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International Press Coverage of CIAM

French boutique unveils event-driven Ucits fund

Citywire Selector reports the launch of CIAM’s Satellite Event-Driven Ucits fund with capital of €242m to date, noting that the strategy will focus on a diversified events-driven approach, with a portfolio divided between merger arbitrage and special situations and a strong bias towards European equities.

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CitywireCIAM
French hedge fund unveils event-driven fund

Investment Europe reports that CIAM has launched a Satellite Event-Driven Ucits fund in July, with €242m of commitments to date, to invest in companies listed mainly in Western European and US equity markets, with a diversified events-driven approach, focused on mergers and acquisitions, spin-offs, tender offers, shareholder buybacks, debt exchanges, securities issuance or other capital structure adjustments and regulatory changes.

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Investment EuropeCIAM
CIAM launches Ucits fund with nearly $300m in commitments

HFMWeek reports that CIAM has launched a Satellite Event-Driven Ucits fund, in what is set to be the second largest launch of the year, with strong demand from institutional investors across Europe and €242m in commitments so far. The article notes that the fund uses a diversified event-driven strategy, combining merger arbitrage and special situations and that the portfolio will be more diversified and hold smaller positions than CIAM’s master fund.

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HFM WeekCIAM
La gestion active s’engage de plus en plus auprès des entreprises

Tandis que l’engagement actionnarial entre dans les mœurs, gérants d’actifs et gérants activistes en ont-ils une même vision ? Comgest et Anne-Sophie d’ANDLAU de Ciam partagent leurs vues concernant la gestion activiste pour L’Agefi.

As shareholder engagement is starting to become common practice, do asset managers and activist managers share the same vision? L’Agefi interviewed Anne-Sophie d’Andlau of CIAM and Comgest to hear their views.

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L'AgefiCIAM
Ne pas confondre capitalisme familial et gestion de bon père de famille

Tandis que l’on vante souvent les entreprises familiales et leur vision sur le long terme, contrairement à la Bourse et aux actionnaires financiers obsédés par un rapide retour sur investissement, un nouvel épisode sur la place parisienne vient de remettre ces a prioris en question.

While family businesses and their long-term approaches are often touted in contrast to the short-term approach often taken by the stock market and financial shareholders, the Parisian market has just experienced a new period where the roles are not as well defined.

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ChallengesCIAM
Ahold Delhaize rejects calls for shareholder vote on takeover defense

At its AGM, Dutch-Belgian supermarket group Ahold Delhaize said that a defence mechanism could be extended indefinitely and without investor approval, rejecting calls from CIAM and others for a shareholder vote on whether to retain a “poison pill” defence option. Reuters reports that CIAM and other shareholders in opposition of this could ask a judge at Amsterdam’s Enterprise Chamber to call an EGM to vote on the matter.

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ReutersCIAM
Le fonds activiste CIAM part à l'assaut d'Alès Groupe

CIAM critique la gouvernance d'Alès Groupe, le spécialiste en produits cosmétiques et capillaires. Les Echos rapporte que le hedge fund français a réclamé lors de l'assemblée générale de juin la nomination d'un nouveau membre du conseil de surveillance.

Les Echos reports that CIAM has criticised the governance of Alès Groupe, the cosmetics and hair product specialist, and that CIAM requested the appointment of a new member of the supervisory board at the company’s AGM in June.

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Les EchosCIAM
Activisme : CIAM conteste la gouvernance d'Alès Groupe

WanSquare rapporte que CIAM reproche au conseil de surveillance d'Alès Groupe d'être composé de membres familiaux ayant peu d'intérêt et de temps pour s'occuper sérieusement de l'entreprise de produits cosmétiques.

WanSquare reports that CIAM criticizes Alès Groupe’s supervisory board for being composed of family members with little interest and no time to properly manage the cosmetics company.

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WansquareCIAM
La pression monte autour d’Ahold Delhaize avant l’AG

L’Agefi rapporte qu’à l’aube de l’Assemblée Générale d’Ahold Delhaize, l’activiste CIAM, l’association néerlandaise d’actionnaires individuels VEB et le gestionnaire Bernstein ont demandé que l’éventuelle reconduction de la pilule empoisonnée soit soumise au vote lors de l’AG du groupe belgo-néerlandais de grande distribution.

L’Agefi reports that, ahead of Ahold Delhaize’s AGM, the activist CIAM, the Dutch association of individual shareholders VEB and the manager Bernstein have asked that the possible renewal of the poison pill be put to a shareholder vote.

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L'AgefiCIAM
Ahold Delhaize: on the defensive

A Lex article reports on the troubles in Ahold Delhaize’s boardroom and underlines the fact that a company which is bigger in terms of market value than either Tesco or Carrefour and which operates in a consolidating sector, should not need to hide behind poison pills, and should at least give its shareholders a chance to vote on whether they have such a structure in place, as requested by CIAM.

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Financial TimesCIAM
Ahold Delhaize urged to put poison pill decision to vote

The association for Dutch retail investors (VEB) joins CIAM in demanding that Dutch-Belgian supermarket operator Ahold Delhaize submits any decision about renewing its poison pill structure to shareholders’ vote. Reuters also reports that CIAM wrote in a letter to management that the poison pill structure depresses shareholder value in Ahold.

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ReutersCIAM
CIAM on a roll, lines up new event/active Ucits fund

EuroHedge reports that CIAM is set to launch a Satellite Event Driven UCITS Fund, inspired by its flagship strategy, in March. The publication reports that they are “lining up early-stage investors, to build a solid investor base”, and that they are hoping to reach c.€50 million in launch assets before the fund goes live.

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EuroHedgeCIAM
Les activistes repartent à l'offensive dans les fusions européennes

Les activistes tirent profit de la reprise du M&A et de la sous-valorisation boursière des grands groupes en Europe. Les activistes « constructifs » se posent en chevaliers blancs. CIAM offre son point de vue sur le marché français.

Les Echos reports that activists are taking advantage of the recovery of M&A and the under-valuation of large groups in Europe. "Constructive" activists are welcome for companies in this environment. CIAM offers its point of view on the French market.

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Les EchosCIAM
Sohn London: Here’s How Hedge-Fund Managers’ Ideas Have Fared

Bloomberg

by Suzy Waite, Nishant Kumar

With the biggest names in hedge funds about to gather for the annual Sohn London conference, it’s a good time to assess how their calls from last year fared during a boom time for global stocks.

From bullish bets on Euro Disney to shorting Australian banks, hedge funds made diverse calls at last December’s gathering. But it was the star traders’ long recommendations that proved to be the most profitable.

An investor betting an equal amount on each manager’s long idea would have seen a return of 19 percent -- more than the gains in the Stoxx Europe 600 and S&P 500 share indexes.

The best-performing long call was Ciam executive Anne- Sophie D’Andlau’s bullish forecast on Euro Disney. Although it made less than a third of the 300 percent she predicted, the shares soared after Walt Disney Co. announced plans to acquire the company in February.

The heaviest loss came from Michel Massoud’s bullish call on Opera Software ASA, whose shares fell amid a drop in revenue. That didn’t stop his Melqart Asset Management hedge-fund firm from returning 18 percent this year through October. Massoud declined to comment.

Shorts were less profitable in a market buoyed by quantitative easing. Four out of five bearish calls were more or less flat, the exception being Masroor Siddiqui of Naya Capital’s short on Aryzta AG. This ended up as a win as the Swiss baker’s shares tumbled amid concerns about lower earnings, rising debt and competition from the revamped Twinkie treat.

Speakers due to tout their investment ideas at this year’s conference at the Marriott Hotel in London on Thursday include oil trader Pierre Andurand; Paul Ruddock of Lansdowne Partners; and Pelham Capital founder Ross Turner.

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BloombergCIAM