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.
Cathie Wood’s Grim 2022 Is Almost Over. Next Year Also Looks Bad (Bloomberg)
Cathie Wood’s worst-ever year wasn’t even over before the clouds started to gather for 2023. For the past few weeks, Wall Street has been slashing earnings expectations for some of the biggest holdings of her flagship $5.8 billion ARK Innovation ETF (ticker ARKK) — signaling more pain ahead for a strategy that was hammered throughout 2022 by the most aggressive Federal Reserve tightening in decades.
7 Key Insights From Money Managers and Market Experts to Set Your Portfolio Up for 2023 (The Street)
Takeaways from our exclusive 54-page Market Outlook report put together by the hedge fund managers and investing experts that power our subscription investment products. As we enter 2023, you’ve no doubt heard the “good” news. You’ve heard that the Dow Jones industrial average’s best returns always arrive after the midterm elections. And that the S&P 500 has delivered a positive return in the 12 months following every midterm election since 1960.
Friday 12/30 Insider Buying Report: CRWD, CAMP (Nasdaq.com)
On Wednesday, CrowdStrike Holdings (CRWD)’s , Roxanne S. Austin, made a $2.49M buy of CRWD, purchasing 25,000 shares at a cost of $99.74 a piece. Austin was up about 6.5% on the buy at the high point of today’s trading session, with CRWD trading as high as $106.19 at last check today. CrowdStrike Holdings is trading up about 0.5% on the day Friday. This buy marks the first one filed by Austin in the past year. And also on Wednesday, Director Wes Cummins bought $258,978 worth of CalAmp Corp (CAMP), buying 65,000 shares at a cost of $3.98 a piece. Before this latest buy, Cummins bought CAMP on 8 other occasions during the past year, for a total investment of $3.85M at an average of $3.92 per share. CalAmp Corp is trading off about 2.3% on the day Friday. So far Cummins is in the green, up about 16.6% on their buy based on today’s trading high of $4.64.
Insiders Selling Box, Verint Systems And This Consumer Electronics Giant Stock (Benzinga)
Box: The Trade: Box, Inc. (BOX) Director Daniel Levin sold a total of 56,341 shares at an average price of $30.84. The insider received around $1.74 million from selling those shares. Verint Systems: The Trade: Verint Systems Inc. (VRNT) Chief Administrative Officer Peter Fante sold a total of 8,202 shares at an average price of $35.11. The insider received around $287.98 thousand from selling those shares.
Wining Yen Bet Helps Key Square to 30% Gain (Hedge Week)
Key Square Capital Management, a macro hedge fund firm founded by ex-Soros Fund Management investment chief Scott Bessent, has posted a 30% gain this year up to 27 December, helped by a winning bet on the Japanese yen, according to a report by Bloomberg. And the 60-year-old has told clients he’s betting on a rising yen, gold and oil in 2023. In a letter sent to Key Square Investors on 20 December, Bessent described the Bank of Japan’s surprise decision to widen the yield curve control band for 10-year government bonds as a “seminal moment for global monetary policy and financial market liquidity”. And he believes the decision is just the start of an initiative to end more than a decade of aggressive easing.
