Hohn’s charitable Foundation Gives $491m Despite Investment Loss (The Times)
The philanthropic foundation set up by Sir Chris Hohn, the billionaire hedge fund tycoon, committed to giving away almost $500 million last year despite suffering its first investment loss in a decade. Accounts for The Children’s Investment Fund Foundation show it pledged $491 million to charitable activities in 2022. This was down from the $828 million committed to good causes in 2021 and came as the organisation booked a net investment loss of $487 million for last year, which it blamed on “a challenging economic environment”.
Hedge Fund Clough Capital to Manage Changebridge Capital’s Active ETFs (Hedge Week)
Clough Capital Partners, a hedge fund firm with $1.3bn in client assets under management, has entered the active ETF space by assuming management of the Changebridge Select Equity ETF (CBSE) and the Changebridge Long/Short Equity ETF (CBLS). The funds, which will be formally renamed as Clough ETFs on 13 September, join Clough’s existing offering of closed-end funds, hedge funds, and separately managed accounts. As part of the initiative, Vince Lorusso has rejoined Clough Capital as its new President & CEO. He will remain as Portfolio Manager for the ETF strategies, a role he has held since their listing on the New York Stock Exchange (NYSE) in 2020.
Tiger Cubs’ Wrong-Way Bets Cut Flow of Fresh Cash to a Trickle (Bloomberg)
Not so long ago, investors couldn’t get enough of the Tiger Cubs, the hedge funds run by Julian Robertson’s proteges. Now the flood of money has slowed to a trickle, after the portfolios posted some of their worst returns ever. Cash from US investors flowing into funds run by Steve Mandel, Philippe Laffont and Dan Sundheim has plunged, in some cases down 98% from the prior 12 months, according to regulatory filings. It’s a sharp reversal from years when a single one of them might take in hundreds of millions — if not billions — of fresh money.
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Hedge Fund Millennium Doubles British Land Short Position as UK Property Crisis Rolls On (Financial News)
Hedge fund Millennium International Management has doubled its bet against City property developer, The British Land Company, as the UK housing crisis deepens. Millennium has a 1.75% net short position on The British Land Company, up from 0.90% on 11 August, the latest disclosure to the UK’s Financial Conduct Authority shows.
Volatility Harvester Becomes Article 8 Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Amid growing focus and interest in sustainability, a new Article 8 fund has surfaced in the Nordic hedge fund arena. Danske Invest Global Cross Asset Volatility, a multi-asset, multi-strategy fund employing volatility-related strategies, is now disclosed as Article 8 under the EU’s Sustainable Finance Disclosure Regulation (SFDR). The fund managed by Chief Portfolio Manager Jacob Øland Jensen will promote environmental safeguards, as well as ethical and social safeguards through the exclusion of certain activities deemed to have significant negative climate impact or deemed to be non-ethical or controversial.
