Asset Manager Brevan Howard Reveals Details About Its Record-Setting $1B Crypto Hedge Fund (Coin Desk)
Last month, media reports suggested that global asset management giant Brevan Howard had raised more than $1 billion from institutional investors to create the largest crypto-focused hedge fund to date. Now the structure of that fund has come into further focus with a new filing with the U.S. Securities and Exchange Commission on Wednesday. Brevan Howard, which had $25 billion in total assets under management as of July, submitted a filing for the Digital Asset Multi-Strategy Fund Ltd hedge fund, which has raised $184.15 million since sales opened on April 1. The capital came from four investors, and there’s a $10 million minimum set for any outside investments. The firm indicated “Indefinite” for total offering amount, essentially the fund’s target size.
New Fidelity® Hedged Equity Fund Expands Fidelity’s Liquid Alts Lineup for Investors and Advisors (Businesswire)
BOSTON–(BUSINESS WIRE)–Fidelity Investments today announced the expansion of its alternative investments (alts) product lineup with the launch of Fidelity Hedged Equity Fund (FEQHX). The new fund seeks to construct an equity portfolio with similar risk-return characteristics to the S&P 500® Index, with downside protection in certain market conditions, that could serve as a core portfolio holding. Additionally, Fidelity Macro Opportunities Fund (FAQAX) and Fidelity Risk Parity Fund (FAPSX), which recently launched for financial advisors, are now available to retail investors. The three alts funds are available today for individual investors and advisors to purchase commission-free through Fidelity’s online brokerage platforms.
BlueBay Among Bears Unnerved by Latest Yen Slide (Reuters)
LONDON/NEW YORK Sept 8 (Reuters) – The precipitous slide in Japan’s currency has run so far and fast it’s spooking big investors, and some are cutting bets that it will decline further, anticipating policymakers may soon step in to try and arrest the freefall. Those who have sold the yen short have reaped juicy profits this year. It slumped to a 24-year low on Wednesday and has lost some 30% since the beginning of last year as U.S. interest rate expectations have gone up and Japanese rates have gone nowhere.
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Brummer & Partners Appoints New Partner (Hedge Nordic)
Stockholm (HedgeNordic) – Joakim Schaaf, Chief Compliance Officer at Brummer & Partners for more than 13 years, has now become a partner in the Swedish hedge fund group. “Brummer & Partners strengthens its partnership with the addition of Joakim Schaaf as partner,” says an announcement. Schaaf joined Brummer & Partners as Head of Legal and Compliance in mid-2009 from Finansinspektionen, Sweden’s financial supervisory authority. At Brummer & Partners, he has been working with regulatory compliance and has been focused on organizing the hedge fund group’s operations in alignment with Swedish and international regulations.
Man Group appoints Global Head of Capital Markets (Hedge Week)
Man Group has appointed Rob Leach as Global Head of Capital Markets and portfolio manager at Man GLG, a new role for the firm. Leach joins the firm from Jefferies where he was Head of EMEA Equity Capital Markets. Leach, who will be based in London, will focus on Man Group’s activity in capital markets offerings globally, with the aim of growing market share and client returns. He joins at a time when equity markets globally are experiencing significant challenges and require increasingly thoughtful navigation, and as Man Group is responding to client demand for active investment management solutions in both the long-only and alternative spaces. Leach has over 20 years of experience including previous roles at organisations including BlackRock, SAC Capital and UBS.
Hedge Funds Root for Vietnam, China R&D Among Asia Picks at Sohn Conference (Reuters)
HONG KONG, Sept 8 (Reuters) – Hedge fund managers in Asia are bullish on Vietnam’s growth prospects and selectively looking to invest in emerging technological opportunities in China. At the annual Sohn investment conference in Hong Kong this week, hedge fund managers spoke about how to profit from Vietnam’s fast-growing economy and prospects for a boost in domestic consumption amid the simmering Sino-U.S. tensions.
Bill Ackman’s Pershing Square Hedge Fund Looks Compelling At A 35% Discount (Seeking Alpha)
Back in 2017, I last wrote an article on Pershing Square Holdings, the Bill Ackman hedge fund. The fund trades under the ticker PSH on the London exchange and the Euronext Amsterdam exchange. But it is also available as an ADR in the US under the ticker (OTCPK:PSHZF). In 2017, the price was around $13 with a 23% discount and Bill Ackman’s fund was having a few rough years. In 2018, the fund was roughly flat, in line with the overall markets, but it came roaring back with very strong performance in 2019, 2020 and 2021. In 2021, the fund traded above $40 although the discount never narrowed much. The NAV rose above $57 which is the new high water mark.
Former Enron Trader’s Hedge Fund Jumps 50% Powered by Gas (The Star)
LONDON: Former Enron Corp trader Ulf Ek has guided his hedge fund to a 50% gain this year amid the unprecedented turmoil in European energy markets. His US$423mil (RM1.9bil) strategy rose more than 11% in August as Northlander Commodity Advisors LLP capitalised on swings in the prices of natural gas and power. Chief investment officer Ek is optimistic that run can continue. “We have every reason to believe Northlander’s good fortunes over the last few years can continue for the coming years,” Ek wrote in a letter to investors seen by Bloomberg.
What We Know About the Insider Trading Lawsuit Filed Against Bed Bath & Beyond Just Before the Death of its CFO (Business Insider)
What the suit claims: Bed Bath & Beyond CFO Gustav Arnal was named in an insider trading lawsuit less than two weeks before he was found dead in an apparent suicide on Friday. The proposed class action lawsuit, filed on behalf of an individual investor Pengcheng Si, names Bed Bath & Beyond, Arnal, Ryan Cohen, and JPMorgan Securities as defendants. The lawsuit alleges that Arnal, along with activist investor and GameStop Chairman Ryan Cohen, conspired to “artificially inflate” the price of Bed Bath & Beyond’s stock and take advantage of the higher price by “illegally engaging in insider trading” from late March to mid-August.
Thursday 9/8 Insider Buying Report: MATV, LQDA (Nasdaq.com)
At Mativ (MATV), a filing with the SEC revealed that on Tuesday, Director Jeffrey Keenan bought 15,000 shares of MATV, at a cost of $22.75 each, for a total investment of $341,294. So far Keenan is in the green, up about 9.7% on their buy based on today’s trading high of $24.97. Mativ is trading up about 2.9% on the day Thursday. Before this latest buy, Keenan bought MATV at 3 other times during the past year, for a total cost of $73,910 at an average of $24.64 per share. And at Liquidia Corp (LQDA), there was insider buying on Tuesday, by Chief Executive Officer Roger Jeffs who bought 43,820 shares for a cost of $5.57 each, for a trade totaling $243,990. Before this latest buy, Jeffs purchased LQDA on 2 other occasions during the past twelve months, for a total cost of $103,682 at an average of $3.58 per share. Liquidia Corp is trading up about 3.7% on the day Thursday. Jeffs was up about 13.0% on the buy at the high point of today’s trading session, with LQDA trading as high as $6.29 at last check today.
Around $8 Million Bet On This Biotechnology Stock? 3 Stocks Insiders Are Buying (Benzinga)
Tricida: The Trade: Tricida, Inc. (TCDA) 10% owner Nimish Shah acquired a total of 686,712 shares at an average price of $11.53. To acquire these shares, it cost around $7.92 million. PVH: The Trade: PVH Corp. (PVH) CEO Stefan Larsson bought a total of 18,540.36 shares at an average price of $53.94. To acquire these shares, it cost around $1 million.
