Scaramucci’s SkyBridge Sticks With Crypto Despite Heavy Losses and Redemptions (Institutional Investor)
The selloff in crypto, as well as the broader market downturn, has left Anthony Scaramucci’s SkyBridge Capital’s flagship fund of funds down 25 percent for the year through the end of July. As markets began to recover, the multi-adviser hedge fund portfolio, called Series G, recouped some of those losses and was down 22 percent by the end of last week, Scaramucci told Institutional Investor in an interview. The market selloff’s effect on the portfolio has led to redemptions for almost half of the assets at the $2 billion fund, which Scaramucci said was the result of wirehouses putting a sell on the fund of funds “at the worst possible moment.”
Michael Burry: Will The Big Short have a Real-Life Sequel? (SmallCaps.com.au)
While there are many memorable highlights from the film The Big Short, one of the best was Christian Bale’s depiction of Dr Michael Burry, one of very few hedge fund operators who made a fortune by betting against the subprime mortgage market. Listening to heavy metal music and with his one-sighted eye doing everything possible not to draw contact with another, it was a great performance about a guy who survived a revolt by some of his own investors who wanted their money back before eventually rewarding them with a 489.34% return (net of fees) in less than eight years.
Asia Hedge Funds Scoop Up Alibaba, Sea After Stock Rout (The Economic Times)
Some of Asia’s biggest funds more than doubled their positions in Alibaba Group Holding and Sea in the second quarter after a yearlong rout. The number of Alibaba shares held by the Asia-focused funds increased 311% during the period, while that of Sea jumped by 110%. That’s based on the analysis of the 13F filings of 15 Asian asset managers — including hedge funds Aspex Management and Oasis Management Co. — that had at least $200 million in quarter-end holdings.
Image by Sergei Tokmakov Terms.Law from Pixabay
DeSantis Taps Donors Griffin, Tudor Jones in $142 Million Haul (Bloomberg)
Republican Florida Governor Ron DeSantis has raised more money than Donald Trump since the former president left office, relying on deep-pocketed donors rather than the small-dollar contributors he’ll need if he seeks the White House in 2024. DeSantis, running unopposed in Tuesday’s primary as he goes for a second term, has amassed $142 million from the start of 2021 through Aug. 5 this year from donors including the hedge fund billionaires Ken Griffin and Paul Tudor Jones.
Griffin’s Citadel Securities Borrows $600m to Cash in on Strong Demand from Lenders (Hedge Week)
Citadel Securities has borrowed $600 million to bolster its balance sheet and capitalise on strong demand from lenders after increased market volatility helped it record strong performance in the first six months of the year, according to a report by The Financial Times. Q2 net trading revenues at the company reportedly surged 38 per cent from a year earlier to reach $1.9 billion. Citadel, which is majority owned by billionaire hedge fund investor Ken Griffin, in one of the largest market-makes in the US and currently executes more than a fifth of equities trading volume in the US and handles more retail stock trades than any other market maker.
