New York Hedge Fund Expands Bet on Orsted After Trump’s Wind Farm Halt Triggers Record Low
Windmills at an offshore wind farm constructed by Orsted in the Baltic Sea near Gedser, Denmark.
Photographer: Thomas Traasdahl/AFP/Getty ImagesWhen shares of beleaguered Danish wind farm developer Orsted A/S plunged to a record low earlier this week, one New York hedge fund decided it was a good time to buy.
ValueWorks LLC, which has some $300 million of assets under management, spent the day increasing its stake in the company by nearly 50%, buying over 100,000 shares at what Chief Investment Officer Charles Lemonides described as bargain prices. A stake of that size would have cost about $3 million at the volume-weighted average price for Monday, according to data compiled by Bloomberg.