Billionaire Chris Rokos’s Hedge Fund Recoups 2023 Losses After July Gains (Bloomberg)
Billionaire Chris Rokos’s macro hedge fund posted a 3.7% gain in July, helping it to fully recover losses from earlier this year. The money pool, one of the world’s top macro hedge funds with more than $14 billion in assets, has now returned 2.7% for the year through July, according to people familiar with the matter, who asked not be identified because the information is private.
Leading London Hedge Fund Takes €49m Short Bet Against Smurfit Kappa (BusinessPost.ie)
Marshall Wace, one of the world’s largest hedge fund management firms, has taken a bet against the shares of Smurfit Kappa, the Irish paper and packaging company. The firm, which was founded by Paul Marshall and Ian Wace in 1997, is shorting 0.51 per cent of the company’s shares. At the company’s current share price of close to €37, the bet is valued at around €49 million.
Many of World’s Largest Hedge Funds Face UK Stress Test (The Guardian)
Many of the world’s largest hedge funds will reveal whether their investment activities risk amplifying economic shocks and harming the UK’s financial system, after being recruited into the first-ever stress tests involving the shadow banking sector. The Bank of England has released the names of more than 50 City institutions taking part in the exercise, which will measure the ways that banks and non-bank financial institutions – often referred to as the shadow banking sector – affect financial stability.
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S&P 500 could Decline by 10% by Year-End, Says Hedge Fund Manager (ClaytonCountyRegister.com)
Hedge fund manager Dan Niles believes that the S&P 500 could experience a 10% decline by the end of the year to correct for its recent rise in valuation multiples. Currently, the benchmark index is valued at a forward price-to-earnings (P/E) ratio of 21x, even after a 2.4% decrease last week. Niles, who manages The Satori Fund, compared this valuation to the average forward P/E of 19x over the past seven years with 3% inflation.
Hedge Fund Billionaire Says This Strategy Beats Fundamental Analysis (Cryptosaurus.tech)
Hedge fund billionaire Dan Loeb, chief executive of Third Point, highlighted an emerging trend in traditional markets that is leading fundamental analysis. The renowned investor expressed concern about the growing dominance of retail traders in shaping market trends. Particularly from platforms like Reddit’s WallStreetBets. The power of Reddit message boards: by Dan Loeb comments stem from his observation that “fundamental analysis is increasingly taking a backseat to monitoring daily option expiries and Reddit message boards.” This claim came as a response to the increase in meme stocks. Also, everyday traders began to outbid Wall Street professionals by betting against them. Such events led to mind-blowing rallies at companies.
Some China-Focused Hedge Funds See Strong July, Goldman Sachs Says (Reuters)
China-focused hedge funds with an equity long-short strategy, which relies on stock picking, posted their strongest monthly performance in July since January, driven by a rally on hopes of monetary easing, Goldman Sachs said in a research note. Chinese stocks rebounded in July as policymakers at the latest Politburo meeting clearly expressed support for capital markets and signalled the introduction of bigger easing measures to drive the economy.
Novogratz Says Some Institutions Are Coming Back to Crypto (Bloomberg)
Michael Novogratz said he sees signs of increased participation in cryptocurrency markets by more traditional institutional investors in the wake of the turmoil in the digital-asset world last year. “Institutions have come back some in the immediate term. They’ve come back in futures. They’ve come back in some of these stocks. But importantly, they’re coming back in structural ways,” Novogratz, the founder and chief executive officer of Galaxy Digital Holdings Ltd., said on the New York-based company’s second-quarter earnings conference call Tuesday.
13% Of Crypto Hedge Funds Close Shop In 1st Half Of 2023 (Blockzeit.com)
The year 2023 has brought challenging times for crypto hedge funds, with the soaring success of Bitcoin leaving many struggling to match its gains. According to a renowned investment adviser based in Switzerland, 21e6 Capital AG, approximately 13% of crypto hedge funds have closed their doors in the first half of the year. This downturn has been largely attributed to underwhelming performances and difficulties in accessing banking services. As regulatory pressures and uncertainties loom, the future of crypto hedge funds remains uncertain.
Tuesday 8/8 Insider Buying Report: CERE, MAA (Nasdaq.com)
On Thursday, Cerevel Therapeutics Holdings (CERE)’s CEO, Ronald C. Renaud Jr., made a $2.01M purchase of CERE, buying 83,857 shares at a cost of $23.96 a piece. Investors have the opportunity to bag CERE even cheaper than Renaud Jr. did, with shares changing hands as low as $21.95 in trading on Tuesday — that’s 8.4% under Renaud Jr.’s purchase price. Cerevel Therapeutics Holdings is trading up about 9.5% on the day Tuesday. This purchase marks the first one filed by Renaud Jr. in the past twelve months. And at Mid-America Apartment Communities (MAA), there was insider buying on Monday, by Director William Reid Sanders who purchased 3,000 shares at a cost of $146.84 each, for a total investment of $440,513. Mid-America Apartment Communities is trading down about 1.2% on the day Tuesday. Investors can snag MAA at a price even lower than Sanders did, with shares trading as low as $145.13 at last check today — that’s 1.2% under Sanders’s purchase price.
Travelzoo Recent Insider Activity (Benzinga)
AZZURRO CAPITAL INC, 10% Owner at Travelzoo (TZOO), reported a large insider sell on August 7, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Monday showed that INC sold 140,000 shares of Travelzoo. The total transaction amounted to $1,045,250. Travelzoo shares are trading down 0.75% at $7.29 at the time of this writing on Tuesday morning.
