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.
Elliott Management Has a More Than $1 Billion Stake in Citrix Systems (The Wall Street Journal)
Activist hedge fund Elliott Management Corp. has a more than $1 billion stake in Citrix Systems Inc. and wants the software company to take action to boost its lagging stock price, according to people familiar with the matter. Elliott recently informed Citrix it has a stake of more than 10% in the company and would like to work with it to improve its valuation, the people said. A stake of that size would be valued at around $1.3 billion, based on Citrix’s market value of nearly $13 billion as of Tuesday.
Alan Howard-Backed 10T Raises $750 Million for Debut Crypto Fund (Bloomberg)
Private equity firm 10T Holdings raised $750 million for its first fund to pursue investments in fast-growing cryptocurrency companies. It started gathering money from investors at the end of last year and has already deployed about 80% in mid-to-late stage companies in the ecosystem for digital assets, according to founder Dan Tapiero, who started 10T in 2020 after more than two decades of macro investing. Billionaire hedge fund manager Alan Howard is among the fund’s biggest backers, along with public pensions including the Municipal Employees’ Retirement System of Michigan, Tapiero said in a phone interview.
Hedge Funds Slash Exposure to China Amid Ongoing Regulatory Crackdown (CNBC)
Hedge fund exposure to Chinese equities and indexes listed in the U.S. has dropped to a two-year low due to a sharp reduction in prices and selling of positions, according to a new client note by Credit Suisse. The firm showed a decline in so-called net exposure – a way of showing riskiness to swings in Chinese equities – from upwards of 2 percent at the end of last year to roughly 0.75 percent as of August 25.
Wednesday 9/8 Insider Buying Report: DPW, WOOF (Nasdaq.com)
At Ault Global Holdings, a filing with the SEC revealed that on Tuesday, Executive Chairman Milton C. Ault III purchased 507,400 shares of DPW, for a cost of $2.66 each, for a total investment of $1.35M. Ault III was up about 6.7% on the purchase at the high point of today’s trading session, with DPW trading as high as $2.84 at last check today. Ault Global Holdings is trading up about 1.7% on the day Wednesday. Before this latest buy, Ault III bought DPW at 12 other times during the past twelve months, for a total cost of $346,566 at an average of $2.48 per share. And at Petco Health & Wellness, there was insider buying on Tuesday, by CEO & Chairman Ron Coughlin who purchased 46,600 shares at a cost of $21.72 each, for a total investment of $1.01M.
The Divisional General Manager of Coca-Cola Europacific Partners (NYSE: CCEP) is Selling Shares (Analyst Ratings)
Today, the Divisional General Manager of Coca-Cola Europacific Partners (CCEP), Leendert Den Hollander, sold shares of CCEP for $122.3K. Following Leendert Den Hollander’s last CCEP Sell transaction on March 17, 2021, the stock climbed by 8.1%. The company has a one-year high of $63.04 and a one-year low of $33.15. CCEP’s market cap is $27.84 billion and the company has a P/E ratio of 37.30.
Former CFO of Drugmaker Aceto Going to Prison for Insider Trading (Newsday)
The former longtime chief financial officer of drugmaker Aceto Corp. in Port Washington has been sentenced to six months in prison for insider trading. Douglas Roth, 64, will begin serving the sentence next month at the Federal Correctional Institution in upstate Otisville, according to an order by U.S. District Court Judge Joan M. Azrack in Central Islip. After being released from prison, Roth will be confined to his East Northport home for six months. He also must pay a $150,000 fine.
