge funds shed healthcare stocks during the rally in Q1

· Trian cuts Mondelez stake, ups GE holding

· Some Soros Fund holdings may profit if stocks fall

· Tepper adds contrarian energy stocks

· Third Point takes 1.6M share stake in BlackRock, 4.5M in Alibaba

· Top fund investors pumped brakes on fast-rising Tesla

More recent news from me and around Reuters:

· Computer error? Top trend following hedge funds lose out in 2017