I’d like to introduce you to Jeff Ubben, the Valeant Pharmaceuticals of hedge fund managers. Wait...nevermind, you get the point. This is a short post, but packed with must-know, must-read info. First is a look at Jeff Ubben’s ValueAct 13D performance. This is part of the activist performance database we’re pumping. You can read more about it a recent blog post on our happenings.
Ubben has killed it. His average 13D is up 23.5% annualized. All his closed 13D campaigns have returned 20% annually but one. C.R. Bard didn’t work out. His Valeant position is a big standout with a 58% CAGR, but there’s plenty of other winners, including Verisign, Rockwell Collins and Gardner Denver - all with 50% CAGRs. Open 13D campaign wise, 21st Century Fox and Allison Transmissions are the two most interesting ones to me.
Goodreads on Ubben-
Jeff Ubben on what he learned from Peter Lynch [link] h/t @valuewalk
@PainCapital thoughts on Ubben [link]
Ubben taking a swipe at Barry Rosenstein at 2014 Milken [link] h/t @jay_21_
@Emory_R notes and long-form Ubben interview [link] h/t @jeffubben
@AlderLaneeggs on Jeff Ubben [link] h/t @jeffubben
Jeff Ubben thesis on Valeant Pharma from 2010 [link] h/t @AnthonyMorley12
@jay_21_ thoughts on Ubben: “Listened to a few Ubben interviews 2 good concepts: 1) ensure equity rep is on BoD 2) don’t buy at a control premium but exit at one.”
Our thoughts on Jeff Ubben and his 21st Century Fox thesis [link]
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