Davidson Kempner Seeks Higher Price on £9.5 Billion Aveva Deal (Bloomberg)
Davidson Kempner Capital Management is building its stake in Aveva Group Plc and will join other investors in pushing Schneider Electric SE to up a £31 ($34.7) per share bid for the UK industrial software company, people familiar with the matter said. The hedge fund, which now has a holding of 3.5% in Aveva, and others may seek an improved offer of up to £35 a share, the people said, asking not to be identified discussing confidential information. Davidson Kempner is continuing to add to its position, the people said.
Steve Cohen’s New Edge Is Hedge Fund Moneyball at Playoff-Bound Mets (WealthManagement.com)
The billionaire investor has turned from high-stakes trading to professional baseball and is pressing his advantage by spending big to win. It’s make-or-break time for Steve Cohen’s version of Moneyball. Since buying the New York Mets two years ago, the hedge fund titan has wasted little time flexing his $12.8 billion fortune, building the most expensive roster in Major League Baseball so quickly that owners and players imposed a new cost — the so-called “Cohen tax” — for big spenders. It’s a far cry from the strategy of Billy Beane, a former Mets first-round draft pick, who popularized sabermetrics some two decades ago by making the most of a tight budget with the Oakland Athletics.
Bridgewater continues long legacy of shared leadership roles under co-CEOs Nir Bar Dea and Mark Bertolini (Fortune)
Ray Dalio, the famed investor and founder of Bridgewater Associates, is leaving the hedge fund after 47 years. “The transition of Bridgewater from Ray is done!” co-CEOs Nir Bar Dea and Mark Bertolini wrote in an email sent to employees on Tuesday. The original announcement of Dalio’s impending departure came in February, but regulatory hurdles prevented the transition of control until now. On September 30, Dalio transferred all of his voting rights to Bridgewater’s board and stepped down as co-chief investment officer, a role he held alongside Greg Jensen and Bob Prince. He will remain a board member and “CIO mentor” to Jensen and Prince. “Hopefully until I die, I will continue to be a mentor, an investor, and board member because I and they love doing those things together,” Dalio said in a LinkedIn post.
This Fund Manager Says Tail Risk Events Like The Pandemic Are Only Going To Increase (Forbes)
Anyone who’s been investing in the markets regularly over the last several years has probably noticed that things have changed, and it’s not entirely due to the pandemic. In a recent whitepaper, one fund manager explained why he believes structural changes have made the equity markets increasingly fragile. Kris Sidial of tail risk fund Ambrus Group noted that it’s no longer uncommon to see days with extreme volatility.
This Year’s Surprising Hedge Fund Winners (Institutional Investor)
Hedge fund strategies that outperformed in 2022 required significant investment in modeling and infrastructure. Smaller funds, which can invest in niche areas of the market and stick to only their best ideas, often beat their larger peers. In some hedge fund strategies, however, larger funds have significantly outperformed the smaller ones amid the current market downturn.
Thursday 10/6 Insider Buying Report: FPF, SOR (Nasdaq.com)
On Wednesday, First Trust Intermediate Duration Preferred’s, Scott T. Fleming, made a $123,627 buy of FPF, purchasing 7,500 shares at a cost of $16.48 a piece. First Trust Intermediate Duration Preferred is trading up about 0.2% on the day Thursday. Before this latest buy, Fleming made one other buy in the past twelve months, purchasing $135,375 shares for a cost of $18.05 each. And on Monday, Director Mark L. Lipson bought $49,892 worth of Source Capital, buying 1,400 shares at a cost of $35.64 a piece. Before this latest buy, Lipson made one other buy in the past year, purchasing $50,129 shares at a cost of $37.83 each. Source Capital is trading off about 1.3% on the day Thursday. Lipson was up about 2.4% on the buy at the high point of today’s trading session, with SOR trading as high as $36.49 in trading on Thursday.
$8.2 Million Bet On GMS? 3 Stocks Insiders Are Buying (Benzinga)
Chardan NexTech Acquisition 2 Corp: The Trade: Chardan NexTech Acquisition 2 Corp. (CNTQ) Director Kerry Propper acquired a total of 485,000 shares an average price of $10.36. To acquire these shares, it cost around $5.02 million. GMS: The Trade: GMS Inc. (GMS) 10% owner Christopher Shackelton acquired a total of 205,000 shares at an average price of $40.19. To acquire these shares, it cost around $8.24 million.
