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Non us funds top list of best performing hedge funds preqin data


´╗┐The United States has been home to the world's biggest hedge funds, but the industry's most consistent strong performers generally hail from other nations, according to data released on Tuesday. Mauritius-based Arcstone Capital's Passage to India Opportunity Fund, Great Britain-based Stratton Street Capital's Japan Synthetic Warrant Fund and India-based Fair Value Capital Management's India Insight Value Fund rank as the three top performing hedge funds over the last three years, according to research firm Preqin. None are household names but at a time investors are searching for a crop of new winners, institutional investors are examining the list closely. Arcstone Capital's fund posted an average 44.84 percent return while Stratton Street Capital's fund had an average 36.4 percent gain followed by Fair Value's 35.9 percent annual return.

Over the last five years, Taiga Fund Management, based in Oslo, Norway, ranked as the most consistent best-performing fund that selects stocks, Preqin said. Rio de Janeiro, Brazil-based Oceana Investimentos followed in second place in the stock-picking category. Preqin ranked the funds based on their annualized returns and how volatile the funds were. Preqin also included funds' Sharpe ratios which calculate how much return investors can expect for the amount of risk they take and their Sortino ratios, which calculates return in relation to volatility to the downside, in the tallies.

The best-performing U.S.-based funds include Loyola Capital Management, based in Lake Forest, Illinois, which was last year's fourth-best performer with a 125 percent return. New York-based Extract Capital, which specializes in the mining and energy sectors, posted a 102 percent return last year and returned an average 32.7 percent between 2014 and 2016.

To be sure many of these funds are tiny - some have less than $100 million in assets - and many pursue niche strategies. The average global hedge fund made 5.51 percent last year after having lost money the year before, data from Hedge Fund Research show.

Stada receives 3.6 billion euro offer from private equity group Cinven FT


´╗┐German generic drugmaker Stada (STAGn. DE) has received a 3.6 billion euro ($3.83 billion) takeover offer from private equity group Cinven, the Financial Times reported. Cinven's offer follows a year-long activist campaign to improve Stada's profitability by Active Ownership Capital, one of its largest shareholders, and is believed to be pitched at close to 58 euros a share, the Financial Times reported, citing sources. Cinven declined to comment. Stada was not immediately available to comment. Advent, Bain Capital, CVC and Permira are all assessing the bidding war closely and could make a bid, the FT sources said.

In August last year, Stada's CEO Matthias Wiedenfels promised a more modern, dynamic approach to running the company, saying it had to improve its transparency, flexibility, hierarchies and communication, although it had no need to change its strategy.

AOC put forward four candidates for Stada's supervisory board for election at the AGM, including former Novartis (NOVN. S) manager Eric Cornut for chairman, and said it also supported two of the four candidates proposed by Stada. Another activist investor, Guy Wyser-Pratte, who has a stake of just under 3 percent, said in July that buyout firm CVC Capital Partners was interested in buying the drugmaker and that would be a better plan than AOC's suggested board overhaul.

KKR succeeds with Gfk stake purchase, clears way for turnaround FRANKFURT/BERLIN Private equity firm KKR has acquired a 18.54 percent stake in German market researcher GfK , GfK said, allowing it to drive strategic change with top shareholder GfK Verein.

Aon to sell benefits outsourcing to Blackstone for up to $4.8 billion Insurance broker Aon Plc said on Friday it agreed to sell its employee benefits outsourcing business to private equity firm Blackstone Group LP for up to $4.8 billion.

France's Renault stake blocks deeper Nissan deal: CEO PARIS Renault and alliance partner Nissan are ready to forge closer capital ties but will only do so if France sells its Renault stake, Chief Executive Carlos Ghosn said on Friday.