Boaz Weinstein’s Saba Capital Scores Win in Fund Battle (The Wall Street Journal)
Hedge fund manager Boaz Weinstein notched a victory in his ongoing fight against closed-end funds that trade for less than the underlying value of their assets. Weinstein’s Saba Capital Management employs a strategy known as closed-end fund arbitrage, which involves buying up shares of funds that trade at a significant discount to their net asset value and attempting to force changes that will drive the share price higher or allow investors to cash out. Closed-end funds are a type of mutual fund that issue a limited number of shares when they go to market.
Billionaire Ray Dalio Pushes for Return to Hedge Fund in Succession Clash (The New York Times)
Less than a year after retiring, Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund, is threatening his former colleagues with the one thing they have worked hard to prevent: his return. Under the terms of his retirement contract, Mr. Dalio, who left the firm full time in October, has the option to retake control of Bridgewater if its financial performance flags, according to five people with knowledge of the agreement.
Cathie Wood, Boaz Weinstein Among Winners From Bitcoin Fund Bet (Bloomberg)
A host of Wall Street funds have minted profits riding the recent crypto fever after Grayscale Investments LLC snagged a big win over America’s top financial watchdog in its bid to create a US Bitcoin ETF. Money managers including the likes of Cathie Wood and Boaz Weinstein appear to have been well positioned for the crypto firm’s victory, after scooping up shares of the Grayscale Bitcoin Trust at the height of its recent distress.
Image by Sergei Tokmakov Terms.Law from Pixabay
Former Elliott Investor Markel to Launch Fund, Sources Say (Reuters)
Former Elliott Investment Management investor Leo Markel will launch a London-based fund called Finch Bay Capital in the first quarter of 2024 and expects to raise $500 million by the end of that year, said two sources familiar with the matter. A representative for Finch Bay declined to comment. Markel, who will act as the company’s CIO, is co-founding the activist fund with former ValueAct employee Daniel Urdaneta, the sources said.
Hedge-Fund Billionaire Ken Griffin Disputes Portrayal in Dumb Money Movie (TheThaiger.com)
Hedge-fund titan Ken Griffin has taken issue with his portrayal in the upcoming movie “Dumb Money.” While Griffin’s attorneys appreciated the casting of Nick Offerman as Griffin, they disputed the claim that he purchased paintings by de Kooning and Picasso to keep them away from Steve Cohen. According to Griffin’s lawyers, it was actually a de Kooning and a Jackson Pollock that he bought for reasons unrelated to Cohen. The film centers around the retail traders on Reddit’s Wall Street Bets page and their efforts to drive up GameStop shares. Griffin, who is worth an estimated $35 billion, expressed concern that the movie perpetuates the debunked narrative of collusion between Citadel and Robinhood to halt trading of GameStop shares.
Bridgewater Widens Lead in China Race as Returns Outclass Rivals (Bloomberg)
Bridgewater Associates LP’s flagship China fund is trouncing the performance of its peers, helping to expand the hedge fund’s leadership in the race among global firms looking to woo the nation’s wealthy investors. Onshore China assets under management at the Westport, Connecticut-based investment company climbed to more than 30 billion yuan ($4.1 billion) as of August, after doubling last year to more than 20 billion yuan, according to people familiar with the matter, asking not to be identified discussing confidential information.
The CEO of the Most Profitable Hedge Fund of All Time Doesn’t Regret Sleeping 2,000 Nights in His Office: ‘I Really Don’t See How I could Do it Otherwise’ (Business Insider)
The chief executive officer of Renaissance Technologies, the secretive and massively successful hedge fund, said he has spent 2,000 nights sleeping in the office – but he doesn’t regret it. In an interview with Goldman Sachs’ podcast host Raj Mahajan, Renaissance’s Peter Brown explained his work habits and family situation working in a different town from where his wife lives.
Month in Review – August 2023 (Hedge Nordic)
Stockholm (HedgeNordic) – After a promising start to the second half of the year in July, Nordic hedge funds dipped by 0.1 percent in August. This decline came amid a challenging month for trend-following CTAs, while fixed-income managers had a solid performance. For the first eight months of 2023, the Nordic hedge fund industry has seen a 2.3 percent increase in returns. Only two of the five strategy categories within the Nordic Hedge Index registered positive returns in August.
Thursday 9/14 Insider Buying Report: SMMF, GATO (Nasdaq.com)
On Thursday, Summit Financial Group’s Director, Gary L. Hinkle, made a $343,222 purchase of SMMF, buying 14,201 shares at a cost of $24.17 a piece. Investors are able to snag SMMF at a price even lower than Hinkle did, with the stock trading as low as $23.79 at last check today — that’s 1.6% below Hinkle’s purchase price. Summit Financial Group is trading up about 0.6% on the day Thursday. Before this latest buy, Hinkle purchased SMMF on 2 other occasions during the past twelve months, for a total investment of $142,049 at an average of $25.83 per share. And at Gatos Silver, there was insider buying on Tuesday, by President Dale Andres who bought 50,000 shares at a cost of $5.40 each, for a total investment of $270,000.
Around $8M Bet On Southwest Gas Holdings? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Asana: The Trade: Asana, Inc. (ASAN) President, CEO and Chair Dustin Moskovitz acquired a total of 554,847 shares an average price of $20.08. To acquire these shares, it cost around $11.14 million. Southwest Gas Holdings: The Trade: Southwest Gas Holdings Inc. (SWX) 10% owner Icahn Partners Master Fund LP acquired a total of 127,731 shares at an average price of $61.45. To acquire these shares, it cost around $7.85 million.
