This “Tiger Cub” hedge funder owns nearly 10% of Compass

first_img Tags Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink “The guy’s a walking encyclopedia,” investor Chris Shumway, a former Tiger colleague, told the Journal for the profile. “He’s not going to be an expert on everything all the time, but he tries to be an expert on the things that matter.”Housing betAs a “macro” hedge fund, Discovery has bet on broad market swings and economic trends, particularly in emerging markets.It currently has $3.6 billion in assets under management, down from $12 billion in 2013, regulatory filings show. That year, its returns were up 15 percent through the first half of the year, among the best performances by a big hedge fund, according to news reports.Discovery invested in Compass the following year, joining Salesforce’s Marc Benioff and Advance Publications in the startup’s $40 million Series B. “We keep track of highly successful entrepreneurs and [Ori] Allon was one of them,” Discovery said in a statement. Prior to founding Compass, Allon sold startups to Google and Twitter.After a rough couple of years, the fund bounced back and posted “scorching gains” of 55.5 percent in 2020, according to Institutional Investor. In January, it had gains of 6.45 percent.Today, the fund’s portfolio is dominated by tech and healthcare picks, according to WhaleWisdom, which collects data on asset managers.Discovery owns 4.5 million shares of data analysis company Palantir, for example, a stake currently valued at $107.7 million. It also holds a $61 million stake in Fiserv, a financial technology company, and a $60.7 million stake in the computing giant Intel.In its statement, Discovery said it has a track record of backing “innovative companies that are shaping the future of their respective sectors,” citing early investments in Uber, Lyft, Spotify, Alibaba Group and Ant Group.“We have strong conviction that the technology and tools that Compass is building for agents will help them grow their business and better serve their clients,” it said.Regulatory filings show that after its initial investment, Discovery increased its wager on Compass in 2018, investing $15 million in a Series F that was led by SoftBank and the Qatar Investment Authority. In conjunction with that investment, at $118 per share, Discovery also made a tender offer and bought $23 million worth of stock from prior investors.Road to IPOCompass’ early backers now stand to reap the greatest returns on its IPO. Along with Discovery, those include 406 Ventures, Joshua Kushner’s Thrive Capital and real estate playersincluding LeFrak, the Naftali Group and the Rudin family.According to Compass’ S-1, its revenue grew 56 percent in 2020 to $3.7 billion. It lost $270 million last year, down from $388 million in 2019.In a founder’s letter included in the filing, CEO Robert Reffkin pitched Compass’ vision for boosting agents’ productivity by giving them novel technology. The claim is one that rivals have challenged, arguing that Compass’ tools are elegant but not disruptive.But investors like Discovery believe otherwise. “Similar to what the Bloomberg application did for investment professionals or Adobe Create Suite did for design professionals, the Compass platform will over time transform the way agents do business,” it said.Contact E.B. Solomont compassIPOReal Estate InvestmentResidential Real Estate Full Name* Message* Share via Shortlink Hedge fund manager Robert Citrone (Getty)As an emerging markets specialist, hedge funder Robert Citrone is used to eyeing distant shores for his next investment.His bet on Compass — and by extension the U.S. housing market — hits a lot closer to home.Citrone’s Discovery Capital Management is Compass’ second-largest shareholder, with a 9.2 percent stake, according to Compass’ S-1, filed this week ahead of its impending public offering.Discovery’s investment was not previously reported, and the size of its stake is second only to SoftBank’s, which owns nearly 35 percent of the brokerage. The next biggest shareholders are co-founder Ori Allon, CEO Robert Reffkin and CTO Joseph Sirosh.A former high-school wrestler who grew up in Pittsburgh, Citrone, 56, is among a group of investors known as Tiger Cubs, who worked for hedge fund legend Julian Robertston’s Tiger Management.ADVERTISEMENTCitrone started his career as a corporate-bond analyst at Fidelity in 1990 and joined Tiger in 1995. He left in 1999 to start Discovery Capital Management, which is based in South Norwalk, Connecticut, attracting capital from investors such as George Soros and Robertson. In 2012, he and his wife, Cindy, became minority owners of the Pittsburgh Steelers. He made it to the Forbes billionaire’s list in 2017, with a net worth of $1.1 billion, but fell off the following year after Discovery posted a rough few years of returns.Unlike his peers who are active on Twitter, such as Third Point’s Daniel Loeb or Point72’s Steven Cohen, Citrone keeps a low profile, rarely speaking at investment conferences or making TV appearances. He’s said to favor Hawaiian shirts and Steelers gear. He has a notoriously messy office, according to a 2013 Wall Street Journal profile, but makes extremely precise bets in a number of areas.Read moreInside Compass’ S-1 filing How much Compass paid to scale up The definitive guide to Compass’ C-suite last_img read more

Age and tectonic significance of the Lassiter Coast Intrusive Suite, Eastern Ellsworth Land, Antarctic Peninsula

first_imgDepleted mantle model ages derived from granitoids of the Lassiter Coast Intrusive Suite, sampled over a wide geographical area in eastern Ellsworth Land, Antarctica, cluster between 1000 Ma and 1200 Ma and suggest involvement of Proterozoic crust in the petrogenesis of the suite. Ion-microprobe U–Pb zircon analyses from a small intrusion at Mount Harry, situated at the English Coast, yield a concordant age of 105.2 ± 1.1 Ma, consistent with published ages from other parts of the Lassiter Coast Intrusive Suite. Significant variation in the Sr and Nd isotope composition of the granitoids, along the extrapolation of the Eastern Palmer Land Shear Zone (a proposed terrane boundary) located close to the English Coast, is not evident. However, the isotope signature at the English Coast is more homogeneous than the Lassiter Coast; this variation may relate to geographical proximity to the Pacific margin during intrusion, may reflect subtle changes in basement with a broadly similar character across the proposed terrane boundary, or suggest that any major fault structure is located further to the north, with implications for the kinematics of regional mid-Cretaceous transpression.last_img read more

Evansville City Council Agenda For September 26, 2016

first_imgFacebookTwitterCopy LinkEmailShare RESOLUTION DOCKET RESOLUTION C-2016-29 ORDINANCE G-2016-27 FINANCE MOSBY, ADAMS, WEAVERAn Ordinance Repealing Chapter 2.140 of the Evansville Municipal Code (Hospital Authority)ORDINANCE G-2016-28 A.S.D. ADAMSAn Ordinance Amending Title 18 of the Evansville Municipal Code (Zoning)RESOLUTION C-2016-28 FINANCE McGINNResolution on Ordinance Modifying the Property Tax Relief Rate and the Expenditure Rate in Vanderburgh CountyCONSENT AGENDA SECOND READING OF ORDINANCES AND RESOLUTIONSORDINANCE G-2016-26 FINANCE McGINNAn Ordinance Fixing the Salaries of Every Appointive Officer, Employee, Deputy, Assistant, Departmental and Institutional Head of the City of Evansville and the Evansville-Vanderburgh County Levee Authority for the Year 2017 and Establishing Salary Administration ProceduresORDINANCE F-2016-24 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Authorizing Re-Appropriation of Funds within Various Accounts (DMD)ORDINANCE F-2016-25 AMENDED FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Authorizing Transfers of Appropriations, Additional Appropriations and Repeal and Re-Appropriation of Funds for Various City FundsORDINANCE F-2016-26 AMENDED FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Fixing the Salaries of Elected Officials for the City of Evansville, Indiana for the Year 2017ORDINANCE F-2016-27 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Appropriating Monies for the Purpose of Defraying the Expenditures of Departments of the City Government for the Fiscal Year Beginning January 1, 2017 A Resolution in Favor of Increasing the Evansville Fire Department Roster by Fifteen Lieutenants ROLL CALLPLEDGE OF ALLEGIANCE AGENDA The next meeting of the Common Council will be Monday October 10, 2016 at 5:30 p.m. Committee meetings will begin at 5:15 p.m.Andrea Lendy, Growth Alliance for Greater Evansville: Tax Phase-In Compliance Reports ADJOURNMENT CITY COUNCIL AGENDA SEPTEMBER 26, 2016 ROOM 301, CIVIC CENTER 5:30 P.M.center_img MISCELLANEOUS BUSINESS ADAMS 1 APPROVAL OF MEETING MEMORANDUMREPORTS AND COMMUNICATIONSCONSENT AGENDA FIRST READING OF ORDINANCES AND RESOLUTIONS DOCKET CITY COUNCIL AGENDA SEPTEMBER 26, 2016 ROOM 301, CIVIC CENTER 5:30 P.M.ORDINANCE F-2016-28 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Appropriating Monies for the Purpose of Defraying the Expenditures of Evansville-Vanderburgh Levee Authority District for the Fiscal Year Beginning January 1, 2017ORDINANCE F-2016-29 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Approving and Adopting the 2017 Budget for the Port Authority of EvansvilleREGULAR AGENDA THIRD READING OF ORDINANCES AND RESOLUTIONSORDINANCE G-2016-26 FINANCE McGINNAn Ordinance Fixing the Salaries of Every Appointive Officer, Employee, Deputy, Assistant, Departmental and Institutional Head of the City of Evansville and the Evansville-Vanderburgh County Levee Authority for the Year 2017 and Establishing Salary Administration ProceduresORDINANCE F-2016-24 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Authorizing Re-Appropriation of Funds within Various Accounts (DMD)ORDINANCE F-2016-25 AMENDED FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Authorizing Transfers of Appropriations, Additional Appropriations and Repeal and Re-Appropriation of Funds for Various City FundsORDINANCE F-2016-26 AMENDED FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Fixing the Salaries of Elected Officials for the City of Evansville, Indiana for the Year 2017ORDINANCE F-2016-27 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Appropriating Monies for the Purpose of Defraying the Expenditures of Departments of the City Government for the Fiscal Year Beginning January 1, 2017ORDINANCE F-2016-28 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville, Indiana Appropriating Monies for the Purpose of Defraying the Expenditures of Evansville-Vanderburgh Levee Authority District for the Fiscal Year Beginning January 1, 2017ORDINANCE F-2016-29 FINANCE McGINNAn Ordinance of the Common Council of the City of Evansville Approving and Adopting the 2017 Budget for the Port Authority of Evansvillelast_img read more

Dutch schemes get reprieve from cuts as minister lowers funding floor

first_imgHe added that pension funds using the extension must explain why this would be a balanced approach for all their participants and pensioners.The minister suggested that stable pension contributions and ditto annual accrual would contribute to this aim.He explained his decision to avert looming cuts by citing the risk of social unrest and the risk of people losing confidence in the future of the Dutch pension system.“Calm and stability are required to properly flesh out the pensions agreement,” argued Koolmees.In the direct wake of the accord, he had already decided to temporarily lower the minimum required funding from 104.3% to 100% to avert cuts.However, pension funds’ financial situation had further deteriorated since then as a consequence of declining interest rates.Current funding is approximately 100% on average – down from 109% at 2017-end – and is predominantly affected by falling interest rates.However, the effect of the financial crisis, increasing life expectancy and an insufficient contribution level also played a role.What’s more, pension funds must use lower assumptions for future returns when calculating their recovery potential as of 2020.In the envisaged new pension contract, pension funds don’t have to keep large financial buffers, which must enable them to quickly raise or reduce pensions, the minister explained. Dutch social affairs’ minister Wouter Koolmees has granted most ailing pension funds a one-year reprieve from implementing cuts of pension rights and benefits.In a letter to parliament, he said that he would temporarily reduce the minimum required funding to 90%, pending the elaboration of the pensions agreement concluded between the social partners and the government in June.However, seriously underfunded schemes would still have to reduce pension rights, and must implement unconditional cuts in order to improve their coverage ratio to 90%.Pension funds would subsequently be allowed to further improve their financial position to the minimum required funding in a 12-year period, rather than the current legal period of 10 years, Koolmees said. Cuts, however, would be required if schemes’ coverage ratio were to drop below 90% in order to keep participating in a pension fund attractive to young workers, he added.Currently, a steering group of the social partners and the cabinet is elaborating the pensions agreement.The minister said he expects results to be published next summer, when drafting the necessary legislation would start.He reiterated that raising the discount rate for liablities to avert rights cuts would not solve schemes’ funding problems.It would cause a redistribution of pension assets that would ultimately come at the expense of younger generations, he contended.“If we abolished the principle of an objective market valuation, the discount rate would become a ‘continuing plaything’ of contrasting interests between the generations.“It could also put pressure on the current mandatory participation in a pension fund, as players could wish to no longer participate.”In his opinion, changing the rules wouldn’t solve, and merely camouflage, pension funds’ financial problems, and could lead to a further erosion of schemes’ financial positions.Koolmees emphasised that a collective approach, solidarity and mandatory participation would also be key in the new pensions system.The large metal sector schemes PMT and PME were facing rights cuts next year as they had been continuously underfunded for a five-year period.At October-end, their coverage ratio stood at 95.8% and 95.1%, respectively.ABP and PFZW – the pension funds for the civil service and the healthcare sector – would have to implement discounts in 2021 if their coverage ratio was short of the required minimum at the end of next year.Their funding rayios stood at 93.2% and 94.1%, respectively, at the end of October.last_img read more