Bill Ackman Says the Covid Omicron Variant could End Up Being Bullish for Markets (CNBC)
Investor Bill Ackman said the new omicron variant of the coronavirus could actually give U.S. stocks a boost if symptoms turn out to be less severe. “While it is too early to have definitive data, early reported data suggest that the Omicron virus causes ‘mild to moderate’ symptoms (less severity) and is more transmissible,” Ackman said in a tweet Sunday evening. “If this turns out to be true, this is bullish not bearish for markets.” The founder and CEO of Pershing Square Capital Management added it would be bullish for the equity market and bearish for the bond market.
Portal Asset Management launches Horizon Index Fund (Hedge Week)
Portal Asset Management, sponsor of the Portal Digital Fund, a global fund of digital asset hedge funds, has launched the Horizon Index Fund, which is targeted at family offices, sophisticated and institutional investors seeking passive, broad market exposure to the digital currency space. The Portal Digital Fund, ranked third in the global Multi-Advisor section of the BarclayHedge Alternative Investment Rankings for 2020, was also ranked by Preqin as the No1 Fund of Hedge Funds in Asia Pacific in H1 2021, and has been operating since early 2020.
DeFi Trader at Steve Cohen-Backed Firm Wrote Kardashians’ Theme Song (Bloomberg)
Until October, nothing on Aaron Lammer’s resume really screamed Wall Street. There’s the “Keeping Up With the Kardashians” theme song he co-wrote, the music he made with Drake and Kanye West and the Rick Bayless cookbook he helped edit. There’s Longform.org, the website he co-founded that got famous in media circles for showcasing long pieces of good journalism. And there’s the podcasts he has hosted.
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Newspaper Chain Adopts ‘Poison-Pill’ Plan to Ward Off a Hostile Takeover by Owner of Virginian-Pilot, Daily Press (The Virginian Pilot)
DAVENPORT, IOWA — The Lee Enterprises newspaper chain has adopted a “poison-pill” plan to protect itself from a hostile takeover while the company’s board considers an unsolicited offer from hedge fund Alden Global Capital. The shareholder rights plan would take effect if Alden gets control of more than 10% of Lee’s stock anytime in the next year. The Davenport, Iowa-based company said the plan would allow its other shareholders to buy shares at a 50% discount at that point or possibly get free shares for every share they already own.
ESG Integration in Private Credit: An Asset-Level Approach (Preqin)
In contrast to public and private equity markets, private credit managers have been challenged when trying to integrate ESG into the investment process, given limited coverage of private, middle-market companies by established databases, and their influence bound by the scope of the equity owners’ objectives. Utilizing asset-level evaluation, private credit managers are working to develop better ESG data, which will drive constructive dialogue and better investment decisions.
Outlook for Real Assets Looks More Bullish: 71 Funds Raised $81.7bn YTD (Opalesque)
The outlook for real assets is more bullish than it has been in years with 71 funds raising a combined $81.7 billion YTD, said a study. According to a PitchBook report, fundraising this year till 3Q has been notably dominated by a smaller number of large infrastructure funds from Copenhagen Infrastructure Partners, Macquarie Asset Management, BlackRock, KKR, and EQT. “This is partially because infrastructure funds, which tend to be larger by necessity, are receiving more LP demand than oil & gas and other real assets funds,” the report said. Concerns that the current inflationary environment may endure are prompting many LPs to look to real assets funds as an inflation hedge in their portfolios. Infrastructure managers continue to attract capital by delivering reliable fund returns in the region of 10%.
