Mudrick Looks to London for £300m Trust Listing (The Times)
An American fund manager that rose to prominence during Wall Street’s meme stock trading frenzy is considering a plan to raise £300 million by listing an investment company on the London market that will buy into distressed credit in the United States. It is understood that Mudrick Capital has been gauging investors’ appetite for an initial public offering of a trust and has hired Cenkos, the stockbroker, to work on the deal.
Steve Cohen’s Point72 Fund has Likely Scored a $100 Million Gain on Nvidia Stock in 2 Months as the AI Craze Persists (Business Insider)
Steve Cohen‘s hedge fund has likely scored a $100 million gain on Nvidia in just two months, thanks to the chipmaker’s stock surging on the back of the artificial-intelligence boom. The billionaire investor’s Point72 Asset Management amassed 981,000 Nvidia shares from scratch in the first quarter — a stake worth $272 million at the end of March. Assuming Cohen and his team haven’t touched the position, it was worth $382 million as of Monday’s close, thanks to Nvidia stock skyrocketing in recent weeks.
Billionaire Hedge Fund Manager Warns US Recession would be ‘Scary’ for Stocks (Finbold.com)
As economic indicators fluctuate and geopolitical tensions rise, concerns about the possibility of a US and global recession have emerged. Factors such as trade disputes, political instability, and monetary policy shifts contribute to the uncertainty, prompting experts to closely monitor the situation for potential signs of an economic downturn. Discussing its potential implications, billionaire hedge fund manager Cliff Asness said the impact of a US economic recession on stocks would be frightening, as per a Bloomberg report on Tuesday, May 30.
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Scandinavian Credit Fund I to Wind-Down Amid Redemption Wave (Hedge Nordic)
Stockholm (HedgeNordic) – After a brief suspension of deposits and withdrawals in December to address a surge in redemption requests, Scandinavian Credit Fund I reopened for business on May 12. However, just two weeks later, the team behind the direct lending fund has made the decision to permanently cease the buying and selling of profit-sharing loans and initiate the process of winding down its operations. This step comes in response to another wave of redemption requests.
Hedge Fund Lodbrok Capital Demands Board Shakeup at Valaris (1) (Bloomberg Law)
One of Valaris Ltd.’s largest shareholders has called for changes at the offshore drilling services provider, citing poor performance since emerging from bankruptcy two years ago and its low share price compared to peers. Lodbrok Capital, which oversees more than 3% of Valaris shares, has called for the board of the Houston-based company to be reduced to five members from seven to ensure more effective “shareholder-orientated” decision making, according to a May 30 letter to the directors seen by Bloomberg News.
Third Point and Moore Among Top Alibaba Buyers in Q1 (Hedge Week)
Moore Capital Management and Third Point were among the hedge funds to make bullish bets on Alibaba Group Holding Ltd in the first quarter of this year, along with money manager Michael “Big Short” Burry, according to a report by Bloomberg. The report cites analysis of 13F filings as revealing that the funds were among the biggest buyers of the Chinese e-commerce giant’s stock in Q1, with six Asia-based hedge firms accounting for nearly half of Alibaba ADRs offloaded by hedge fund sellers over the quarter.
Insider Trades & Hedge Fund Moves: Carl Icahn Tosses Out Illumina Chair (Investing.com)
Illumina board chair voted out, but CEO survives vote: Illumina (NASDAQ:ILMN) shares plunged nearly 9% on Thursday after activist investor Carl Icahn successfully ousted Illumina’s board chairman, John Thompson, with shareholder support, while his efforts to remove the company’s CEO Francis deSouza from the board failed, surviving the vote. Icahn’s board nominees Vincent Intrieri and Jesse Lynn failed to secure enough votes. Shareholders voted for one of Icahn’s three nominees, Andrew Teno, to join Illumina’s board. The company plans to select a new chair in the coming weeks.
Prosecutors Argue Against Dismissing Sam Bankman-Fried’s Criminal Charges (Fox Business)
Prosecutors on Monday asked a Manhattan federal court judge to deny FTX founder Sam Bankman-Fried’s request to dismiss criminal charges stemming from allegations he stole billions of dollars from his company’s customers to make up for losses at his hedge fund. Bankman-Fried, 31, has pleaded not guilty to 13 counts of fraud, conspiracy, making illegal campaign contributions and foreign bribery.
Tuesday 5/30 Insider Buying Report: RNR, UBSI (Nasdaq.com)
At RenaissanceRe Holdings, a filing with the SEC revealed that on Friday, Pres & Chief Executive Officer Kevin Odonnell purchased 13,020 shares of RNR, at a cost of $192.00 each, for a total investment of $2.5M. RenaissanceRe Holdings is trading up about 1% on the day Tuesday. This buy marks the first one filed by Odonnell in the past twelve months. And on Thursday, Director Lacy I. Rice III bought $294,348 worth of United Bankshare, buying 10,000 shares at a cost of $29.43 a piece. This buy marks the first one filed by Rice III in the past year. United Bankshares is trading down about 0.6% on the day Tuesday.
Over $5M Bet On Southwest Gas? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Southwest Gas Holdings: The Trade: Southwest Gas Holdings, Inc. (SWX) 10% owner Icahn Partners Master Fund LP acquired a total 89,617 shares an average price of $57.93. To acquire these shares, it cost around $5.19 million. ACADIA Pharmaceuticals: The Trade: ACADIA Pharmaceuticals Inc. (ACAD) 10% owner Baker Brothers Life Sciences LP acquired a total of 921,522 shares at an average price of $25.10. To acquire these shares, it cost around $23.13 million.
