Cliff Asness Urges Investors ‘Short Your Way’ to Greener Future (Bloomberg)
Climate-conscious investors tend to buy green stocks or build big stakes in less-responsible companies and aim to persuade them to change. They should also be short sellers, according to quant pioneer Cliff Asness. Betting against stocks with high carbon emissions is vital for expressing an investor’s views, hedging against climate-change risks and actually affecting corporate policies, the co-founder of systematic powerhouse AQR Capital Management wrote in a Tuesday blog post.
Warren Buffett’s Apple Stake has Soared in Value to a Record $139 Billion. It would be Worth $158 Billion if the Investor hadn’t Sold Any Shares. (Business Insider)
Warren Buffett‘s Apple stake climbed in value to a record $139 billion on Tuesday, as the iPhone maker’s stock price closed at a new high of $157. The famed investor has more than quadrupled his money on the tech company – but has missed out on an estimated $6 billion by trimming his position. Buffett’s Berkshire Hathaway spent about $36 billion between 2016 and mid-2018 to amass more than 1 billion Apple shares, adjusted for the 4-to-1 stock split last year. It pared its holding by 12% to 887 million shares by the end of 2020, and that figure was unchanged as of June 30 this year.
Cheyne Strategic Value Credit Completes EUR1bn Fundraise (Hedge Week)
Cheyne Strategic Value Credit has successfully raised its second fund, Cheyne European Strategic Value Credit Fund II (SVC II) securing EUR 1 billion capacity less than six months after its first close, with strong support from existing investors and significant excess demand from new investors. Cheyne Strategic Value Credit was established in 2017 as a new investment division within alternative asset manager Cheyne Capital and employs a value-oriented, opportunistic approach to investing in corporate credit, with a focus on special situations and debt restructurings. The group’s inaugural European Strategic Value Credit Fund (SVC I) was substantially oversubscribed and closed at its hard capacity limit of EUR1 billion in June 2019.
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Ray Dalio Says China Opportunities Can’t Be Neglected (Bloomberg)
(Bloomberg) — Billionaire investor Ray Dalio says China and Singapore can’t be neglected, pointing to his personal investments and family office philanthropy commitments. Speaking at a Bloomberg Radar event, the founder of Bridgewater Associates — the world’s biggest hedge fund — talked about his long history of visiting and working in Asia, as well as his first visit to China in 1984. Dalio’s personal family office expanded to Singapore in 2020.
Tidan is Different (Hedge Nordic)
Stockholm (HedgeNordic) – Tidan is different. River Tidan is one of the few rivers in Sweden that flows from south to north. Michael Falken, the CIO of hedge fund start-up Tidan, says their strategy aligns with its namesake. “We view our strategy as fairly unique and offers investors a differentiated source of alpha.” Michael Falken and William Wilson, recently joined by fellow Brummer alumni Gunnar Wiljander, the former CEO of Nektar – one of Sweden’s oldest and largest hedge funds, are launching a new hedge fund that employs a capital structure relative value strategy.
