Citadel Planning to Return $7bn in Profits to Clients (Hedge Week)
Citadel, the hedge fund firm founded by billionaire investor Ken Griffin, is planning to return about $7 billion in profits to investors in the first week of the New Year after generating bumper returns in 2022, according to a report by Reuters. An investor note sent earlier this month revealed that Citadel’s flagship Wellington Fun was up around 32% as of the end of November, paving the way for the $59 billion hedge fund firm to make the record annual profits payment to investors.
Delaware Judge Rejects Early Unmasking of Activist Fund Investors in Proxy Bylaw Fight (Reuters)
(Reuters) – In a big win for activist investors, hedge fund Politan Capital Management LP has shut down an attempt by medical device maker Masimo Corp to use the litigation discovery process to unmask Politan’s investors. Vice Chancellor Nathan Cook of Delaware Chancery Court ruled from the bench on Tuesday that Masimo cannot compel Politan to reveal its backers as the company and the hedge fund fight over the validity of Masimo’s controversial bylaw amendment.
Hedge Fund Trends To Watch In 2023 (NXTmine.com)
Inflationary pressures, geopolitical tensions and the threat of a potential recession have mired the global financial markets for much of 2022. The hedge funds as a whole, however, have outperformed the equity market this year. The S&P 500 is down almost 19% year to date through December 22, while the Barclay Hedge Fund Index, which tracks about 3,000 funds, is only down about 7%. Such an outperformance and that too during a bear market, explains why millionaires and high-net-worth investors trust hedge funds with their money.
Friday 12/23 Insider Buying Report: ADC, TBLD (Nasdaq.com)
At Agree Realty, a filing with the SEC revealed that on Wednesday, John Rakolta Jr. bought 11,000 shares of ADC, for a cost of $71.38 each, for a total investment of $785,180. Bargain hunters are able to buy ADC at a price even lower than Rakolta Jr. did, with shares trading as low as $70.11 at last check today — that’s 1.8% under Rakolta Jr.’s purchase price. Agree Realty is trading down about 0.5% on the day Friday. Before this latest buy, Rakolta Jr. made one other buy in the past twelve months, purchasing $14,503 shares for a cost of $68.09 a piece. And on Thursday, PRESIDENT Jason H. Brady bought $425,763 worth of Thornburg Income Builder Opportunities Trust, buying 30,000 shares at a cost of $14.19 a piece. Before this latest buy, Brady made one other purchase in the past twelve months, buying $979,032 shares for a cost of $18.83 each. Thornburg Income Builder Opportunities Trust is trading down about 0.7% on the day Friday.
Target, Lowe’s And 2 Other Stocks Insiders Are Selling (Benzinga)
Target: The Trade: Target Corporation (TGT) Executive Officer John Mulligan sold a total of 24,708 shares at an average price of $146.41. The insider received around $3.62 million from selling those shares. Lowe’s Companies: The Trade: Lowe’s Companies, Inc. (LOW) EVP, Stores Joseph M. McFarland III sold a total of 15,301 shares at an average price of $ $203.82. The insider received around $3.12 million from selling those shares.
