Hedge Fund Calls for TRG to Split Off Wagamama (The Times)
The owner of Wagamama is facing pressure to split itself up, with its embattled management team expected to be questioned about pay and performance at the annual meeting this week. TMR Capital has become the latest investor to call for an overhaul of The Restaurant Group, after taking a small stake this month. The Florida-based hedge fund has approached the group, which also owns Brunning & Price, Frankie & Benny’s and Chiquito, with proposals to sell off all its businesses except Wagamama, according to The Sunday Telegraph. The fund wants the group to expand Wagamama before taking it private in a sale.
Bluecrest Capital Management Partners With Arcesium to Automate and Enhance Operations (PRNewswire.com)
Arcesium, a leading global financial technology firm, and BlueCrest Capital Management, the prominent private investment firm led by Mike Platt, announced their agreement to commence the implementation of Arcesium’s fully integrated technology platform and Financial Operations professionals, which will, once deployed, support BlueCrest’s operational teams. BlueCrest will seek to leverage Arcesium’s cloud-based infrastructure, which assists with post-trade operations and middle- and back-office workflows. BlueCrest will also look to take advantage of Arcesium’s global Financial Operations capabilities to augment its sophisticated in-house operations and technology team.
Another Big Portfolio Shakeup for Light Street (Institutional Investor)
For the second straight quarter, the Tiger Grandcub led by Glen Kacher made a slew of major new additions and exits. For the second straight quarter, Light Street Capital Management made substantial changes to its top holdings, as the Tiger Grandcub desperately tries to reverse last year’s devastating loss. In the first quarter, the tech-focused hedge fund firm headed by Glen Kacher established five new…
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Hedge Funds Rush to Buy Stocks on S&P 500’s Momentum (Bloomberg)
Some previously steadfast bears are showing signs of giving in after a seven-month advance put the S&P 500 on the edge of a key chart line. Hedge funds that make both bullish and bearish equity wagers have snapped up US shares for two straight weeks, with total purchases reaching the fastest pace since October, data compiled by Goldman Sachs Group Inc.’s prime brokerage unit show. The binge followed persistent selling in the previous five weeks.
Danish Hedge Funds Sweep Top Honors (Hedge Nordic)
Stockholm (HedgeNordic) – The Hedge Fund Journal, a monthly magazine focusing on the global hedge fund industry, recognized and rewarded the achievements of two Nordic hedge funds at the Hedge Fund Journal CTA and Discretionary Trader Awards 2023. Calculo Evolution Fund was honored as the best-performing fund in the commodities-focused systematic trend-following CTA category for 2022. Meanwhile, Danske Invest Global Cross Asset Volatility was recognized as the top-performing fund in the multi-asset volatility arbitrage category across various time periods.
Veteran Crypto Traders Raising 1,000 Bitcoin for BTC-Denominated Fund (Fortune)
While the world of finance still revolves around fiat currency, the crypto hedge fund BXB Capital is taking a different approach with its latest fund: It’s raising capital exclusively in Bitcoin, which will also be the sole instrument for its trading strategy. In an exclusive interview with Fortune, founders J.J. Petersen and Alex Friedberg said they already have around 400 Bitcoin – worth roughly $10 million – committed from investors, with a plan to raise up to 1,000 Bitcoin and launch the fund in July. Petersen and Friedberg got their start trading the so-called kimchi premium, a strategy that exploited cost differences between the spot price of Bitcoin in South Korea and other markets and was made famous by traders such as Three Arrows Capital and Sam Bankman-Fried’s Alameda Research.
4 Hot Insider Trades & Hedge Fund Hits: Berkshire Ramps Up Occidental Stake (Investing.com)
Here is your Pro Recap of the biggest insider trades and institutional investor headlines you may have missed this week: news out of Berkshire Hathaway and Occidental, and Elliott and NRG Energy, and top brass buys at Luminar and Skillz. Buffett’s Berkshire Hathaway ramps up ownership in Occidental: Occidental Petroleum (NYSE:OXY) announced that Berkshire Hathaway (NYSE:BRKb) increased its ownership in the oil company, as InvestingPro reported in real time. The investment firm now holds approximately 24.4% of the stake, acquiring 3.46 million Occidental shares at a cost of approximately $201M this week. With a total of 217.3M shares, Berkshire’s Occidental holdings are valued at around $12.7 billion.
Struggling Hedge Fund Three Arrows Capital Concludes NFT Auction, Raises $2.5 Million (TokenPost.com)
Founders Reflect on Cryptocurrency Market Developments Amid Liquidation Proceedings. The curtains closed on the non-fungible tokens (NFT) auction orchestrated by the struggling cryptocurrency hedge fund, Three Arrows Capital (3AC) of Singapore, as the final bid was placed. The event, held on May 19, ultimately garnered $2.5 million. Kyle Davies, one of the founding members of 3AC, expressed his enthusiasm for the current developments in the cryptocurrency and NFT markets.
Monday 5/22 Insider Buying Report: GEN, GLDD (Nasdaq.com)
On Wednesday, Gen Digital’s President, Ondrej Vlcek, made a $4.74M purchase of GEN, buying 300,000 shares at a cost of $15.79 a piece. Vlcek was up about 7.4% on the purchase at the high point of today’s trading session, with GEN trading as high as $16.95 at last check today. Gen Digital is trading up about 1.6% on the day Monday. This buy marks the first one filed by Vlcek in the past year. And at Great Lakes Dredge & Dock, there was insider buying on Friday, by Director Ryan Levenson who bought 133,788 shares for a cost of $6.81 each, for a trade totaling $911,328. Great Lakes Dredge & Dock is trading up about 2.8% on the day Monday. Levenson was up about 4.5% on the buy at the high point of today’s trading session, with GLDD trading as high as $7.12 in trading on Monday.
$12.5M Bet On This Technology Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Bread Financial Holdings: The Trade: Bread Financial Holdings, Inc. (BFH) 10% owner Turtle Creek Asset Management Inc acquired a total 210,000 shares an average price of 27.43. To acquire these shares, it cost around $5.76 million. Toast: The Trade: Toast, Inc. (TOST) Director David Yuan acquired a total of 635,000 shares at an average price of $19.74. To acquire these shares, it cost around $12.53 million.
