-- Elliott Management Corp. has built a “large” stake in Sumitomo Corp., one of Warren Buffett’s favorite Japanese trading houses, according to a person familiar with the matter.The size of the activist group’s investment is around “several tens of billions of yen,” the person said, asking not to be identified because the transaction hasn’t been publicly disclosed. Every ¥10 billion investment is equivalent to a 0.2% stake in Sumitomo, based on Friday’s closing share price of ¥3,909.
Berkshire Hathaway Inc. holds about 8.3% of Sumitomo, according to data compiled by Bloomberg. It also invests in other trading firms including Mitsubishi Corp., Mitsui & Co., Itochu Corp. and Marubeni Corp., and has said it hopes to eventually own 9.9% of each.Sumitomo is Japan’s fourth largest trading firm with a market capitalization of ¥4.8 trillion, data compiled by Bloomberg show. It has a price-to-book ratio of 1.1 and a forward 12-month price-to-earnings ratio of 9.
Activism from shareholders has been boosting the broader Japanese equity market, contributing to a rally to record highs. NEW YORK — Rooting for Donald Trump to fail has rarely been this profitable. Just ask a hardy band of mostly amateur Wall Street investors who have collectively made tens of millions of dollars over the past month by betting that the stock price of his social media business — Truth Social — will keep dropping despite massive buying by Trump loyalists and wild swings that often mirror the candidate’s latest polls, court trials and outbursts on Truth Social itself.
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