Crypto Hedge Fund Elwood Closes $70M Funding Led by Goldman Sachs and Dawn Capital (Coin Desk)
Elwood Technologies, the cryptocurrency company backed by billionaire fund manager Alan Howard, raised $70 million in a funding round co-led by Goldman Sachs (GS) and Dawn Capital. The Series A round also included U.K. bank Barclays (BCS) and Commerzbank’s CommerzVentures, as well as Galaxy Digital Ventures, BlockFi Ventures, Flow Traders, Chimera Ventures and Digital Currency Group (CoinDesk’s parent company).
Time to Get Out Of Cryptos, Hedge Fund Manager Says After Thursday’s ‘Lehman Moment” (Benzinga)
The cryptocurrency market has been in the doldrums, and the correction has polarized people over whether a bottom has been reached. What Happened: Hedge fund manager Whitney Tilson said on Thursday that it was time to get out of cryptocurrencies and wait to “rejoin the game.” The analyst said with such a speculative asset, investors would have to price in momentum, given that it is impossible to value cryptocurrencies.
‘Big Short’ Investor Michael Burry Reveals Bet Against Apple Stock — and Built Stakes in Alphabet and Meta Last Quarter (Business Insider)
Michael Burry‘s Scion Asset Management placed a bearish wager against Apple stock last quarter. “The Big Short” investor bought a bunch of stocks including Alphabet, Meta Platforms, and Discovery. The raft of purchases helped to double the value of Scion’s US stock portfolio to $165 million. Michael Burry, the investor of “The Big Short” fame, placed a bet against Apple and loaded up on other stocks last quarter, a Securities and Exchange Commission filing revealed on Monday.
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GoldenTree Closes $599m CLO Under GLM Strategy (Hedge Week)
GoldenTree Loan Management II (GLM II) and its affiliated investment manager GoldenTree Asset Management (GoldenTree), has closed a $599 million collateralised loan obligation (CLO) to be managed by GLM II. With the closing of this CLO, GoldenTree Loan Management US CLO 12 (GLM US CLO 12), GoldenTree has issued 18 CLOs totalling over $10.5 billion under its GLM CLO strategy. Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations. While a US Court of Appeals ruling on 9 February, 2018 led to the repeal of US risk retention rules for open market CLOs, GLM CLOs are intended to continue to comply with European Union and United Kingdom Risk Retention regulations.
Activist Fund Targets Maker of Maruchan Ramen Noodles Over Governance, Sources Say (Reuters)
TOKYO, May 16 (Reuters) – A Singapore-based activist investor is pressing the Japanese maker of “Maruchan” ramen noodles to improve group governance and explain why a majority-owned subsidiary remains listed, two people familiar with the matter told Reuters. Vasanta Master Fund has filed shareholder resolutions ahead of the June annual general meetings of Toyo Suisan Kaisha Ltd and its 50.9% owned subsidiary, Yutaka Foods Corp., according to the people, who spoke on condition of anonymity because the information was not public.
StepStone Raises $600m for Debut Distressed Credit Fund (Opalesque)
The global private markets firm StepStone Group has raised more than $600m for its Credit Opportunities Fund I (SCOF I), which will target both liquid and illiquid credit at stressed, dislocate, and distressed entry points. The US-based investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments said in a press release that a diverse group of limited partners from around the world is invested in the Fund. Through SCOF I, StepStone also seeks to invest in opportunistic situations across asset classes, industries, and geographies.
Dalio, Grantham, Simons, and Soros All Hold Cerner (Nasdaq.com)
When hedge fund manager “titans” think alike, investors are wise to pay attention. At Holdings Channel, we have reviewed 4,897 13F filings for the 03/31/2022 reporting period, and noticed that Cerner Corp. (Symbol: CERN) was held by 4 of the particular managers we have flagged as “titans” most widely followed by investors. It is not every day we see this many notable hedge fund managers thinking alike, so we wanted to take a closer look. Before we continue, it is important to point out that 13F filings do not tell the whole story, because these funds are only required to disclose their long positions with the SEC, but are not required to disclose their short positions.
Ray Dalio’s Bridgewater Fund Sold Its Tesla Stake Last Quarter – and Placed New Bets on GameStop and AMC (Business Insider)
Ray Dalio‘s Bridgewater Associates cashed out its Tesla stock, and built new stakes in GameStop and AMC Entertainment last quarter, Securities and Exchange Commission filings show. Dalio is the founder and co-chief investor of Bridgewater, one of the world’s largest hedge funds. Bridgewater owned about 25,500 Tesla shares worth $27 million at the end of December, and held the stock in all four quarters of 2021, its previous portfolio updates show.
Monday 5/16 Insider Buying Report: NTRA, ICUI (Nasdaq.com)
At Natera, a filing with the SEC revealed that on Thursday, EXECUTIVE CHAIRMAN Matthew Rabinowitz bought 219,820 shares of NTRA, for a cost of $28.74 each, for a total investment of $6.32M. Rabinowitz was up about 22.5% on the buy at the high point of today’s trading session, with NTRA trading as high as $35.20 in trading on Monday. Natera is trading up about 2.5% on the day Monday. This purchase marks the first one filed by Rabinowitz in the past year. And at ICU Medical, there was insider buying on Thursday, by Director George A. Lopez who purchased 25,835 shares for a cost of $172.91 each, for a trade totaling $4.47M. This buy marks the first one filed by Lopez in the past twelve months. ICU Medical is trading up about 2.6% on the day Monday. Lopez was up about 4.6% on the buy at the high point of today’s trading session, with ICUI trading as high as $180.89 in trading on Monday.
Insider Buying Remains Elevated For A Second Week $SBUX $UBER $RILY (Benzinga)
Notable Insider Buys: 1. Starbucks Corporation (SBUX) Interim CEO Howard D. Schultz acquired 137,500 shares of Starbucks, paying $72.67 per share for a total amount of $9.99 million. Mr. Schultz increased his stake by 0.71% to 19,534,460 shares with this purchase. 2. B. Riley Financial, Inc. (RILY) Shares of B. Riley Financial were acquired by 3 insiders: Chairman and Co-CEO Bryant R. Riley acquired 141,296 shares, paying $47.30 per share for a total amount of $6.68 million. Mr. Riley increased his stake by 2.48% to 5,839,609 shares with this purchase.
