$17 Billion Chicago Hedge Follows Millennium, BlueCrest in Push to Dubai (Bloomberg)
Balyasny Asset Management will open an office in Dubai, the latest hedge fund to expand to the emirate. The $17 billion firm will start operations in the city in the first quarter of next year, according to a person with knowledge of the matter. Balyasny is taking space in the ICD Brookfield Place and its office is initially set up to accommodate 20 people, the person said, asking not to be identified because the details are private.
Prime Meridian Wins Hedgeweek Award for Best Credit Hedge Multi-Strategy Hedge Fund (PRWeb.com)
The Fund was nominated by Bloomberg, LP as a finalist along with funds managed by PIMCO and Wasserstein & Co. Bloomberg based its nominations on performance, and then investors, fund managers and service providers voted for the best overall fund. The ten-year track record of delivering strong and consistent results, along with its recent performance, helped Prime Meridian win this coveted industry award.
Tiger Global Posts 5.4% October Loss, Missing Stock Rally (Bloomberg)
Chase Coleman’s Tiger Global Management lost 5.4% last month, failing to capitalize on a surge in global equities. The drop extends the hedge fund’s 2022 decline to 54.6%, according to people familiar with the results. The S&P 500 surged 8% in October, its second-best month in almost two years, and the MSCI All World Index advanced 6%.
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Hedge Fund Industry AUM Holds Up at Just Below $5tn All-Time High, Despite Global Downturn (Hedge Week)
The pace of Hedge Fund redemptions accelerated slightly in August to -$18.92 billion (-0.38% of industry assets), according to the Barclay Fund Flow Indicator published by BarclayHedge. A trading loss of -$54.13 billion during August saw total hedge fund industry assets decline to $4.96 trillion. Including new fund launches though, total industry AUM remains just 3.4% lower than the $5.136 trillion all-time high recorded in March of this year.
Hedge-Fund Manager Who Helped Expose Luckin Coffee’s Fraud Bets on Chinese Chain’s Comeback (The Wall Street Journal)
A hedge-fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee Inc. LKNCY 1.53%increase; green up pointing triangle of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history.” Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma, has bought a minority stake in Luckin and is betting that the formerly Nasdaq-listed company’s valuation will surge, the investor said in an interview with The Wall Street Journal on Monday.
Hedge Fund Manager Says Carvana Equity ‘Worthless’ (AFR.com)
The tech stock crash sparked by rising interest rates, sinking consumer demand and difficulties refinancing corporate debt could be about to claim its first major bankruptcy as bond markets flash red over the solvency of US-listed Carvana. Stock in the e-commerce used car trader and pandemic darling has slumped 98 per cent over the past year from a $US60 billion valuation to $US…
Hedge Funds Slash Risky Bets Ahead Of Midterms, CPI Data (FA-Mag.com)
Big speculators, a year along in a frantic campaign of risk reduction, are getting even more cautious ahead of a duo of potential make-or-break market events this week: midterm elections and the government’s inflation report. Hedge funds that make both bullish and bearish equity wagers just unwound bets at a rate that was in line with the fastest this year, according to data compiled by JPMorgan Chase & Co.’s prime broker using a 20-day rolling window. The process, known as degrossing, also played out among Morgan Stanley’s fund clients, though the pace slowed at the start of last week. Still, at 178%, the group’s gross leverage, a rough measure of long and short positioning among clients, sat in the 6th percentile of a five-year range.
Citadel’s Flagship Hedge Fund Is Up 30% This Year. Why Is Ken Griffin’s Fund Doing Better Than Most? (The Street)
October was another month of gains for Citadel‘s flagship hedge fund, rising 1.5%. Ken Griffin‘s fund has been outperforming peers such as Millennium and Balyasny. Ken Griffin and Citadel Securities found themselves embroiled in a payment-for-order-flow issue during the GameStop short squeeze of early 2021. Recently, Citadel’s CEO criticized the effect of speculative assets, such as meme stocks and crypto, on the overall economy. Ken Griffin’s Citadel Is Having a Great 2022: Citadel’s flagship hedge fund has seen outstanding returns this year. In October alone, the fund was up 1.5%. And in September, the fund had reported 2.5% growth.
Monday 11/7 Insider Buying Report: ALGN, VRT (Nasdaq.com)
At Align Technology, a filing with the SEC revealed that on Wednesday, CEO Joseph M. Hogan purchased 10,600 shares of ALGN, for a cost of $188.58 each, for a total investment of $2M. Bargain hunters are able to buy ALGN at a price even lower than Hogan did, with shares changing hands as low as $178.93 in trading on Monday — that’s 5.1% under Hogan’s purchase price. Align Technology is trading off about 0.4% on the day Monday. Before this latest buy, Hogan made one other purchase in the past twelve months, buying $2M shares for a cost of $298.48 each. And at Vertiv Holdings, there was insider buying on Thursday, by Director Joseph J. Deangelo who purchased 71,600 shares for a cost of $13.99 each, for a total investment of $1.00M. This purchase marks the first one filed by Deangelo in the past year. Vertiv Holdings is trading up about 2.2% on the day Monday. Deangelo was up about 6.8% on the buy at the high point of today’s trading session, with VRT trading as high as $14.94 at last check today.
$21.8 Million Bet On Nuvalent? 4 Stocks Insiders Are Buying (Benzinga)
E.W. Scripps Company: The Trade: The E.W. Scripps Company (SSP) 10% owner William A Scripps acquired a total of 101,496 shares an average price of $12.26. To acquire these shares, it cost around $1.24 million. Varonis Systems: The Trade: Varonis Systems, Inc. (VRNS) SVP Worldwide Sales James Oboyle acquired a total of 60,000 shares at at an average price of $16.72. To acquire these shares, it cost around $1 million.
