Bill Ackman’s Pershing Square Lifts Stake in Developer Howard Hughes (Barron’s)
Bill Ackman’s hedge fund, Pershing Square Capital Management, bought more shares of real estate developer Howard Hughes. Howard Hughes stock (ticker: HHC) lost a quarter of its value in 2022. The company is currently in a fight to demonstrate that there’s enough water for it to develop a large planned community in Arizona. There has been speculation that Pershing Square might acquire Howard Hughes – where Ackman serves as chairman of the board – but that it was a long shot. Pershing Square bought more Hughes shares earlier in December, raising its stake to more than 31%.
Hedge Fund Losses Hasten Tiger Global’s VC Transformation (Bloomberg)
Tiger Global Management started out as a traditional stock-picking hedge fund that dabbled in venture investments. Now, after a tumultuous 2022, its startup bets vastly outstrip equities. That transformation helped the money manager weather its worst year ever, as Tiger Global’s traditional hedge fund lost more than half of its value. With the bulk of its assets now in venture-capital funds, Chase Coleman’s firm has been insulated from even steeper losses because such private investments are less susceptible to declines in public equities or the short-term whims of clients.
Hedge Funds Set to Mark Worst Returns in 14 Years (Reuters)
Dec 30 (Reuters) – Global hedge funds are set to register their worst returns in 14 years in 2022 after aggressive U.S. interest rate rises hit asset prices hard, however, their declines are overall smaller than the slump seen in equity and bond markets this year. Some hedge fund strategies that put money in commodities and currencies using macro-focused strategies and exploited price differences between related securities outperformed in 2022, handing decent gains to investors.
Source: pexels
New Team at the Helm of Tenoris One (Hedge Nordic)
Stockholm (HedgeNordic) – Multi-strategy, multi-asset fund Tenoris One announced a fund management team change, as Henric Nordin is leaving his role as portfolio manager by the end of 2022. Tenoris One will continue to operate under the umbrella of AIFM Capital with a new management team. December 30 will be the last day for Henric Nordin as the responsible manager for the fund Tenoris One, announces AIFM Capital.
Hedge Fund Outlook For 2023: What To Expect As Managers Face Increased Complexity (Forbes)
As investors and fund managers prepare to flip their calendars from 2022 to 2023, they have their work cut out for them. In 2022, commodities and macro funds were the big outperformers, and for good reason. This past year brought the first major war in Europe in 75 years and wrapped up the first pandemic in a century. Meanwhile, spearheaded by the Federal Reserve, the world’s central banks have been trying to tame inflation — with relatively little impact. BlackRock (BLK) believes central banks are “deliberately causing recession by overtightening policy to tame inflation,” a view that many asset managers share.
