Elliott Stake Report Spurs Japan Stock’s Biggest Jump Since 2008 (Bloomberg)
Dai Nippon Printing Co. notched its biggest daily stock-price gain since 2008 after a report that activist investor Elliott Management Corp. is building a stake in the venerable Japanese company. Shares of the printing and electronic products firm jumped 15% Wednesday, with volume almost nine times the daily average. The Financial Times reported that Elliott had increased its investment to about $300 million, equivalent to nearly a 5% stake, becoming the third-largest holder.
What’s the Link Between Top-Earning Hedge Fund Citadel and GameStop Stock? (The Street)
2022 was phenomenal for Citadel‘s flagship hedge funds, which posted a record annual profit of $16 billion and outperformed all hedge fund peers. In January 2021, Citadel was involved in GameStop’s massive short squeeze and has been the target of criticism from retail investors ever since. Last year, Citadel’s Ken Griffin said in an interview that the decline of speculative assets like meme stocks, cryptocurrencies, and NFTs is healthy for the economy.
Housebuilder Glenveagh Sees Swiss Hedge Fund Build 19% Stake (Irish Times)
One of the main backers of Glenveagh Properties’ initial public offering in 2017, Singaporean sovereign wealth fund GIC, has cut its stake in the housebuilder by a third in recent weeks, just as a Swiss activist hedge fund continued to build up its holding. GIC sold 17.3 million shares in Glenveagh last Friday, reducing its holding to 6.3 per cent, according to a stock market disclosure issued on Tuesday. This followed the sale of about 4.4 million shares two weeks ago.
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Brummer Multi-Strategy Navigates 2022’s “Perfect” Storm (Hedge Nordic)
Stockholm (HedgeNordic) – 2022 experienced a “perfect” inflation storm due to an unprecedented amount of monetary and fiscal policy stimulus during the pandemic, war, and supply chain disruptions, among other factors. Central banks’ aggressive inflation-fighting efforts sent financial markets into chaos, with equities, bonds, and other asset classes incurring deep losses. The multi-manager, multi-strategy fund of Brummer & Partners managed to weather this “perfect” storm in 2022, ending the year up about seven percent (and 12 percent in the two times levered version).
Activist Oasis Takes 5% Stake in Wagamama Owner (Hedge Week)
Oasis Management, an activist hedge fund based in Hong Kong, has acquired a 5% stake in The restaurant Group, the casual dining and pub operator and owner of the UK-based, Japanese food-inspired restaurant chain Wagamama, according to a report by the Financial Times. The report cites a company filing as revealing that Oasis, which owns 423 venues across the UK, including the Mexican themed Chiquito restaurant chain and Italian-American themed Frankie & Benny’s, in November last year.
SLR Capital Raises $2.2bn for Private Credit Strategy (Opalesque.com)
SLR Capital Partners, a boutique asset manager focused on direct lending with expertise, has raised $2.2 billion in equity commitments to its direct cash flow lending and specialty finance strategies. The private credit investment manager said in a press release that the equity commitments are within SLR’s direct cash flow lending and specialty finance strategies (Multi-strategy Private Credit) during the second half of 2022. Inclusive of anticipated leverage, the commitments total $3.8 billion of additional investment capital. “We are grateful for our partnership with the institutional and wealth management clients who have made early commitments to our current class of private credit funds,” said Michael Gross, Co-Founder of SLR.
Scaramucci Sees Risk-Asset, Crypto Resurgence on Fed Pause (Bloomberg)
Investor Anthony Scaramucci said he expects the Federal Reserve will pause its campaign to raise interest rates before inflation reaches its 2% goal, leading to a rally in risk assets. “I do believe that the Fed declares victory at 4% to 5% inflation,” Scaramucci, founder of SkyBridge Capital, said in an interview. “If I’m right, there will be a resurgence in the market. There’ll be a lot of short covering in crypto and there’ll be a rebirth of risk assets.”
Hedge Funds Lost More Than $200 Billion Last Year (Institutional Investor)
In the market’s worst year since the financial crisis of 2008, hedge funds lost $208.4 billion, according to an annual report by LCH Investments Chairman Rick Sophers. Almost 9 percent of those losses are attributable to one hedge fund firm — Chase Coleman’s Tiger Global. The list, which Sopher calls “the greatest money managers of all time,” ranks the top 20 managers based on the gains made for their investors over time, as well as detailing the profits made by those managers and the entire hedge fund universe during the prior year. But losses by two major hedge funds, Tiger Global and Third Point, got them kicked them off the list for 2022.
Good News Mets Fans: Steve Cohen’s Hedge Fund Made A BOATLOAD Of Money Last Year (Barstool Sports)
If you’re a fan of income inequality and fat cats getting fatter I have FANTASTIC news: Steve Cohen’s hedge fund printed money last year. How much? Well, for a dude with a checkered past (for the record, Steve Cohen’s name was cleared of any wrongdoing), he put up the kinda numbers that would get his ass the “random drug test” treatment if he was playing a professional sport. His fund pulled in $2.4 billion, and he netted $1.7 billion personally. To put things in context, Cohen paid just $2.4 billion for the Mets. And he’s only spent $800 million so far this offseason.
Waratah Hedge Fund Snaps Perfect Streak With First Annual Loss (Bloomberg)
Waratah Capital Advisors’ biggest hedge fund posted its first-ever annual loss in 2022, but the Canadian firm still delivered positive returns on most of its products, including its flagship equity funds. The investment manager’s Waratah Performance fund declined 1% last year, breaking an unbeaten streak of gains since the firm was founded in 2010, according to an investor letter seen by Bloomberg. The fund, which follows a long-short strategy that’s focused on North American stocks, has returned 220% since inception.
Central Park Home of Late Hedge-Fund Titan Julian Robertson Jr. Lists for $30 Million (Mansion Global)
An apartment on Central Park long owned by the late hedge-fund founder Julian H. Robertson Jr. is on the market for $30 million. Mr. Robertson, founder of the hedge-fund giant Tiger Management, died in August 2022 at age 90. The Robertson family didn’t immediately respond to a request for comment. Listing agent Joanne Douglas of Douglas Elliman declined to comment. The full-floor co-op apartment spans about 6,500 square feet, according to a listing description posted by Ms. Douglas. It has a 38-foot-long living room with roughly 18-foot ceilings, and three arched doors that open onto a terrace overlooking Central Park.
Wednesday 1/25 Insider Buying Report: BANF, CMPX (Nasdaq.com)
On Tuesday, BancFirst’s Executive Vice President Dennis L. Brand, made a $166,000 purchase of BANF, buying 2,000 shares at a cost of $83.00 each. BancFirst is trading off about 1.1% on the day Wednesday. And also on Tuesday, CHIEF EXECUTIVE OFFICER Thomas J. Schuetz purchased $83,800 worth of Compass Therapeutics, purchasing 20,000 shares at a cost of $4.19 a piece. Before this latest buy, Schuetz purchased CMPX at 16 other times during the past twelve months, for a total cost of $796,961 at an average of $2.60 per share. Compass Therapeutics is trading off about 1.6% on the day Wednesday.
UK Charges Ex-Janus Analyst and 4 Others with £1.5M Insider Dealing (Finance Magnates)
The United Kingdom’s Financial Conduct Authority (FCA) has charged 35-year-old Redinel Korfuzi, a former Analyst at the British-American asset manager Janus Henderson, alongside four others for conspiring to commit insider dealing offences between December 2019 and March 2021. The five individuals appeared before the Westminster Magistrates’ Court on Wednesday, the FCA said in a statement. The financial markets regulator revealed the four other alleged co-conspirators to include: Oerta Korfuzi, 34, Iva Spahiu, 34, Rogerio de Aquino, 61, and Dema Almeziad, 37.
Moderna, Kellogg And 2 Other Stocks Insiders Are Selling (Benzinga)
Moderna: The Trade: Moderna, Inc. (MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $200.20. The insider received around $2 million from selling those shares. Kellogg: The Trade: Kellogg Company (K) 10% owner Kellogg W K Foundation sold a total of 100,000 shares at an average price of $67.01. The insider received around $6.7 million as a result of the transaction.
