Bridgewater’s Greg Jensen Warns Markets Are Still ‘Overly Optimistic’ (Bloomberg)
Even after several tumultuous weeks that have seen both bonds and stocks tumble, Bridgewater Associates’ Greg Jensen says that markets are “overly optimistic” and investors have yet to adapt to a period of “secular change” that involves both higher inflation and slower growth. Speaking on an episode of the Odd Lots podcast, the co-chief investment officer of the world’s biggest hedge fund warned of a toxic brew for asset prices as the Federal Reserve raises interest rates and unwinds its balance sheet to deal with the highest inflation in decades.
Toshiba to Propose Elliott, Farallon Executives Join Its Board, Sources Says (Reuters)
TOKYO, May 23 (Reuters) – Toshiba Corp (6502.T) plans to propose giving two of its major hedge fund shareholders seats on its board, people familiar with the matter said, a move that could give foreign investors more influence over the troubled Japanese conglomerate. Toshiba plans to nominate executives from Elliott Management and Farallon Capital Management for board seats ahead of its annual shareholder meeting in June, said the people, who declined to be identified because the matter has not been made public.
Brevan Howard Ops Platform Coremont Hires New Head of BD (Hedge Week)
Coremont, the operational support platform for investment managers that spun out of Brevan Howard in 2018, has hired Chaim Hack as its new head of business development. Hack joined Coremont’s London office this month from Enfusion Systems where he spent ten years, most recently as director of EMEA business development. He has 15 years’ experience across buy-side, sell-side and fintech, including various roles within JP Morgan’s hedge fund and derivative service departments.
Hedge Fund Millennium Made a Big Technology Hire from Citi (eFinancialCareers)
As we reported last week, hedge fund Millennium Management is building out its technology team under CTO Vlad Torgovnik. Its latest big technology recruit is drawn from Citigroup. Leon Stiel, Citi’s global head of cross asset ETF technology, is joining Millennium in New York City as head of equities risk technology according to his LinkedIn profile. His arrival comes as Millennium is building out its technology team across New York, London Singapore, Dublin, Hong Kong, Tel Aviv, and is opening a new technology hub in Miami.
A New Hedge Fund is Launching This Summer That will Only Charge Performance Fees When it Beats Its Benchmark (Business Insider)
A new fund is coming from a young equity investor with experience in both the quant and fundamental worlds. Jared Kubin’s Issachar Technologies is set to begin trading later this summer, a source told Insider, with a fundraising target of $100 million, though that process is still in its early stages.
Hedge Fund Performance Update: April 2022 (Preqin)
Hedge funds faced another difficult month in 2022 with the Preqin All-Strategies Hedge Fund Benchmark declining 2.76% in April, eroding gains made in March of +1.19%. This heatmap presents the hedge fund performance benchmarks for April 2022, plus the YTD and 12-month returns for all top-level strategies, structures, denominations, and size classifications.
Anatole Hedge Fund Stems Losses After ‘Disastrous’ China Bets (Bloomberg)
Anatole Investment Management Ltd.’s flagship hedge fund stabilized in April after the firm scaled back its bullish wagers on stocks. The fund, which was hurt by bargain hunting for Chinese shares since late last year, dropped less than half a percentage point in April, according to people familiar with the matter who asked not to be named discussing private information. The fund has lost about 22% this year, the people said. It managed $1.9 billion as of March, one of the people said.
Hedonova Hedge Fund Raises $18.4m at a $330m Valuation in Latest Funding Round Led by Chemie-Tech DMCC (Hedge Week)
Hedonova, an alternative assets hedge fund, is raising a strategic series A1 funding round of $18.4 million at a $330 million valuation from Chemie-Tech DMCC, a UAE based engineering and construction company. Chemie-Tech’s investment will strengthen Hedonova’s data centre investing and equipment finance business, and comes on the heels of Hedonova’s recent $3 million investment in the alternative investment management firm, Alts.
GameStop Stock: Melvin Capital Defeated By The Apes (The Street)
Melvin Capital’s winding down of its fund represents a stunning defeat – and that defeat has widely been attributed to GameStop shareholders. Hedge fund Melvin Capital, notoriously known for betting against GameStop (GME) stock, has announced that it is winding down its activities and returning capital to its clients. Melvin has succumbed to gigantic successive losses, in large part thanks to retail investor-provoked short squeezes.
Hedge Funds Are Holding Their Breath on This Biopharma IPO (Institutional Investor)
Several prominent hedge funds disclosed sizable stakes in PepGen, which went public earlier this month. The folks at PepGen certainly showed some courage earlier this month when they chose to proceed with their initial public offering.On May 5, the development-stage biopharma company sold nine million shares at $12 a pop.
Monday 5/23 Insider Buying Report: CAR, PLD (Nasdaq.com)
On Wednesday, Avis Budget Group’s Executive Chairman, Bernardo Hees, made a $4.94M buy of CAR, purchasing 26,000 shares at a cost of $189.90 a piece. Bargain hunters are able to pick up CAR at a price even lower than Hees did, with the stock trading as low as $176.89 at last check today which is 6.9% below Hees’s purchase price. Avis Budget Group is trading up about 1.4% on the day Monday. This buy marks the first one filed by Hees in the past twelve months. And on Friday, Director Avid Modjtabai bought $1.78M worth of Prologis, buying 15,000 shares at a cost of $118.65 a piece. Prologis is trading down about 1.1% on the day Monday.
Executives Sell More Than $260M Of 3 Stocks (Benzinga)
Electronic Arts: The Trade: Electronic Arts Inc. (EA) Chief Experience Officer Chris Bruzzo sold a total of 2,000 shares at an average price of $128.39. The insider received around $256.78 thousand from selling those shares. Cactus: The Trade: Cactus, Inc. (WHD) President and CEO Scott Bender sold a total of 180,000 shares at an average price of $48.00. The insider received around $8.64 million from selling those shares.
Insider Trading: May 23, 2022 (BIV.com)
Insider James A. Pattison, 10% owner. Company: Westshore Terminals Investment Corp. (TSX:WTE). Shares owned: 4,353,741. Trade date: May 6. Trade total: $9,451,755. Trade: Acquisition of 280,052 shares at a price of $33.75 per share. Insider Nojan Abrary, officer. Company: Methanex Corp. (TSX:MX). Shares owned: 23,704. Trade date: May 9. Trade total: $478,736. Trade: Acquisition of 8,039 shares at prices from $48.57 to $63.33 per share.
