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Elliott Joins the Value Disciples

The U.S. hedge fund's Hyundai investment is a boon for a beaten-down crowd.
Photographer: JUNG YEON-JE/Getty Images
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Disciples of Benjamin Graham, don't despair. Elliott Management Corp. is joining your dwindling army, betting that value will finally beat growth this year. 

The U.S.-based activist hedge fund run by billionaire Paul Singer said it bought a stake of more than $1 billion in several Hyundai Motor Group entities, including car manufacturers Hyundai Motor Co. and Kia Motors Corp., as well as parts maker Hyundai Mobis Co. Shares of all three companies rose for a third day on Wednesday. Elliott is calling on the South Korean chaebol to provide a clear plan to improve operations.