Cathie Wood’s ARK Snaps Up Adyen Shares After Record Meltdown (Bloomberg)
Cathie Wood extended her bet on Dutch payment processing company Adyen NV just after a growth slowdown sent the stock down by almost half to its lowest level in three years. A daily trading report from Wood’s ARK Investment Management showed that two of the firm’s exchange-traded funds snapped up Adyen stock on Monday, worth about $9 million based on closing prices. One added nearly 2,900 Amsterdam-listed shares, while another bought about 733,000 American depositary receipts, which trade over the counter in the US.
Big Tech Drives Adage Capital’s June Quarter Gains as Boston Fund Cut Midwest Bank Positions (247WallSt.com)
Tucked away in the heart of Boston’s financial district, Adage Capital Management recently unveiled its trading report for the June quarter. The fund informed the Securities and Exchange Commission that its value stood at $46.03 billion at the close of June, marking a 3.23% increase during the second quarter of 2023, up from $44.59 billion in March. Adage has grown over the years to become one of the most respected names in the world of asset management.
‘A Bunch of Aimless Flies’: China Hedge Fund Blames Foreign Investors for Stock Rout (SCMP.com)
A top-performing Chinese macro hedge fund blamed global capital for sinking the country’s stocks to the lowest levels since November. Foreign funds are primary drivers of Chinese stocks’ recent sell-off, said Li Bei, founder of Shanghai Banxia Investment Management Center. Overseas investors stirred up market volatility and, “taken together, they are a bunch of aimless flies,” she said in an article posted on social media platform WeChat.
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QQM Duo Reunites at Meriti (Hedge Nordic)
Stockholm (HedgeNordic) – The team behind systematic market-neutral fund QQM Equity Hedge is joining Vesterhavet Fondkommission – soon Meriti Capital – as part of the financial services provider Meriti AB. Ola Björkmo, who departed QQM Fund Management earlier this year, has assumed the role of CEO and Chief Investment Officer at Meriti Capital. Jonas Sandefeldt has also left QQM to join Björkmo on September 4 as Head of Systematic Fund Management.
SEC Fines Fintech Crypto Fund that Promised 2,700% Returns (The Register)
A New York fintech biz is set to pay $1 million in fines under a US Securities and Exchange Commission order that claims it advertised “annualized” returns on Titan Crypto of up to 2,700 percent, a number based on a “purely hypothetical account.” Titan Global Capital Management provided investment strategies to clients and prospective clients solely through a mobile app, the SEC said.
Citadel-Backed EDX Taps Anchorage to Custody Crypto (Bloomberg)
EDX Markets, the crypto exchange backed by Charles Schwab and Citadel Securities, is moving ahead with Anchorage Digital as its custodial partner. The crypto exchange, which went live to clients this year, said the partnership would allow EDX to settle trades matched on their exchange through its own clearinghouse business. That clearing business is slated to go live next month, according to Chief Executive Officer Jamil Nazarali.
Tesla: Henri Blomster’s Favourite Stock (Hedge Nordic)
Stockholm (HedgeNordic) – For over twenty years, Finnish stock picker Ernst Grönblom has been running a high-conviction strategy aimed at finding the superstar companies of tomorrow, having made successful early investments in Amazon, PayPal, and Facebook. Henri Blomster, Grönblom’s co-portfolio manager running concentrated equity fund Asilo Argo, has his own favourite superstar company of the future, electric car manufacturer Tesla. However, Blomster’s interest in Tesla extends beyond its car-making business.
Struggling Yuan could Trigger Next Financial Crisis, Says Hedge Fund EDL (Hedge Week)
The fall in the value of China’s yuan could be the trigger for the next big financial crisis, according to a report by Reuters citing EDL Capital, the Swiss-based macro hedge fund firm run by Edouard de Langlade. EDL Capital has identified the slide in the yuan’s value as the next potential “black swan event” for global markets and according to a recent investor presentation seen by Reuters, is betting on further falls in China’s offshore currency.
Monday 8/21 Insider Buying Report: HIPO, WSC (Nasdaq.com)
At Hippo Holdings, a filing with the SEC revealed that on Wednesday, John Drake Nichols purchased 20,427 shares of HIPO, at a cost of $10.24 each, for a total investment of $209,210. Hippo Holdings is trading off about 4.1% on the day Monday. And on Thursday, Chief Executive Officer Bradley Lee Soultz purchased $203,548 worth of WillScot Mobile Mini Holdings, purchasing 5,000 shares at a cost of $40.71 each. Before this latest buy, Soultz purchased WSC at 3 other times during the past twelve months, for a total investment of $709,824 at an average of $47.32 per share. WillScot Mobile Mini Holdings is trading trading flat on the day Monday. Soultz was up about 4.6% on the purchase at the high point of today’s trading session, with WSC trading as high as $42.60 in trading on Monday.
Around $15M Bet On Taysha Gene Therapies? Check Out These 4 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Taysha Gene Therapies: The Trade: Taysha Gene Therapies, Inc. (TSHA) 10% owner Paul Manning acquired a total of 16,466,667 shares an average price of $0.90. To acquire these shares, it cost around $14.82 million. The company’s other executives also purchased the company’s shares. Amarin: The Trade: Amarin Corporation PLC (AMRN) President and CEO Patrick Holt acquired a total of 300,000 shares at an average price of $1.04. The insider spent around $312,315.
