Daniel Sundheim's Fund Bought Up Tencent Music ADRs When They Slid -- Barrons.com
Daniel Sundheim's Fund Bought Up Tencent Music ADRs When They Slid -- Barrons.com
DJ Daniel Sundheim's Fund Bought Up Tencent Music ADRs When They Slid -- Barrons.com
DJ 丹尼爾·桑德海姆的基金在他們滑倒時收購騰訊音樂 ADR-巴倫
By Ed Lin
由艾德·林
They say the song remains the same. Unfortunately, that's also true for Tencent Music Entertainment Group's American depositary receipts, which have gone nowhere so far this year.
他們說這首歌保持不變。不幸的是，騰訊音樂娛樂集團的美國存託憑證也是如此，今年到目前為止，這一點也是如此。
Actually, they've gone slightly down. Tencent Music ADRs (ticker: TME) have ticked 4% lower in 2019 through Tuesday's close at $12.70. Meanwhile, the S&P 500--often used as a proxy of the market--has surged 25.3%.
事實上，他們已經略微下降。騰訊音樂 ADR（股票代碼：TME）通過周二收盤 12.70 美元，2019 年下跌了 4%。與此同時，標普 500-通常用作市場的代理-已經飆升了 25.3％。
One big Tencent Music shareholder, however, has recently drastically raised its investment in the company, which operates a streaming-music platform in China, Hedge fund D1 Capital Partners bought the equivalent of 4.7 million more Tencent Music ADRs between Sept. 30 and Nov. 22, raising its investment to an equivalent 24.2 million ADRs, a 7.4% stake. Each ADR represents two class A ordinary shares of Tencent Music.
然而，一位騰訊音樂大股東近日大幅增加了對在中國經營流音樂平台的公司的投資。對沖基金 D1 Capital Partners 於 9 月 30 日至 11 月 22 日期間，投資額增加了 470 萬份騰訊音樂 ADR，增加了相當於 24.2 萬股 ADR，佔 7.4% 股份。每股 ADR 代表騰訊音樂兩股 A 類普通股。
D1 Capital, founded by savvy stockpicker Daniel Sundheim, disclosed the increased investment in a form it filed with the Securities and Exchange Commission. The fund declined to comment on the larger investment.
D1 資本, 由精明的股票選手丹尼爾·桑德海姆成立, 披露了它提交給證券交易委員會的形式增加的投資.該基金拒絕對較大的投資發表評論。
David Semple, manager of the VanEck Emerging Markets fund (GBFAX), recently told us that he was invested in Tencent Music because of the business model in China. "[T]he power of the music publishers is much less in China, and the power of Tencent is much better," Semple said.
VanEk 新興市場基金（GBFAX）的經理 David Semple 最近告訴我們，由於中國的商業模式，他投資於騰訊音樂。「[T] 他在中國音樂出版商的力量要少得多，騰訊的力量要好得多，」森普爾說。
Tencent Music ADRs slid on Tuesday Nov. 12 to close 8.1% lower after the company reported third-quarter earnings. That was also the day that D1 Capital's stake in Tencent Music rose above 5.0%, a threshold that triggers the need for a regulatory filing. Once an investor's stake in a publicly traded entity reaches that point, that investor files a form to show if it will either consider an activist stance, or be passive and not try to meet with management to encourage "exploring strategic alternatives," as it is commonly phrased. D1 Capital filed as a passive investor. By Nov. 22, D1 Capital's Tencent Music investment represented a 7.4% stake.
騰訊音樂 ADR 於 11 月 12 日星期二下滑，在公司錄得第三季度盈利後下跌 8.1%。那也是 D1 資本在騰訊音樂的股份上升到 5.0% 以上的那一天，這個門檻觸發了監管機構備案的需求。一旦投資者在公開交易實體的股份達到這一點，投資者就提交了一種表格，以顯示它是否會考慮激進主義者立場，或者是被動的，而不是試圖與管理層見面以鼓勵「探索戰略替代方案」，因為它通常是用來表達的。D1 資本提交為被動投資者。11 月 22 日，第一資本的騰訊音樂投資佔 7.4% 的股份。
The fund has been trading in and out of Tencent Music, although the current trend is buying more. Tencent Music ADRs began to trade publicly in December 2018. At the end of 2018, D1 Capital owned the equivalent of 1.7 million Tencent Music ADRs, but sold them all by the end of March, SEC records show. During the third quarter, the fund revisited investing in Tencent Music, and ended September with 19.5 million ADRs.
儘管目前的趨勢正在買入更多，但該基金一直在進出騰訊音樂交易。騰訊音樂 ADR 於 2018 年 12 月開始公開交易。SEC 記錄顯示，截至 2018 年底，D1 資本擁有相當於 170 萬個騰訊音樂 ADR，但截至 3 月底全部售出。在第三季度，該基金重新審視了對騰訊音樂的投資，截至 9 月，擁有 1,50 萬 ADR。
Inside Scoop is a regular Barron's feature covering stock transactions by corporate executives and board members -- so-called insiders -- as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Inside Scoop 是一個定期的巴倫的功能，涵蓋了公司高管和董事會成員的股票交易--所謂的內部人士-以及大股東，政治家和其他著名人物。由於其內幕狀況，這些投資者必須向證券交易委員會或其他監管機構披露股票交易。
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
寫信給林育德，電郵 edward.lin@barrons.com 並關注 @BarronsEdLin。
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(完) 道瓊斯通訊社
November 27, 2019 07:29 ET (12:29 GMT)
二零一九年十一月二十七日（北京時間 12:29）
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