Dalio’s Bridgewater Adds Fund Strategy Focused on Sustainability (Bloomberg)
Bridgewater Associates, the world’s biggest hedge fund, is starting a strategy tied to global sustainability goals, the latest money manager to tap into surging demand for socially and environmentally conscious investing. Ray Dalio’s firm, which oversees $140 billion of assets, plans to open two sustainable funds in 2021. Bridgewater started advising clients this year on how to manage assets to meet both societal and financial goals. The effort is being overseen by senior investment executive Carsten Stendevad, Chief Operating Officer Brian Kreiter and Karen Karniol-Tambour, director of investment research, with help from Dan Hochman, head of sustainability research.
Inside the Rise and Fall of Coatue’s Much-Hyped But Short-Lived $350 million Quant Fund (Business Insider)
The secretive, tech-focused investment manager has had a stellar track record under billionaire Philippe Laffont. But the “tiger cub” usually demurred when it came to discussing business publicly. In May 2019, though, two Coatue execs – cofounder Thomas Laffont, Philippe’s brother and the leader of the firm’s private-investment strategies, and Alex Izydorczyk, its 26-year-old head of data science – spoke for nearly 45 minutes at Domino Data Lab’s Rev conference.
Novogratz Asks Investors to Devote 5% of their Worth to Crypto (CoinJournal.net)
Ex-hedge fund manager Mike Novogratz has asked new investors to cushion their portfolio with more Bitcoin. The renowned bitcoin investor, Mike Novogratz has encouraged investors to go after more bitcoin and devote a large portion of the portfolio to it. In his opinion, an average investor needs to have cryptocurrencies in their investment portfolio. Novogratz is an investor currently heading Galaxy Digital, a crypto investment firm where he serves as the chief executive. He is said to have made about $250 million from crypto investing between 2016 and 2017. Novogratz had previously asked investors to set aside 1% of their worth to cryptocurrency. Last month, he suggested that people should inject 3% of their funds into Bitcoin and HODL.
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Citadel Taps Ex-Morgan Stanley Commodities Trading Exec (Pensions & Investments)
Jay Rubenstein will join the commodities team of multistrategy hedge fund manager Citadel next year. He will report to Sebastian Barrack, the firm’s head of commodities who oversees investment teams trading energy, agriculture and other commodity products. Mr. Rubenstein will work in the firm’s Greenwich, Conn., office, confirmed Megan Ingersoll, a Citadel spokeswoman, in an email. Mr. Rubenstein’s position is new. Ms. Ingersoll said she can’t provide further details including his title, role, responsibilities and start date.
Wellington Management Closes its Third Late-Stage Growth Fund with $1.8bn (Opalesque.com)
The asset manager Wellington Management has closed its third late-stage growth fund with $1.8 billion and may have another $400 million available for co-investing in deals. The fund, Wellington Hadley Harbor III, invests in late-stage companies seeking capital to sustain or accelerate growth before a sale or initial public offering. The fund is 29% larger than its 2017 predecessor, the $1.4 billion Wellington Hadley Harbor II, according to a press release from the independent investment management firm.
Bill Ackman Invests In The American Dream, Which In Turn Pays For His Dreams (Deal Breaker)
Bill Ackman may not know who Chris Paul is (he’s more of a John McEnroe guy, if he’s honest, although the reverse can certainly not be said). Luckily for an affordable-housing impact investment firm, it didn’t need an NBA All-Star as brand ambassador and strange bedfellow to lure the hottest man on Wall Street, for it could appeal to his other interests and expertise, specifically: real estate and making money on apparently philanthropic endeavors.
Aggressive Turn Leads to Road to Recovery (Green Street)
A makeover of 1060 Capital’s investment strategy is reversing the firm’s fortunes. Responding to a performance downturn, founder and portfolio manager Brian Gustavson started loosening risk constraints for the consumer-stock shop’s 1060 Capital Opportunity Fund in late 2018. The result was a more concentrated portfolio based on macroeconomic themes. Now, the shift is aiding growth both in 1060’s performance and its assets. The 1060 Capital Opportunity Fund was up 64.2% from Jan. 1 to Nov. 30 with a net exposure of just 38%. And the firm’s assets, which had fallen to $50 million from a late-2017 peak of $500 million to $600 million, have rebounded to almost $100 million.
BlueCrest to Pay $170 Million Over Hedge Fund Conflicts (Bloomberg)
BlueCrest Capital Management Ltd., the investment firm led by billionaire trader Michael Platt, will return $170 million to its former investors. The settlement comes after the SEC says BlueCrest prioritized an internal hedge fund over its client’s money. Bloomberg’s Dani Burger reports on “Bloomberg Daybreak: Europe.” (Source: Bloomberg).
A Director at SITE Centers (NYSE: SITC) is Selling Shares (Analyst Ratings)
On December 7, a Director at SITE Centers (SITC), Alexander Otto, sold shares of SITC for $5.53M. This is Otto’s first Sell trade following 33 Buy transactions. This is Otto’s first transaction since reporting a Sell transaction on PGRE back in December 2019.
Wednesday 12/9 Insider Buying Report: BKI, SBTX (Nasdaq.com)
On Monday, Black Knight’s Director, Joseph M. Otting, made a $299,951 purchase of BKI, buying 3,383 shares at a cost of $88.66 a piece. Bargain hunters have the opportunity to snag BKI even cheaper than Otting did, with the stock changing hands as low as $87.81 at last check today which is 1.0% under Otting’s purchase price. Black Knight Inc is trading down about 0.3% on the day Wednesday. Before this latest buy, Otting made one other purchase in the past year, buying $199,980 shares at a cost of $90.00 each.
Ringcentral Inc (RNG) CEO & Chairman Vladimir Shmunis Sold $24.7 million of Shares (Guru Focus)
CEO & Chairman of Ringcentral Inc, Vladimir Shmunis, sold 73,249 shares of RNG on 12/07/2020 at an average price of $336.93 a share. The total sale was $24.7 million. RingCentral Inc provides software-as-a-service, or SaaS, solutions for business communications. Its solutions can be used in multiple devices including Smartphones, Tablets, PC’s and Desk Phones which allows for communication across multiple channels.
