Hedge Fund Titan Clifford Asness Leads Trader Fury After LME Cancels $4bn in Nickel Trades (Financial News)
Hedge fund titan Clifford Asness joined traders in slamming the London Metal Exchange after the platform cancelled trades – a move that may have helped stem losses at a fund that was short the metal. Nickel traders were blindsided this week as the wild ride in the metal saw prices more than double in overnight trading – prompting the London Metal Exchange to cancel orders and halt trading.
Pierre Andurand’s Hedge Fund Raises 109% This Year on Commodity Tumult (Bolly Inside)
Commodities trader Pierre Andurand extended his winning streak, with one of his hedge funds returning 109% in the year to date, as indicated by an individual with knowledge of the matter. The stellar performance of the Andurand Commodities Discretionary Enhanced Fund follows yearly gains of 87% in 2021 and 154% in 2020. Products have taken off this year, first as supplies battled to find the post-pandemic boom in demand, and afterward as Russia’s invasion of Ukraine shook markets from crude oil to wheat and aluminum.
As SPAC Bubble Burst, Hedge Funds Doubled Their Holdings (Institutional Investor)
Marshall Wace now owns the most SPACs, with $5.3 billion worth. The SPAC bubble burst last year, resulting in hedge funds holding $170.5 billion worth of special purpose acquisition companies — more than double what they owned at the end of 2020. Hedge funds, nicknamed the “SPAC Mafia” because they are the dominant buyer of SPAC IPO shares and warrants, owned only $82.4 billion at the end of 2020, according to SPAC Research, a data provider.
Source: pexels
Platt’s BlueCrest Aims to Lure Traders With 30% Share of Profit (Bloomberg)
Billionaire Michael Platt has sweetened the deal for traders at his private investment firm. BlueCrest Capital Management is offering some money managers as much as 30% of the profits they generate, according to people with knowledge of the matter. Other payout bands include 23% and 25%, said the people, asking not to be identified because the details are private.
Major Toshiba Shareholder Farallon Calls On it to Solicit Buy-Out Offers (Reuters)
TOKYO (Reuters) – One of Toshiba Corp’s largest shareholders on Friday called on it to solicit buy-out offers, joining a chorus of investors who have opposed the Japanese conglomerate’s plan to break itself up. U.S. hedge fund Farallon Capital Management, Toshiba’s third-largest shareholder with a stake of more than 6%, said in a statement it planned to oppose the management-backed break-up, calling it a premature step as a privatisation was never adequately explored.
VCs and Hedge Funds Bet on Polkadot (Hedge Week)
Polkadot was the most popular alt coin with venture capital and hedge funds in the final quarter of 2021, according to a report by Forkast. Twenty four of 57 funds investing in the space held Polkadot – the 11th latest cryptocurrency in the world with a market cap of USD18.7 billion – in Q4 2021. Oasis Network (ROSE) and Near Protocol (NEAR) were the next most popular assets among VCs and hedge funds, according to analysis by Messari says the report.
Aravt Global Shutting Down as Hedge Funds Get Hit by Unraveling of ‘Growth Trade’ (The Wall Street Journal)
New York hedge-fund firm Aravt Global LLC is shutting down after sustaining significant losses recently, a sign of the severe pain the selloff in growth stocks is inflicting. Aravt’s hedge fund lost 8.5% in 2021 and was down by double digits this year through February—in line with the tech-laden Nasdaq Composite’s 12% loss including dividends for the period, said people familiar with the firm. Founded by former Ziff Brothers Investments principal Yen Liow, Aravt focused on what he called “horses,” companies that would reliably post above-average growth.
Hedge Fund Fir Tree Bets Big With Short of Stablecoin Tether (Bloomberg)
Fir Tree Capital Management is making a substantial short wager on Tether, the stablecoin that’s under intense scrutiny from regulators. The $4 billion hedge fund, founded by Jeff Tannenbaum, constructed a way to short Tether in an asymmetric trade, meaning the downside risk is small and potential to make money is great, according to clients of the firm. That’s a feat that other firms have struggled to figure out.
Friday 3/11 Insider Buying Report: RSVR, LCII (Nasdaq.com)
At Reservoir Media, a filing with the SEC revealed that on Thursday, Director Ryan P. Taylor purchased 169,087 shares of RSVR, at a cost of $7.23 each, for a total investment of $1.22M. So far Taylor is in the green, up about 16.7% on their purchase based on today’s trading high of $8.44. Reservoir Media is trading up about 1.9% on the day Friday. Before this latest buy, Taylor purchased RSVR at 2 other times during the past twelve months, for a total cost of $1.44M at an average of $6.77 per share. And at LCI Industries, there was insider buying on Tuesday, by Kieran M. O’sullivan who bought 5,000 shares at a cost of $112.00 each, for a trade totaling $560,000. This purchase marks the first one filed by O’sullivan in the past year. LCI Industries is trading up about 0.6% on the day Friday. O’sullivan was up about 6.1% on the purchase at the high point of today’s trading session, with LCII trading as high as $118.80 in trading on Friday.
Insiders Buy More Than $80M Of 3 Stocks (Benzinga)
DoorDash: The Trade: DoorDash, Inc. (DASH) Director Alfred Lin acquired a total of 573,500 shares at an average price of $87.12. To acquire these shares, it cost around $49.96 million. Incyte: The Trade: Incyte Corporation (INCY) Director Felix Baker acquired a total of 429,080 shares at an average price of $67.56. To acquire these shares, it cost around $28.99 million.
Directors at Iowa’s Lee Enterprises Reelected in Fight Against Hedge Fund Takeover Attempt (Desmoines Register)
OMAHA, Neb. — Three members of Iowa-based newspaper publisher Lee Enterprises’ board of directors won reelection Thursday over the objections of a hedge fund that has been trying to buy the company since last fall. Lee said its chairman, CEO and lead independent director were all reelected to the board as expected at the Davenport-based company’s annual meeting, with each receiving support from more than 70% of the votes cast. Alden Global Capital had urged shareholders to vote against Chairman Mary Junck and longtime director Herbert Moloney after a judge blocked its effort to nominate its own directors, but the rules of the election had made “no” votes symbolic.
Best Performing Cryptos This Week! Terra (LUNA), Waves (WAVES) & FIREPIN Token (FRPN) (Insider Monkey)
Whilst 2022 hasn’t quite lived up to the heights of 2021 just yet in the world of cryptocurrency, there are some projects that have been making steady rises instead of falls. Throughout the last 7 days, cryptos such as Terra (LUNA), Waves (WAVES) & FIREPIN Token (FRPN) have all risen greatly. $LUNA is up 9.9%, $WAVES 46% and $FRPN leads the way on 53.6%. Is this just a flash in the pan or will these cryptos continue to rise over the course of the year?
