Legendary Investor Bill Ackman Warns America’s Regional Banks are at Risk: ‘At This Rate, No Regional Bank can Survive Bad News’ (Fortune)
Billionaire hedge fund founder Bill Ackman called for a “systemwide deposit guarantee regime” in the U.S., as regional banking stocks were pummeled in the wake of this weekend’s sale of First Republic to JPMorgan. “The regional banking system is at risk,” the founder and CEO of Pershing Square Capital Management tweeted on Wednesday evening. “The [Federal Deposit Insurance Corporation’s] failure to update and expand its insurance regime has hammered more nails in the coffin.”
Pine River Adds Two to New York Team (Hedge Week)
Pine River Capital Management (Pine River), an alternative asset manager with approximately $7 billion under management across hedge funds, managed accounts and listed investment vehicles, has appointed Fernando Gardner and Jason Yeung as managing director in Marketing and Investor Relations and MBS trader and assistant portfolio manager, respectively. Gardner will focus on fundraising, developing marketing strategy, and client service, while Yeung will focus on the firm’s Agency RMBS strategy. Both are based in Pine River’s New York office.
Point72 and Citadel Outpaced Rival Hedge Funds in April. Here’s How Millennium, D.E. Shaw, and Other Multi-Strats are Faring This Year. (Business Insider)
Citadel keeps climbing, Point72 is close behind, and their top competitors are all in the black a third of the way through the year. Point72 had the best month among multi-strategy hedge funds, up 1.58% in April and 4.63% for the year. Citadel continues its hot streak with a 1.11% return in April and leads among peers year-to-date, up 5.37%. Returns are still rolling out, but none of the other major multi-strategy players saw significant gains or major dips. Representatives for the firms declined to comment.
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Hindenburg’s Short Report on Block ‘a Sideshow’, Says QVG’s Josh Clark (AFR.com)
The hedge fund manager remains bullish on Afterpay’s parent and shares his thoughts on company earnings in general. Josh Clark is portfolio manager of QVG Capital’s long-short fund. How are you feeling about company earnings? Are you cautious because of the lagged impact on companies from higher inflation and borrowing costs? In general, the market hasn’t done a great job of forecasting the impacts of inflation and higher borrowing costs; however, we’ve already got a good taste of this thanks to February’s reporting season.
Billionaire Stanley Druckenmiller Says a Hard-Landing Recession Is in the Cards, but Stays Heavily Invested in These 2 Stocks (Yahoo Finance/TipRanks)
Many financial experts are talking up the prospect of a recession hitting this year and one legendary investor agrees with that line of thought. “We’re gonna have a hard landing and a bad recession in the U.S,” Stanley Druckenmiller has said, “probably sometime later this year.“ Druckenmiller now manages his investing affairs through his Duquesne Family Office, yet he had outsized success as a hedge fund manager for 30 years and is worth ~$6.4 billion.
Hedge Fund Nickel Digital’s Diversified Alpha Fund Beats Global Hedge Fund Indices (Fintech Finance News)
London-based Nickel Digital Asset Management (Nickel), Europe’s leading regulated and award-winning digital assets hedge fund manager, has delivered a strong performance in its multimanager Diversified Alpha Fund. The firm was founded over four years ago by alumni of Bankers Trust, Goldman Sachs and JPMorgan to provide institutional-grade access to the digital assets market. The success of the fund, which has beaten returns from comparable hedge fund indices this year highlights the growing importance of digital asset funds as part of institutional investment strategies given their ability to deliver non-correlated returns.
Apollo Agrees to Take Over Arconic for About $3 Billion (Bloomberg)
Apollo Global Management Inc. agreed to acquire aluminum-products company Arconic Corp. for about $3 billion. The buyout firm will pay $30 a share for the Pittsburgh-based company, according to a statement Thursday. That’s a premium of 36% to the closing price on Feb. 27, before the Apollo interest was reported.
SEC Steps Back from Defining Digital Assets in New Hedge Fund Rules (CoinTelegraph)
The United States securities regulator is holding off from ratifying the definition of the term “digital assets” in rules that govern reporting disclosures for hedge and private equity funds, despite proposing to do so some nine months ago. On May 3 the Securities and Exchange Commission published amendments to Form PF — a form that SEC-registered funds complete to disclose basic information about their fund so the regulator can assess potential “systemic risks.”
Thursday 5/4 Insider Buying Report: INTC, SFNC (Nasdaq.com)
At Intel, a filing with the SEC revealed that on Monday, CEO Patrick P. Gelsinger bought 8,200 shares of INTC, at a cost of $30.41 each, for a total investment of $249,324. Intel is trading up about 0.5% on the day Thursday. Before this latest buy, Gelsinger purchased INTC at 4 other times during the past year, for a total cost of $1.25M at an average of $29.51 per share. And at Simmons First National, there was insider buying on Monday, by CEO Robert A. Fehlman who bought 12,000 shares for a cost of $16.50 each, for a total investment of $198,000. This buy marks the first one filed by Fehlman in the past year. Simmons First National is trading off about 1.8% on the day Thursday. Bargain hunters have the opportunity to buy SFNC even cheaper than Fehlman did, with the stock trading as low as $15.34 at last check today — that’s 7.0% below Fehlman’s purchase price.
Over $2M Bet On Vivani Medical? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Vivani Medical: The Trade: Vivani Medical, Inc. (VANI) Director Gregg Williams acquired a total of 2,040,494 shares at an average price of $1.08. The insider spent around $2.2 million to buy those shares. Fomo Worldwide: The Trade: Fomo Worldwide, Inc. (FOMC) CEO, Director Vikram P Grover acquired a total of 8,548,815 shares at an average price of $0.14. To acquire these shares, it cost around $1.17 million.
