Coatue’s Funding Numbers Take Significant Dip in First Half Of Year (Crunch Base)
Crossover investor giant Coatue has significantly cut down on funding deals as the venture sector continues to see a pullback after a record-shattering 2021. After taking part in 56 funding deals in the fourth quarter of last year, the New York-based firm took part in only 16 such deals in the just-completed second quarter of this year, according to Crunchbase data.
Tiger Global’s Flagship Hedge Fund Has First Gain Since October (The Wall Street Journal)
Tiger Global Management eked out a 3.4% gain in June in its flagship hedge fund, according to a person familiar with the firm, in what marks the fund’s first gain since October. Still, the hedge fund remains down 50.1% for the first half of the year, worse than losses notched by major stock-market indexes and other large hedge funds investing in growth. The figure was a flash estimate Tiger shared with investors Tuesday evening and didn’t include any commentary. In comparison, the tech-laden Nasdaq Composite lost 8.7% in June including dividends; the S&P 500 lost 8.3% including dividends.
BlueCrest Alum Khurana’s Hedge Fund Returns 15% in First Half (Bloomberg)
BlueCrest Capital Management alumnus Mohit Khurana’s macro hedge fund returned an estimated 15% in the first half with winning bets on rising interest rates and diverging economic policies around the globe, said a person with knowledge of the matter. Southern Ridges Macro Fund gained 3.3% in June alone, said the person, who asked not to be identified as the information is private. Southern Ridges Capital, which oversees $1.2 billion with 27 portfolio managers in Singapore and New York, declined to comment in an e-mail.
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US Hedge Fund Citadel Takes 5% Stake in Boohoo (ShareCast)
Boohoo shares rallied on Wednesday as it emerged that US hedge fund Citadel had taken a 5.04% stake in the fast-fashion retailer. Headquartered in Chicago, Citadel is majority owned by billionaire founder and chief executive Ken Griffin. At 0955 BST, Boohoo shares were up 3.5% at 57.09p.
Hedge Fund Launches Remain Strong – at Least in the First Quarter (Institutional Investor)
Hedge fund managers were on a roll with new launches last year and they aren’t retreating – at least according to data for the first quarter. During the first three months of the year, 185 new hedge funds were launched, up from 113 in the fourth quarter of 2021, according to Hedge Fund Research. The number was just a little shy of the highs set in the first quarter of 2021 and the fourth quarter of 2017, where 189 and 190 new funds were launched, respectively.
Crypto Brokerage Voyager Digital Files for Chapter 11 Bankruptcy Protection (CNBC)
Voyager commenced bankruptcy proceedings in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday. The company suffered huge losses from its exposure to crypto hedge fund Three Arrows Capital, which went bust last week. Sam Bankman-Fried’s Alameda Research is listed as Voyager’s largest creditor, with an unsecured claim of $75 million. Beleaguered crypto brokerage Voyager Digital has filed for Chapter 11 bankruptcy protection, becoming the latest casualty of chaos in digital asset markets.
Bridgewater’s Flagship Fund Posts Gains of 32% Through June (Reuters)
NEW YORK, July 5 (Reuters) – Hedge fund manager Bridgewater Associates‘ flagship Pure Alpha 18% volatility fund gained 32.2% in the first half of the year, according to a source familiar with the matter, beating sharp market declines. Pure Alpha’s return net of fee increase was helped by the Federal Reserve’s decision to raise interest rates to tame surging inflation. Increasing rates caused extreme swings in asset prices, the source added. In the first half of 2022, the S&P 500 was down roughly 20%.
Fund Manager of the Year Finalist’s Interview: Waverton (Investmentweek.co.uk)
Waverton is a finalist in this year’s Fund Manager of the Year Awards in four categories including: £ Strategic Bond, Global Bond, Mixed Investment 20-60% Shares and Mixed Investment 40-85% Shares. Here, Investment Week hears from Jeff Keen, Head of Fixed Income and Manager of the Waverton Sterling Bond Fund and the Waverton Global Strategic Bond Fund, about the team running the fund, the key to their investment process and how the team negotiated difficult market conditions at the start of 2022.
UK Equity Fund Outflows Top £6.4bn as Bear Market Fears Take Hold (Financial News)
UK-company-focused funds posted their worst-ever month of outflows in June, with more than £1bn heading for the exit as investors feared the impact of a bear market. Data from Calastone, which tracks money entering and leaving funds in the UK from financial advisers, fund supermarkets and wealth managers, shows UK equity funds bled £1.14bn over the month – the 13th consecutive month of investor withdrawals.
Tuesday 7/5 Insider Buying Report: MAC, FDX (Nasdaq.com)
At Macerich, a filing with the SEC revealed that on Thursday, President Edward C. Coppola bought 60,000 shares of MAC, at a cost of $8.75 each, for a total investment of $525,000. Macerich is trading up about 2.6% on the day Tuesday. Before this latest buy, Coppola bought MAC at 3 other times during the past twelve months, for a total investment of $594,548 at an average of $11.41 per share. And at FedEx, there was insider buying on Thursday, by Director Amy B. Lane who bought 607 shares at a cost of $228.12 each, for a total investment of $138,467. This purchase marks the first one filed by Lane in the past year. FedEx is trading up about 2.1% on the day Tuesday.
HP And 3 Other Stocks Insiders Are Selling (Benzinga)
HP: The Trade: HP Inc. (HPQ) President and CEO Enrique Lores sold a total of 34,000 shares at an average price of $32.67. The insider received around $1.11 million from selling those shares. Keurig Dr Pepper: The Trade: Keurig Dr Pepper Inc. (KDP) President, Cold Beverages Derek Herbert Hopkins sold a total of 37,500 shares at an average price of $35.55. The insider received around $1.33 million as a result of the transaction.
