A Former Employee of Archegos, the Collapsed Hedge Fund, Sues for Millions in Lost Pay. (The New York Times)
A former employee of Archegos, the investment firm that caused a brief market panic when it lost more than $10 billion in a matter of days last year, is suing the firm and its founder, Bill Hwang, plus five former top executives. The lawsuit was filed on Tuesday in Federal District Court in Manhattan, the DealBook newsletter reports.
Crypto Asset Manager Hilbert Capital Names Cevian’s Murray as CEO (Reuters)
LONDON, July 5 (Reuters) – Cryptocurrency asset manager Hilbert Capital has hired former Cevian Capital executive Richard Murray as CEO, it said on Tuesday. Murray was previously director of investor relations at activist investor Cevian. He has also worked at hedge funds Finisterre and Brevan Howard Asset Management, Hilbert said in a statement.
Bridgewater Associates Registers Significant Short Bets Across Europe, Says SEI Novus Data (Hedge Week)
Bridgewater Associates Inc held the greatest number of significant new short positions in the last week of June as a proportion of overall European short positions, according to the latest monthly pan-European short position data from SEI Novus. The top 3 short positions were held in the following companies: ASML Holding NV – a Dutch multinational corporation specialising in the development and manufacturing of photolithography systems), accounting for 4.73% of total aggregated European short positions by size; SAP SE – a German multinational software corporation that develops enterprise software), accounting for 2.34%; and Siemens Aktiengesellschaft – a German multinational conglomerate corporation), accounting for 1.94%.
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The Mother of All Recessions May be Coming (Hedge Nordic)
Stockholm (HedgeNordic) – The mother of all recessions may be on the way to Sweden, according to hedge fund manager Fredrik Carlsson, as Riksbank’s embrace of negative real interest rates created a breeding ground for excessive risk-taking that transitioned into Sweden’s inflated real estate sector. “There is already a crisis in the real estate sector,” Carlsson tells Realtid.se. “There is already a crisis in the real estate sector.”
Value Investing Proponent Cliff Asness’s Net Worth Reflects His Expertise (Market Realist)
Cliff Asness, co-founder and chief investment officer of AQR Capital Management, has provided his insights on the current and future interest rate scenario and how value stocks could keep outperforming growth stocks even if interest rates don’t go up. According to AQR’s data, the correlation between value stock returns and interest rates over 40 years stands at a mere 0.03. What’s Cliff Asness’s net worth?
Hedge Funds Told They Can Ignore ‘Onerous’ ESG Investing Rule (Bloomberg Law)
Hedge fund managers eager to attract ESG client cash have won a concession that will make it easier for them to generate fees in the $40 trillion market for environmental, social and governance assets. In response to calls for clarification of a key plank of European ESG rules, the EU Commission has said that smaller investment firms (defined as those with no more than 500 employees) are free to claim they’ve measured the so-called Principal Adverse Impact (PAI) of an individual fund product, without needing to quantify the entire firm’s impact.
Tuesday 7/5 Insider Buying Report: Nike (Nasdaq.com)
On Thursday, Director John W. Rogers Jr. purchased $1.03M worth of Nike, purchasing 10,000 shares at a cost of $102.96 a piece. Nike is trading up about 0.7% on the day Tuesday. Investors have the opportunity to snag NKE even cheaper than Rogers Jr. did, with shares trading as low as $100.11 in trading on Tuesday which is 2.8% under Rogers Jr.’s purchase price.
More Than $582 Million Bet On This Stock? 3 Stocks Insiders are Buying (Benzinga)
Occidental Petroleum: The Trade: Occidental Petroleum Corporation (OXY) 10% owner Warren E Buffett acquired a total of 9,887,040 shares at an average price of $58.91. To acquire these shares, it cost around $582.45 million.
The Best and Worst Performing Funds of the Year So Far: Just 6% have Made a Profit Since January as Inflation, Rate Rises and War Rock Markets (This is Money)
An overwhelming majority of investment funds have posted losses since the start of the year with high-growth tech leading the charge downhill. Just 6 per cent of funds in the Investment Association universe posted positive returns in the first half of the year, according to research by Quilter Cheviot. Headwinds, ranging from sky-high inflation, to rapidly rising interest rates and Russia’s Ukraine invasion have sent markets into a tailspin.
Banor Capital Renames L/S UCITS Fund to Reflect New Adviser and Strategic Shift Towards Energy Transition (PrivateEquityWire.co.uk)
Banor Capital, the €1.7 billion London-based investment management firm, has renamed the Banor SICAV North America Long Short Equity Fund to reflect the fund’s increasing focus on companies active in the field of energy transition, with a particular emphasis on the battery value chain. It is now named the Banor SICAV Volta Long Short Equity Fund. The move came in response to increasing demand from institutional investors for exposure to the energy transition theme, and Banor Capital selected Westbeck Capital LLP to take over as adviser to the fund.
Macro Hedge Funds Shine Amid Market Gloom; Launches Rise – HFR (Wealth Briefing Asia)
Hedge funds don’t always live up to their name in shielding investors from the vagaries of markets, but macro strategies appear to be on a winning streak – very appealing in current market conditions. New hedge fund launches jumped to the highest level in the first three months of 2021 and reached the second highest quarter since the fourth quarter of 2017. The desire to start more funds has been partly driven by strong gains from macro-focused funds, which made ground while markets fell, figures show.
