Quant Hedge Fund Giant Graham Capital Brings “Novel Sources of Alpha” to Lombard Odier’s Alternatives Platform (Hedge Week)
Graham Capital Management, the long-running US quant hedge fund manager, is launching its multi-asset diversified quant strategy, the Graham Quant Macro fund, on Lombard Odier’s PrivilEdge UCITS fund platform. The PrivilEdge-Graham Quant Macro fund aims to generate a broad range of diversified returns across market cycles, trading global equity, fixed income, and currency futures on a long/short basis. The liquid strategy uses four distinct and complementary sub-strategies which build positions using an assortment of price and fundamental macro data, with volatility measures and market correlations used to manage risk and maintain diversification.
US hedge Fund D1 Takes Stake in £4bn Fintech Giant TransferWise (Sky News)
An American hedge fund which has placed substantial bets on some of the world’s biggest technology companies is taking a stake in TransferWise, the British fintech champion which has just hit a $5bn (£4bn) valuation. Sky News has learnt that D1 Capital Partners, which was set up two years ago by Daniel Sundheim, a prominent Wall Street investor, has agreed to buy roughly $200m worth of TransferWise shares as part of a secondary share sale that was signed last week.
Ackman’s Blank Check Company Raises IPO Target to $4 Billion (Reuters)
(Reuters) – Pershing Square Tontine Holdings Ltd, the blank check company backed by billionaire investor Bill Ackman, has increased the size of its initial public offering by $1 billion to $4 billion, the largest ever IPO by a special purpose acquisition company. The firm plans to go public with 200 million units at $20 each, according to a regulatory filing on Monday. A SPAC uses IPO proceeds and borrowed funds to acquire a company, typically within two years. Investors are not notified in advance which company a SPAC will buy.
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Pro Bankruptcy Briefing: McClatchy Auction Tightens Hedge Funds’ Grip on Newspapers | Brooks Brothers Nets Zero-Interest DIP | AMC Inks $300 Million Rescue (The Wall Street Journal)
Good day. It’s been a busy few days for bankruptcy dealmakers. Hedge-fund manager Chatham Asset Management won an auction to buy McClatchy’s newspapers out of bankruptcy, bringing more of the U.S. print-news business under the control of financial investors. Brooks Brothers landed an unprecedented zero-interest loan to carry it through bankruptcy, courtesy of licensing firm Authentic Brands Group and mall owner Simon Property.
Singapore Hedge Fund Gaining 27% Sticks With Asia Tech (Bloomberg)
A Singapore-based hedge fund is betting on continued recovery in Asian technology stocks, as it expects consumer demand held back by the coronavirus pandemic will soon rebound. Timefolio Asset Management SG Pvt’s Asia equity long short fund has gained 27% so far this year, with tech stocks contributing the bulk of the returns, according to the company. The $100 million asset manager is shareholder in companies including Japanese photomask inspection system developer Lasertec Corp, which rallied 107%, and MediaTek Inc., a Taiwan fabless semiconductor firm, that jumped 42%.
Hedge Fund Performance Picks in 2Q, with Event Driven-Activist Funds Dominating (Opalesque.com)
Opalesque Industry Update – Hedge funds gained an average of +2.07% in June, but year-to-date (YTD) average industry returns are still in the red at -3.37%. The second quarter was stronger for the industry, with 2Q 2020 average returns at +9.91%. Roughly 40% of the industry is producing positive results in 2020, with the average positive gain among that group of +9.12%. The average decline of those funds in the red is -10.85%. Among primary strategies eVestment tracks, a strong story is developing with Event Driven – Activist funds. Average positive returns among this group of funds stood at +4.71% in June and caps off a strong three months of performance that has these funds with an average performance of +22.58% for Q2 2020. Event Driven – Activist Funds are still in the red YTD at -6.44% following a volatile first quarter.
