Hedge-Fund Titan Cliff Asness is Still Optimistic on Value Stocks, Even without Rate Support (MarketWatch)
The Federal Reserve’s interest-rate hike campaign has been a downer to most in financial markets, but not all. Bill Ackman, the chief executive of hedge fund Pershing Square, put on a timely derivatives bet shorting short-term Treasurys, that has already paid out $1.4 billion. (Granted, he also lost about $400 million on an ill-fated Netflix NFLX investment.) Value stocks have seen a renaissance after a lost decade. True, the iShares S&P 500 Value ETF IVE has dropped 13% this year, but that is significantly better than the 29% decline for the iShares S&P 500 Growth ETF IVW.
Crypto Hedge Fund Three Arrows Capital Addresses Liquidation Rumours (Reuters)
SINGAPORE, June 15 (Reuters) – Cryptocurrency hedge fund Three Arrows Capital said on Wednesday it was committed to working things out, seemingly addressing social media chatter that it is facing liquidation issues. “We are in the process of communicating with relevant parties and fully committed to working this out,” Su Zhu, the co-founder said in a tweet, without going into further detail.
Tiger Legatus Closes Doors After 13 Years (Hedge Week)
Tiger Legatus, a hedge fund backed by Tiger Fund Management legend Julian Robertson, has brought the curtain down on 13 years of trading following the worst ever start to a calendar year for equity funds, according to a report by The Financial Times. The New York-based fund, which was founded by former Viking Global Investors trader Jesse Ro is said to have informed investors by letter of the decision to cease operations and return capital.
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Hedge Funder Ackman: Fed Should Go a Full Percentage Point Hike (The Street)
The Fed can restore confidence in financial markets with strong rate hikes and balance-sheet reduction, hedge-fund manager Bill Ackman says. As you’re undoubtedly aware, stock and bond markets have tumbled recently, as inflation has exploded and the Federal Reserve has continued its campaign to raise interest rates. The S&P 500 has slid 21% year to date and the 10-year Treasury yield has more than doubled to 3.38%.
A Light-Footed Shipping-Only Strategy (Hedge Nordic)
Stockholm (HedgeNordic) – Joakim Hannisdahl, the world’s best-ranked sell-side analyst in the shipping sector for several years, has launched a long/short shipping-only equity fund to put his skills to work. Launched in October 2021 within a Norwegian alternative investment fund structure, Cleaves Shipping Fund has so far capitalized on Hannisdahl’s skill set after advancing 40 percent since inception through the end of May. Hannisdahl and the team at Cleaves Asset Management have now launched the fund in an Irish structure to open up access for a larger investor audience beyond the Norwegian market.
Five Core Themes in China’s Smart Economy (Preqin)
As China evolves from a digital economy to a smart economy, Huaxing Growth Capital (HGC) shares how it identifies investment opportunities with high growth potential. The outbreak of the COVID-19 pandemic in 2020 profoundly changed our lifestyles and greatly accelerated the process of digitalization. Unprecedented computing power, and deep learning technologies are helping with processing, analyzing, and gaining value from the vast amounts of data. Investors can now benefit handsomely from unique opportunities that help move China from a digital economy to a smart economy.
Victory Park Capital Raises $2.4bn for Asset-Backed Opportunistic Credit Strategy (Opalesque)
Private credit specialist Victory Park Capital announced the final close of its latest fundraise for its Asset-Backed Opportunistic Credit strategy. A press release from the Chicago-headquartered global alternative investment firm said that the Fund is oversubscribed at $2.4 billion of committed and investable capital, including separately managed accounts investing alongside the Fund. The strategy seeks to provide customized credit solutions to established and emerging, asset-rich companies with a strong growth trajectory, it said.
Wellington’s Jean Hynes Speeds Up Hiring, Unfazed by Bear Market (Bloomberg)
Bear markets tend to herald lean times in the investment business. Not at Wellington Management. Rather than retrench, Chief Executive Officer Jean Hynes is planning to add about 500 people in the next two years. She sees the wipeout in stocks and bonds as an opportunity to expand while rivals face potential cost cuts.
Quant Macro Hedge Fund ADG Capital Shutting Down After Managing Over $3 Billion – Report (Investing.com)
ADG Capital Management, a quant macro hedge fund based in London, is shutting down, a Bloomberg report revealed Wednesday. The fund is returning cash to investors after nine years. Bloomberg said it has seen an emailed letter to clients from the firm’s chief executive officer Hasan Abdat which read: “After nine years of running the ADG Systematic Macro Strategy we have decided it is now time to cease investment activities associated with this strategy and return investor cash.”
The Hedge Fund Manager Who Flagged And Shorted Enron Finds Another Hit Betting Against Crypto Exchange Coinbase (Moguldom)
Almost three months before today’s announcement that Coinbase is laying off 18 percent of its full-time workforce, legendary shortseller James Chanos bet that the stock price of the No. 3-ranked crypto exchange would fall. Chanos is the hedge fund manager who famously unloaded shares of corporate fraud Enron months before the energy company collapsed.
Wednesday 6/15 Insider Buying Report: CAR, DNB (Nasdaq.com)
On Friday, Avis Budget Group’s Executive Chairman, Bernardo Hees, made a $4.96M buy of CAR, purchasing 29,400 shares at a cost of $168.69 each. Avis Budget Group is trading up about 8.1% on the day Wednesday. Before this latest buy, Hees purchased CAR on 2 other occasions during the past twelve months, for a total cost of $9.83M at an average of $180.97 per share. And on Tuesday, Chief Executive Officer Anthony M. Jabbour bought $1.45M worth of Dun & Bradstreet Holdings, buying 105,000 shares at a cost of $13.84 each. Before this latest buy, Jabbour made one other purchase in the past twelve months, buying $2M shares for a cost of $18.21 each. Dun & Bradstreet Holdings is trading up about 6.5% on the day Wednesday. So far Jabbour is in the green, up about 8.5% on their buy based on today’s trading high of $15.02.
Insiders Buy Around $81M Of 4 Stocks (Benzinga)
Carvana: The Trade: Carvana Co. (CVNA) 10% owner Verde Investments Inc acquired a total of 1,985,258 shares at at an average price of $21.18. To acquire these shares, it cost around $42.05 million. Procore Technologies: The Trade: Procore Technologies, Inc. (PCOR) Director William J.G. Griffith bought a total of 581,118 shares at an average price of $42.16. To acquire these shares, it cost around $24.5 million.
