New hedgie buys into JC Penney

Kyle Bass is the latest hedge fund manager to take a big stake in struggling American retailer JC Penney now that Bill Ackman’s Pershing Square Capital Management has sold all its shares in the company. Bass’s Hayman Capital Management reported a 5.2 per cent stake of 11.4m shares in Penney as of 30 August, according to a regulatory filing with the Securities and Exchange Commission yesterday.