Hedge Fund Billionaire Bill Ackman Says Hindenburg’s Report about India’s Adani Group is ‘Highly Credible’ (Financial News)
Pershing Square CEO Bill Ackman said Hindenburg Research’s report about Gautam Adani’s corporate empire Adani Group is “highly credible” and “extremely well-researched”. In a 27 January post on Twitter, Ackman backed the 24 January report from the New York-based activist short-selling firm founded by Nathan Anderson. Ackman’s public response marks the first time since publication that a major finance figure has opined on the Hindenburg report, which flagged substantial debt at companies within the $218bn Indian conglomerate Adani Group. The report also highlighted the company’s use of an offshore shell network for alleged earnings manipulation.
Scaramucci’s SkyBridge Funds Tumbled 39% Last Year on Wrong-Way FTX, Crypto Bets (Bloomberg)
Anthony Scaramucci’s SkyBridge Capital lost 39% last year in its biggest funds after wrong-way bets on cryptocurrencies and now-bankrupt FTX, spurring investors to ask the firm to return more than half of their money. SkyBridge’s largest fund, with $1.3 billion of assets at the end of the third quarter, had one of its worst months of 2022 in November, when FTX declared bankruptcy, according to people familiar with its performance.
This Energy Hedge Fund Returned More Than 200% Last Year (The Wall Street Journal)
Hedge-fund managers that could successfully navigate last year’s volatile commodity markets were rewarded with outsize returns. A fund run by Houston-based Skylar Capital Management, founded by veteran natural-gas trader Bill Perkins, was up about 208% last year, according to fund documents viewed by The Wall Street Journal. The energy-focused firm now manages about $500 million in assets.
Pixabay/Public Domain
K2 Advisors Raises Conviction on Private ILS, Cat Bonds, Retro Investing (Artemis.bm)
K2 Advisors, the hedge fund focused investment management unit of Franklin Templeton, has become even more constructive on the insurance-linked securities (ILS) asset class, seeing near record high catastrophe bond spreads, as well as improved conditions in private ILS, retrocession and industry loss warranties (ILW’s). K2 Advisors has been getting increasingly constructive on the ILS market through recent quarters, with the catastrophe bond its preferred and most recommended area of the asset class.
Dozen Hedge Funds Eye Bonanza as Rogers-Shaw Deal Nears Close (Reuters)
As one of Canada’s most bitterly contested acquisitions nears the finish line, a dozen hedge funds including Citadel and Millennium Management are heaving a sigh of relief and sitting on profit of more than C$216 million ($162 million) on paper after a nearly two-year roller coaster ride. Prospects for Rogers Communications Inc’s (RCIb.TO) C$20 billion bid for Shaw Communications Inc (SJRb.TO) brightened after Canada’s competition bureau this week dropped plans to block the deal. While the Canadian government still has the final say, most analysts and competition lawyers expect the deal to clear the last hurdle and close by the Jan. 31 deadline.
