Icahn Revises Loan Pact With Banks After Short Seller Hindenburg’s Attack (Bloomberg)
Carl Icahn has renegotiated loan terms with a group of banks just months after a report by short seller Hindenburg Research sent shares in his investment firm tanking. The activist investor has consolidated all his borrowing under a new three-year term loan, according to a Securities and Exchange Commission filing on Monday. It extends the maturity of previous loans with the banks and includes amendments to certain covenants.
Bridgewater, Point72 are Hiring China Specialists as Policy, Economic Shocks Leave Hedge Funds Reeling (SCMP.com)
As China and the US fight over everything from semiconductor chips and metals to regulations, some investors are hiring specialists to study Beijing’s policies. The stakes have never been higher after a trillion-dollar rout in Chinese stocks since early 2021 while hedge funds retreated. Bridgewater Associates, the world’s largest hedge fund founded by China perma bull Ray Dalio, last month listed an opening for a China analyst focusing on government policy on its website. Vacancies at Steven A. Cohen’s Point72 Asset Management include an opening for a Chinese-speaking “intelligence analyst.”
Second Sexual Assault Civil Claim Filed Against Crispin Odey (InvestmentWeek.co.uk)
A second unnamed woman has filed a civil claim over sexual assault allegations against hedge fund manager Crispin Odey, law firm Fieldfisher confirmed to Investment Week. Fieldfisher partner Jill Greenfield will be representing the second woman and is already acting on behalf of the first claimant, who filed her suit against Odey last month. Both women made sexual assault allegations against Odey in December 2022, and their claims follow an investigation by the Financial Times into decades of alleged sexual misconduct by the fund manager.
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Opalesque Roundup: Global Hedge Fund Launches Hold Steady to Begin 2023: Hedge Fund News (Opalesque.com)
In the week ending July 07th 2023, HFR reported that new hedge fund launches were steady to begin 2023 as managers positioned for opportunities in Technology, Artificial Intelligence, and Cryptocurrency. Launches were concurrent with a sharp rise in financial risks in banks associated with the increases in interest rates and inflation over the past year, according to the latest HFR Market Microstructure Report. Broadridge’s latest digital transformation study finds 58% of hedge funds say digital transformation is their most important strategic initiative. A failure to invest in new technology or update legacy systems could leave managers disadvantaged in a difficult environment for raising capital. Hedge funds are allocating substantial resources to technology: respondents say 26% of their overall IT budget is currently allocated to digital transformation, a jump from 2022 when that figure stood at 13%.
Andreas Aaen: My Favourite Stock: (Hedge Nordic)
Stockholm (HedgeNordic) – In HedgeNordic’s summer series, “My Favourite Stock,” we delve into the minds of the Nordic hedge fund managers and ask them about their preferred stock picks. Here, Aalborg-based portfolio manager Andreas Aaen of Symmetry Invest introduces his favourite stock. What is currently your favourite stock in your portfolio? What initially attracted you to it and what makes you keep liking it?
Ex-Millennium Exec Bobby Jain has Made His First Major Hire for the Industry’s Most Hotly Anticipated New Hedge Fund Launch (Business Insider)
Former Millennium executive Bobby Jain has made his first major hire as he lays the groundwork for what Wall Street professionals are expecting to be one of the largest ever hedge fund launches. Jain, previously co-CIO of Izzy Englander‘s Millennium Management, has tapped Bank of America executive Jonathan Barton as his chief operating officer, according to people familiar with the matter. Barton, a managing director and head of equities product development and strategic initiatives at BofA, will be tasked with helping build out the most hotly anticipated new fund in years. Before BofA, Barton was COO at Meru Capital and Old Lane; he started his career at Morgan Stanley.
Singapore Hedge Fund Files Wind-Up Case Versus China’s Kaisa (Bloomberg)
A Singapore-based hedge fund has filed a winding-up petition in Hong Kong against Kaisa Group Holdings Ltd., potentially complicating the Chinese builder’s debt-restructuring effort. Broad Peak Investment Advisers took the court action regarding alleged nonpayment of 170 million yuan ($24 million) of onshore bonds, Kaisa said in an exchange filing Monday. Most winding-up petitions filed against mainland developers in Hong Kong have involved dollar-denominated debt.
Starboard Pushing for Sale of Algonquin Power’s Renewable Assets (Hedge Week)
Algonquin Power & Utilities is being urged to sell a majority of its renewable assets to reduce debt and improve earnings by activist hedge fund Starboard Value, which recently revealed it had a built a 7.5% holding in the business and is now the power company’s largest shareholder, according to a report by Reuters. Algonquin, which has seen its debt pile rise to around $7.5bn following a series of acquisitions in recent years, said in May it would launch a review of its renewable energy group, following a push for changes by Corvex Management and other activist firms.
Monday 7/10 Insider Buying Report: DOMO (Nasdaq.com)
At Domo, a filing with the SEC revealed that on Thursday, Director Daniel David Daniel III purchased 26,400 shares of DOMO, for a cost of $13.54 each, for a total investment of $357,580. Daniel III was up about 5.6% on the buy at the high point of today’s trading session, with DOMO trading as high as $14.30 at last check today. Domo is trading up about 6.3% on the day Monday. Before this latest buy, Daniel III made one other buy in the past twelve months, purchasing $684,808 shares at a cost of $14.42 each.
Walmart Insiders Sell Over $15 Billion In Shares In First Half of 2023: A Look At Insider Stock Sales And A Comparison To GameStop’s Insider Purchases (Benzinga)
In a surprising turn of events, insiders at retail giant Walmart Inc (WMT) have reportedly sold over $15 billion worth of shares in the first half of 2023. This massive divestment has caught the attention of market analysts and raised questions about the implications for the company’s future. A closer examination of history reveals interesting patterns when it comes to speculation surrounding insider stock sales. Insider selling, particularly in large quantities, tends to attract attention and speculation from investors and analysts alike. The belief is that insiders, who possess intimate knowledge of a company’s operations and financial health, may be motivated to sell their shares if they anticipate a potential decline in the stock’s value.
