Globe and Mail – On Tuesday, outgoing EnCana Corp. chief executive officer Gwyn Morgan blamed hedge fund managers — with their obsession for short-term returns — for spreading the takeover rumours that whipsawed his company’s stock.
Yesterday, it emerged that hedge funds may own as much as three-quarters of Algoma Steel Inc., and the company rejected a demand from one that it reorganize.
What percentage of Canadian equities are currently held by hedge funds? It seems a simple question. Yet after posing the question to dozens of North American hedge fund managers, industry associations, regulators and research groups, no one appears to have the foggiest idea.
