Investment Manager Lansdowne Partners to Buy $1.1 Billion CRUX Asset Management (Reuters)
London-based investment manager Lansdowne Partners LLP said on Wednesday it had agreed to acquire the $1.1 billion UK equities manager CRUX Asset Management, subject to regulatory approval, according to an investor letter seen by Reuters. The purchase, for an undisclosed sum, serves as a succession plan for CRUX’s founder, Richard Pease, who will retire when the deal is completed, the letter said.
Bill Miller’s Son Acquires Majority Stake in $1.7bn Family Fund Firm (CityWire.com)
Bill Miller IV, the son of veteran stockpicker Bill Miller, has taken control of the family’s $1.7bn fund firm Miller Value Partners (MVP), acquiring a majority position in the business. Miller IV is now the firm’s chief investment officer and chairman and owns 80% of the company, while the senior Miller keeps a 20% stake and will continue to be a general adviser to MVP.
Chase Coleman Let the Tiger Out of the Cage in Q1 With Hot Returns (Nasdaq.com)
Investors are carefully divining the latest SEC 13F filing from Chase Coleman’s Tiger Global Hedge Fund reporting its latest trades and movements for the March quarter. Born from the ashes of the dot-com bubble, Tiger Global rose to prominence in the early 2000s under Coleman’s unwavering leadership. Armed with an uncanny ability to spot tech disruptors before they hit the mainstream, the hedge fund amassed a breathtaking track record of success.
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Hedge Fund Veteran Deepak Narula Says Agency MBS Offer Rare Opportunities Now (Bloomberg)
The founder and CIO of Metacapital Management points to wide spreads to Treasuries and unprecedented prepayment speeds. Deepak Narula says wide spreads in the agency mortgage-backed security market offer opportunities approaching those that surfaced in the wake of the global financial crisis. The founder and chief investment officer of Metacapital Management LP should know. Born in New Delhi, Narula earned a Ph.D. in management science at Columbia Business School before joining Lehman Brothers Holdings Inc. as a research analyst in 1989.
This Toronto Hedge Fund Sees a Sweet Spot in 5-Year Corporate Debt (The Whig)
Investors looking to generate more than five-per-cent yield in money market securities should buy corporate bonds maturing in five years or less to lock in those returns for longer, according to Picton Mahoney Asset Management. Adding the debt allows investors to hold on to those high yields for an extended period of time compared with money markets, which are usually comprised of securities coming due in a year or less, said Phil Mesman, head of fixed income at the Toronto-based hedge fund.
China’s Jurun Capital Beats League Tables Gorging on Cheap Junk Bonds (Reuters)
Wang Bo, chief of Shanghai-based hedge fund Jurun Capital, likes to buy cheap and keep a margin of safety in any investment. Wang’s strategy of buying some of the cheapest Chinese domestic junk bonds, a market few people dare to touch, has paid off handsomely, catapulting Jurun to the top of the debt fund league tables. The 2 billion yuan ($289.35 million) hedge fund founded in 2015 surprised investors with a 76% return last year, becoming one of the top two players among Chinese debt-focused private funds that manage more than 500 million yuan.
ARK’s Cathie Wood on Owning Nvidia, Tesla, AI Outlook (Bloomberg)
Cathie Wood, founder and chief executive officer of ARK Investment Management, talks extensively about how some of her funds still own Nvidia, how Tesla is the biggest AI play, and why she is so bullish on software stocks. She speaks with Bloomberg’s Shery Ahn and Rebecca Sin of Bloomberg Intelligence on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)
Twilio Stock Climbs on Report of Activist Investor Pressure (Barron’s)
Twilio stock rose Wednesday following a report that said activist hedge fund Legion Partners has met with the software company several times and pushed for divestitures and board changes.
Five-Year Milestone for Nordea’s Alpha 7 (Hedge Nordic)
Stockholm (HedgeNordic) – The youngest and most conservative member of Nordea Asset Management’s Alpha family, Alpha 7 Multi Asset Fund, is celebrating its five-year anniversary at the end of May. The Alpha family, which oversees €9.6 billion as of the end of April, consists of three solutions that share a common approach of capturing risk-on and risk-off risk premia but exhibit different risk-return profiles.
Tuesday 5/30 Insider Buying Report: BXP, SVRA (Nasdaq.com)
At Boston Properties, a filing with the SEC revealed that on Friday, Director Carol B. Einiger bought 10,000 shares of BXP, at a cost of $47.41 each, for a total investment of $474,100. Einiger was up about 3.2% on the buy at the high point of today’s trading session, with BXP trading as high as $48.91 at last check today. Boston Properties is trading up about 2.2% on the day Tuesday. And also on Friday, Director David A. Ramsay purchased $258,529 worth of Savara, purchasing 100,000 shares at a cost of $2.59 a piece. Before this latest buy, Ramsay bought SVRA at 10 other times during the past twelve months, for a total investment of $784,054 at an average of $1.43 per share. Savara is trading off about 1.9% on the day Tuesday.
Barnwell Industries And 3 Other Stocks Under $3 Insiders Are Aggressively Buying (Benzinga)
Barnwell Industries: The Trade: Barnwell Industries, Inc. (BRN) 10% owner Ned L Sherwood Revocable Trust acquired a total 169,632 shares an average price of $2.64. To acquire these shares, it cost around $447.25 thousand. Bioventus: The Trade: Bioventus Inc. (BVS) Director William Hawkins acquired a total of 88,000 shares at an average price of $2.68. The insider spent around $235.57 thousand to buy those shares.
