Carnival, Royal Caribbean: Hedge Funds Hit for $6bn as Cruise Firms Stay Afloat (ProActiveInvestors.co.uk)
Hedge funds have faced over $6 billion in losses this year by betting against US cruise lines and hotels, underestimating the resilience of American consumers, according to the Financial Times. Royal Caribbean Cruise Ltd and Carnival Corporation (NYSE:CCL), two of the S&P 500’s most heavily shorted companies, have more than doubled in value this year, defying short sellers’ expectations.
Crypto Hedge Funds Are Being Hit by Shutdowns, Lagging Returns in 2023 (Bloomberg)
About 13% of crypto hedge funds have shut down so far this year, as weak performance and difficulties in accessing banking services weighed on the industry, according to data tracked by Switzerland-based investment adviser 21e6 Capital AG. Crypto funds on average generated 15.2% return in the first half of 2023, underperforming Bitcoin, which gained 83.3% over the same period, the data provided to Bloomberg News showed.
Hedge Fund Trader Sanjay Shah Seeks to Block Extradition to Denmark (GG2.net)
Sanjay Shah, a British hedge fund trader accused of masterminding a $1.8 billion dividend-tax fraud, is attempting to overturn a decision to extradite him from Dubai to face criminal charges in Denmark, a London court heard on Thursday (3). Nigel Jones, a lawyer for Shah and linked defendants in a complex, parallel civil case brought by Denmark’s tax authority in London, told the High Court that Shah had launched an appeal – but that a decision had been repeatedly deferred since June 6.
BNP Paribas’ Head of GBP Trading Quietly Quit for a Hedge Fund (eFinancialCareers.com)
Rates trading revenues may have softened, but senior rates traders are still moving around. BNP Paribas London G10 rates trading team has been hit by some significant departures. Ioana Scripcaru, BNP’s London head of GBP trading, is among the exits. Neither BNP nor Scripcaru responded to requests to comment, but it’s understood that she left a few weeks ago and is joining the buy-side.
Friday 8/4 Insider Buying Report: ULH, INZY (Nasdaq.com)
At Universal Logistics Holdings (ULH), a filing with the SEC revealed that on Tuesday, Matthew T. Moroun purchased 14,303,973 shares of ULH, at a cost of $24.62 each, for a total investment of $352.1M. Moroun was up about 35.3% on the purchase at the high point of today’s trading session, with ULH trading as high as $33.30 in trading on Friday. Universal Logistics Holdings is trading up about 1.3% on the day Friday. This purchase marks the first one filed by Moroun in the past year. And also on Tuesday, Robert Lorne Hopfner purchased $4M worth of Inozyme Pharma (INZY), purchasing 833,333 shares at a cost of $4.80 each. Before this latest buy, Hopfner bought INZY on 2 other occasions during the past twelve months, for a total cost of $2.40M at an average of $4.35 per share. Inozyme Pharma is trading up about 7.3% on the day Friday. So far Hopfner is in the green, up about 9.2% on their buy based on today’s trading high of $5.24.
Over $2M Bet On Akero Therapeutics? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Akero Therapeutics: The Trade: Akero Therapeutics, Inc. (AKRO) Director Walmsley Graham acquired a total of 55,000 shares an average price of $42.95. To acquire these shares, it cost around $2.36 million. The Bancorp: The Trade: The Bancorp, Inc. (TBBK) Director Matthew Cohn bought a total of 5,868 shares at an average price of $37.61. To acquire these shares, it cost around $220,688.
