Billionaire Chris Hohn’s 13-Year Winning Streak at TCI Ends With Fund Slumping 18% (Bloomberg)
Famed activist investor and philanthropist Chris Hohn’s fund lost money last year, breaking its streak of 13 straight profitable years as stocks tumbled. His TCI Fund declined by 18%, according to a person with knowledge of the matter. It was the fund’s second annual loss since it launched in 2004, said the person, who asked not to be identified because the details are private. The loss was caused by the firm’s top bets such as Alphabet Inc and Microsoft Corp., which plunged as growth stocks sold off amid rising interest rates last year.
ValueAct Calls for Seven & i to Spin Off 7-Eleven Retail Chain (Reuters)
Hedge fund ValueAct Capital urged Seven & i Holdings (3382.T) shareholders on Thursday to back a spin-off of the company’s 7-Eleven convenience store chain, arguing the move would improve the conglomerate’s valuation and corporate governance. The U.S.-based investment firm, which owns a 4.4% stake in the Japanese company and has been urging it to make changes for at least a year, called on shareholders to express their opinions on the matter to Seven & i’s board.
From Rokos to Third Point, How the Tables Turned for Hedge Funds in 2022 (Financial News)
In 2021, Rokos Capital Management took a hammering. But last year, the tables turned for Chris Rokos’ £15.5bn hedge fund. It soared 51% after betting on rising interest rates and global inflation. Rokos made it into the list of 2022’s top-performing hedge funds, a stark reversal after ending 2021 down 26%, according to Bloomberg data.
Photo by Austin Distel on Unsplash
Hedge Fund Industry Lost $125B Worth of Assets in 2022 (Fox Business)
Almost $125 billion worth of assets, from performance losses and asset flows, left the hedge fund industry in 2022, Hedge Fund Research (HFR) data showed on Friday in the latest sign of the havoc that volatility wreaked on the industry last year. Investors rethought putting their money into hedge funds, leading to a net outflow of $55 billion in assets, making it the largest capital flight from the industry since 2016, HFR said. A sharp change from 2021, when the industry saw a positive $15 billion of net inflows.
Brevan Howard Hires Point72’s Jon Freedman to Head Risk at London Office (Financial News)
Brevan Howard has appointed Jon Freedman as head of risk and middle office IT for the firm’s London-based operations. Freedman has joined the hedge fund after spending 18 months as a senior macro strategist at Point72. Prior to that, he worked as a quantitative analyst at hedge fund Millennium Management for nearly three years until May 2021.
Cathie Wood Resumes Selling in JD.com for First Time Since July (Bloomberg)
Cathie Wood is back to selling JD.com Inc. shares after a hiatus of about six months as Chinese technology stocks see a historic rebound helped by regulatory easing. ARK Fintech Innovation ETF sold 6,645 American Depository Receipts of the Chinese online retailer on Thursday, marking its first sale of the company since July, according to Ark Investment Management LLC’s daily trading data compiled by Bloomberg. Wood’s previous selling streak was from mid-September 2021 to July.
The former FTX US president just raised money from Anthony Scaramucci and Coinbase Ventures for His New Crypto Startup (Business Insider)
After nearly four months since stepping down as president of FTX US, Brett Harrison has raised $5 million for his new crypto trading infrastructure startup. Harrison, who oversaw the US division of Sam Bankman-Fried’s now bankrupt digital asset exchange, secured backing from industry giants like Coinbase Ventures and Circle Ventures.
Friday 1/20 Insider Buying Report: DHHC, KDP (Nasdaq.com)
At DiamondHead Holdings, a filing with the SEC revealed that on Wednesday, Co-CEO, Chairman David T. Hamamoto purchased 250,000 shares of DHHC, at a cost of $10.09 each, for a total investment of $2.52M. DiamondHead Holdings is trading trading flat on the day Friday. And at Keurig Dr Pepper, there was insider buying on Wednesday, by Chief Financial Officer Sudhanshu Shekhar Priyadarshi who bought 10,000 shares for a cost of $35.00 each, for a trade totaling $350,000. Keurig Dr Pepper is trading off about 0.1% on the day Friday. Bargain hunters are able to grab KDP even cheaper than Priyadarshi did, with shares changing hands as low as $34.21 in trading on Friday which is 2.3% under Priyadarshi’s purchase price.
Over $10 Million Bet On DiamondHead Holdings? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
(Appian) The Trade: Appian Corporation (APPN) 10% owner Colin Moran acquired a total of 265,000 shares an average price of $32.96. To acquire these shares, it cost around $8.74 million. Fate Therapeutics: The Trade: Fate Therapeutics, Inc. (FATE) Director John Mendlein acquired a total of 124,679 shares at an average price of $5.60. To acquire these shares, it cost around $698.14 thousand.
Is Elon Guilty of Insider Trading? Experts Question Why Musk Sold Nearly $3.6 Billion Worth of Tesla Shares Just Three Weeks Before Company’s Value Nosedived Off Back Off Missed Targets (Dailymail.co.uk)
Tesla CEO Elon Musk sold almost $3.6 billion worth of stock just three weeks before the electric car company announced it had missed its delivery targets. Musk had offset nearly 22 million of his 426 million shares between December 12 and 14, 2022, as Tesla was projected to be one of the worst performing stocks of the year, the Wall Street Journal reports. While the end of 2022 saw a small rebound for the company’s shares, the stocks plummeted even further when the market opened on January 3 following the company’s announcement that delivery targets fell short by nearly 22,000 cars.
