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A Sampling of Recent Advertisers

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ValueWorks Backs Newell PlayEmboldened by double-digit annual returns the past two

years, equity-fund manager ValueWorks has taken sides in an increasingly hostile proxy fight between consumer-product company Newell Brands and activist investor Starboard Value.

ValueWorks, a New York firm led by Charles Lemonides, recently took a 4% stake in Newell, with the expectation that Starboard Value founder Jeffrey Smith will succeed in his ef-fort to replace the chief executive and board of Newell. The fact that Carl Icahn also has taken a stake in Newell, accord-ing to a Feb. 28 report in the New York Post, suggests Star-board Value’s campaign is gaining momentum, Lemonides said.

Newell, whose portfolio of consumer brands runs the gamut from Elmer’s glue to Rubbermaid containers to Rawl-ings baseball gloves, has struggled since paying $15.4 billion for Jarden Corp. in 2016. Newell shares have plunged from nearly $55 in mid-2017 to about $27 today.

Starboard Value, which holds a 4% stake in Newell, is pushing to replace chief executive Michael Polk and the en-tire 11-member board. It has aligned itself with Jarden’s for-mer management team.

Lemonides sees Newell’s stock rising to $50 a share if Star-board Value succeeds in its campaign. ValueWorks also holds positions in Brunswick and Qualcomm, both of which have been targeted by activists pushing for operational changes.

ValueWorks runs $65 million via a long-biased fund, Val-ueWorks LP, and another $155 million in parallel separate accounts. The fund takes a deep-value approach to picking stocks, typically holding 25-30 positions at a time.

The strategy has proved highly volatile. Gains of 23.3% in 2012 and 68.8% in 2013 were followed by losses of 7.6% in 2014 and 33.1% in 2015. But ValueWorks rebounded dra-

matically, with gains of 66.5% in 2016 and 24.2% in 2017. The fund was up 2.6% in January.

Prior to launching ValueWorks in 2001, Lemonides worked at M&R Capital and Gruntal & Co., whose alumni in-clude SAC Capital founder Steve Cohen.

See GRAPEVINE on Back Page

Hayman Marketing Greek-Recovery VehicleEvent-driven manager Hayman Capital is soliciting contributions for a vehicle that would place a concentrated bet on an economic recovery in Greece.

� e Dallas � rm, whose owner, Kyle Bass, is perhaps best known for timing the collapse of the subprime-mortgage market, plans to launch Greek Recovery Fund in the coming months. Hayman already runs vehicles focused on opportunities in China and Hong Kong, in addition to its � agship Hayman Capital Master Fund. Altogether, the � rm was managing $773 million as of April 30, 2017.

“For the last nine years, Greece has endured its version of a Great Depression, experiencing a peak-to-trough GDP decline of 30%,” Bass wrote in a note to pro-spective investors. “� e length and severity of its economic malaise is among the worst ever for a developed nation. However, a� er implementing numerous struc-tural reforms, the economy is growing more sustainably, and we believe the pace of

See HAYMAN on Page 5Tropin Adds Heavy Hitters to Graham PayrollGraham Capital has hired two well-pedigreed portfolio managers.Francesco Cafagna is coming to the Rowayton, Conn., global-macro shop from

Moore Capital. Also on board is Jeremy Wien, most recently of Och-Ziff Capital.Cafagna was a global-macro trader at Moore, running a portfolio that one source

pegged as encompassing $1 billion of interest-rate products, currencies, equities and commodities. He started there in 2013, following stops at Caxton Associates and Goldman Sachs.Cafagna’s start date at Graham is unknown. He apparently will work on a discre-tionary-trading team that recently has bounced back from a period of weak perfor-mance. � e discretionary version of the Graham Global Investment Fund gained almost 4% over the � rst two months of 2018, a� er losing 5.3% in 2017 — with a leveraged companion up 10.3% a� er dropping 7.9% last year.

Wien most recently was a portfolio manager at Och-Zi� from 2014 to June 2017, See GRAHAM on Page 3Galbraith Team Packages Big-Data ProcessesA � nancial-technology startup is pitching fund operators on a big-data program

that has been tested by several equity managers.Equity Data Science of New York is positioning its service as a way for fundamen-tal stock-picking teams to incorporate big-data analysis without reconstituting their core investment processes — or going to the trouble and expense of hiring data scientists and so� ware engineers. EDS writes customized so� ware that supports multiple big-data functions including idea generation, asset valuation, position siz-ing and risk management. Other � ntech � rms aim to assist hedge funds in some of those areas, but EDS is pitching its system as the simplest and least-expensive way for equity managers to fully exploit the potential of big data.

EDS has the backing of Steve Galbraith, formerly chief macroeconomic strategist at Maverick Capital and chief investment o¤ cer at Morgan Stanley. He helped over-see the formation of Maverick’s quantitative-investing program, dubbed Mavrank,

See TEAM on Page 4

2 Contrarian Betting Against Growth 2 Bain Alumnus Crafts Hybrid Offering 2 Volatility Spike Claims Victims 3 Cantab Deal Proves Profi table for GAM 4 ValueWorks Backs Newell Play

4 Hunting Dog Tweaks Fund Series 5 Firms Partner to Start Quant Fund 6 Equity-Fund Startup Demands Lockup 7 Due-Diligence Program Takes Shape

7 LATEST LAUNCHES

Credit-product investor Aesir Capital has hired a portfolio manager. Brendan Haughey joined the Old Greenwich, Conn., fund operator on Feb. 12 from a � xed-income trading post at Vanguard Group, where he started in 2010. His arrival followed the September hiring of portfolio manager Bill Green, formerly of Claren Road Asset Management. Aesir is led by Mark Fishman. It has about $700 million under management.It turns out David Schechter’s deci-sion not to accept outside capital for his Serafi ma Investments resulted in lost jobs for all of the � rm’s employees. Schechter had been hiring since August amid plans to launch an activist-oriented equity fund via Sera� ma. Even as he

THE GRAPEVINE

MARCH 7, 2018

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