Billionaire Hedge Fund Manager Bill Ackman’s Latest Big Bet (The Street)
Pershing Square‘s Bill Ackman isn’t shy about making controversial bets. The long-time hedge fund manager’s questioning of mortgage-backed collateral debt obligations led to him shorting Municipal Bond Insurance Association Inc. before the Great Recession, profiting him handsomely. He also became a household name when he shorted Herbalife, calling it a pyramid scheme, a trade that didn’t pan out. More recently, he made billions when he bought protection against his stocks before stocks swooned because of COVID in 2020, then billions more when he switched gears, buying stocks at significantly depressed prices during the crisis.
Tiger Global Builds Big Stake in Apollo in Shift from Tech Bets – FT (Reuters)
Chase Coleman’s Tiger Global has built a big stake in private equity firm Apollo Global as the hedge fund looks outside of technology investments in a hunt for better returns, the Financial Times reported on Thursday. The investment in Apollo, which Tiger described as a “leading global alternative investment manager”, was revealed to investors in a mid-year letter, the report said, without disclosing the size of the stake. Tiger Global amassed the stake this year and has also “selectively added” other new holdings in the aerospace and healthcare sectors, the report said.
Hedge Fund Performance in July was Muted. But Citadel Distanced Itself from Point72, Millennium, and Other Competitors (Business Insider)
Top multi-strategy hedge funds trailed the stock market in July. Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%. Verition bested most of its peers, gaining 1.2% in July. It’s up 4.1% for the year. The doldrums of summer are approaching, but the stock market has continued its hot streak. The S&P 500 gained another 3.1% in July, amid buoyant earnings and economic expectations and pushed its year-to-date return to nearly 20%.
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Activist Third Point Reduces Single-Name Short Positions (Hedge Week)
A “much more challenging” short-selling environment has prompted activist hedge funds Third Point to cut back on the number of single-name short positions it holds in its portfolio, according to a report by Seeking Alpha. The report cites Third Point CEO and Chief Investment Officer Dan Loeb as writing in an investor letter sent to clients this week that: “While we have not abandoned short selling, we continue to reduce our single name short exposure in favour of market hedges and short baskets.”
Investment Funds and Asset Management Market in Poland, 2022-2024 (ResearchAndMarkets)
Investment Funds and Asset Management Market in Poland 2022-2024 provides a comprehensive overview of investment funds and asset management sector in Poland. The analysis covers three main pillars of the market including mutual funds, insurance, and pension assets. The report includes also a mid-term forecast of critical volumes for the period 2022-2024. Market Outlook: The total value of assets under management is expected to recover in 2023 and then to grow subsequently in 2024 and 2025.
