Activist investor Nick Bolton has acquired more than 100 million options tied to Magellan’s ASX-traded global share fund as he dials up a campaign to force a possible wind up of the $2.9 billion trust, and bank a quick profit.
The Magellan Global Fund, a closed-end strategy that listed in 2017, is trading at an 18 per cent discount to the underlying value of its portfolio of global stocks, attracting the attention of bargain hunters, hedge funds and activists.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
