Investor Elliott Builds Key Stake in Japan’s Dai Nippon Printing – Sources (Reuters)
Hedge fund Elliott Management Corp has built a “significant” stake in Japanese automotive battery component supplier Dai Nippon Printing Co Ltd (DNP) (7912.T), sources familiar with the matter told Reuters on Tuesday. Elliott, one of the world’s most powerful activist investors, has become one of the top three shareholders in DNP with a significant position, said the sources, who declined to be identified as the matter is private.
Watchdog Monitors Hedge Fund After Crispin Odey Faces More Sex Claims (The Times)
The City regulator is monitoring developments at Crispin Odey’s hedge fund firm after further allegations of sexual misconduct were made against him. Odey, 63, was cleared of indecent assault after a trial almost two years ago. There have since been other claims about his behaviour, however, including an accusation reported last month by the news website Tortoise about an alleged incident that is said to have taken place after his trial.
Cathie Wood’s ARKK Is Well on Way to One of Its Best Months Ever (Bloomberg)
Cathie Wood’s flagship strategy is on course for one of its best months on record, joining assets across Wall Street that are so far defying gloomy expectations for the year ahead in emphatic style. The ARK Innovation ETF (ticker ARKK) has returned almost 22% since the start of January, currently set for its third-strongest month ever. With a week of trading still to go, the fund could yet eclipse the 26% and 24% monthly returns it delivered in 2020, the year it burst onto the global investing scene.
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The Unknown Hedge Fund That Got $400 Million From Sam Bankman-Fried (The New York Times)
Not long before FTX collapsed in November, its founder, Sam Bankman-Fried, sent $400 million to an obscure cryptocurrency trading firm called Modulo Capital. The fledgling firm, which was founded in March and operated out of the same Bahamian compound where Mr. Bankman-Fried lived, had no track record or public profile. One of the founders, Duncan Rheingans-Yoo, was only two years out of college. His business partner, Xiaoyun Zhang, known as Lily, was a former Wall Street trader who had previously been romantically involved with Mr. Bankman-Fried, according to four people with knowledge of their relationship.
Playing Offense in the Net-Zero Transition (Hedge Nordic)
Stockholm (HedgeNordic) – The world’s adoption of cleaner energy had been ongoing prior to Russia unleashing war in Ukraine. The war and its consequences demonstrated the urgency of accelerating the energy transition, kicking clean energy transition efforts into higher gear. After three years of running an energy transition-focused market-neutral fund, Joel Etzler and Vidar Kalvoy from Coeli are going on the offense. The duo is launching a more long-biased long/short equity fund focused on renewables named Coeli Renewable Opportunities.
Citadel Hedge Fund Makes Record $16bn (The Times)
A record-breaking $16 billion was made for clients of Citadel, the American hedge fund, last year, exceeding the returns generated by John Paulson’s bet against sub-prime mortgages in 2007. Citadel, founded and headed by Ken Griffin, 54, the billionaire tycoon, led the industry as the top 20 hedge funds collectively returned about $22.6 billion in profits after fees to investors, according to LCH Investments.
Hedge Fund Managers Score Tax Break While Keeping Investment Control (Advisor Perspectives)
Word is out among hedge fund managers on how to get tax breaks for giving to charity — without actually handing over their money just yet. They can even keep it in their funds. Step 1: Donate to your own charitable foundation. Step 2: Have the foundation invest in your hedge fund. Step 3: When the foundation must give some money away, send it to a donor-advised fund, or DAF. That counts as a charity, but lets you hold the earmarked cash there as long as you wish and give — or not give — in secrecy. Take Stephen Mandel’s $999,999,999 Zoom Foundation — that’s how the Tiger Cub has valued his organization’s assets in annual regulatory filings since 2017. It invests the money back into his Lone Pine Capital hedge fund and makes one gift a year to a DAF.
Tuesday 1/24 Insider Buying Report: GNTY, PNFP (Nasdaq.com)
At Guaranty Bancshares, a filing with the SEC revealed that on Friday, Director Richard W. Baker purchased 11,629 shares of GNTY, at a cost of $34.49 each, for a total investment of $401,084. Investors can grab GNTY at a price even lower than Baker did, with the stock changing hands as low as $33.78 at last check today — that’s 2.1% below Baker’s purchase price. Guaranty Bancshares is trading off about 0.8% on the day Tuesday. Before this latest buy, Baker purchased GNTY on 20 other occasions during the past year, for a total investment of $3.04M at an average of $34.45 per share. And at Pinnacle Financial Partners, there was insider buying on Friday, by Director Joseph C. Galante who purchased 1,000 shares for a cost of $72.26 each, for a trade totaling $72,260. Pinnacle Financial Partners is trading down about 0.9% on the day Tuesday. Galante was up about 4.0% on the buy at the high point of today’s trading session, with PNFP trading as high as $75.15 at last check today.
Insiders Selling Delta Air Lines And 3 Other Stocks (Benzinga)
Booking Holdings: The Trade: Booking Holdings Inc. (BKNG) CEO and President Glenn D Fogel sold a total of 1,500 shares at an average price of $2,320.02. The insider received around $3.48 million as a result of the transaction. HubSpot: The Trade: HubSpot, Inc. (HUBS) Executive Chair Brian Halligan sold a total of 8,500 shares at an average price of $309.80. The insider received around $2.63 million from selling those shares. Delta Air Lines: The Trade: Delta Air Lines, Inc. (DAL) SVP, Fin & Controller William C Carroll sold a total of 15,529 shares at an average price of $38.20. The insider received around $593.21 thousand from selling those shares.
Binance Accused of Insider Trading by Coinbase Director (The Crypto Times)
Global cryptocurrency exchange Binance is under scrutiny for insider trading as reportedly a list of transactions revealed token dumps just after Binance listed certain coins. Conor Grogan, director of Coinbase, stated that “there is a pattern of Binance front-running over 18+ months,” by noting certain transactions.
