Author Topic: OZM - Och-Ziff  (Read 7001 times)

Foreign Tuffett

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Re: OZM - Och-Ziff
« Reply #20 on: September 06, 2018, 11:10:33 AM »
Reaching new lows today. Anyone have any thoughts?


walkie518

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Re: OZM - Och-Ziff
« Reply #21 on: September 06, 2018, 11:28:37 AM »
Reaching new lows today. Anyone have any thoughts?
AUM has held above $30B across various strategies.  Multistrat is still a problem as LPs have trickled out (3 yr lock-up period upon signing I believe).  Real Estate and CLOs have done well.  I'm interested to see how multristrat does over the next few months.

The worst of it must be over, but there is a lot of negativity on the name and spat with Och's (former) protege, and there is still a little more redemption activity expected in the big fund. 

The pref shares will be an overhang.  The way it was presented was to treat the prefs like another source of financing, but if Och wants to bleed the LPs, he has that right.  The question is if he is a good steward despite the brouhaha. 

That said, I think it's attractive here given that mgmt is aligned with the price of the stock (though if it stays this low for a long time the good ones will leave?).

Aqul

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Re: OZM - Och-Ziff
« Reply #22 on: October 19, 2018, 10:04:35 AM »
Who is puking this thing out? It seems unlikely that this is trading down because of fundamentals, as AUM seems to be stabilizing and performance is  better than what certain other high-profile funds have posted. 

walkie518

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Re: OZM - Och-Ziff
« Reply #23 on: October 19, 2018, 11:49:51 AM »
Who is puking this thing out? It seems unlikely that this is trading down because of fundamentals, as AUM seems to be stabilizing and performance is  better than what certain other high-profile funds have posted.
It's unclear and you're correct...it doesn't seem there has been a material decline in AUM.  On the other hand, I don't have a table for who's window to redeem opens and when.  It's feasible that someone knows when such and such institutional client is exiting that might make a mark on AUM.

At the same time, the pref shs are an overhang and management is a little bit of a mess. 

That said, I think they're trying to fix this issues without giving the firm's internal problems too much media attention.  Maybe investors are catching a whiff?