Emerging Markets Hedge Funds Extend Q4 2022 Gains in January (Hedge Week)
Emerging markets hedge funds surged in January, extending Q4 gains driven by rising US rates and continuing generational inflation, according to the HFRI 500 Emerging Markets Index, which jumped +4.9% over the month with gains seen across equity hedge and cryptocurrency exposures. HFR says EM hedge funds continued to navigate unprecedented uncertainty associated with the ongoing military conflict in Ukraine, with the HFRI EM: Russia/Eastern Europe Index falling -11.9% in December 2022, bringing the Full Year 2022 decline to -40.3%; the Index advanced +2.1% in January to begin 2023.
Andurand’s Oil Hedge Fund Slumps 40% as Commodities Retrench (Bloomberg)
Famed oil trader Pierre Andurand is emerging as one of the biggest hedge fund losers this year after the banking crisis sent shock waves through commodities markets. His main Andurand Commodities Discretionary Enhanced Fund has slumped about 40% so far this year, according to people with knowledge of the matter. Most of the losses have occurred in March, with the fund declining 23% this month through Friday, one of the people said, asking not to be identified because the details are private.
Fund Managers Worry System Credit Crunch could Crash US Markets (Fox Business)
The threat of a credit crisis in the U.S. has overtaken stubborn inflation as the top concern for fund managers after a spate of bank failures earlier in March, according to a new Bank of America survey. About 31% of participants in the global fund manager survey identified a “systemic credit event” as the top risk to markets, compared to about 25% who highlighted sticky inflation as the biggest threat. The most likely source of a credit event, according to the fund managers, is shadow banking – or non-bank financial institutions that are not subject to regulation including hedge funds, private equity funds, investment banks and mortgage lenders. Other possible sources include the U.S. corporate debt, followed by developed-market real estate.
Wednesday 3/22 Insider Buying Report: DNB, TDW (Nasdaq.com)
At Dun & Bradstreet Holdings, a filing with the SEC revealed that on Monday, Chief Executive Officer Anthony M. Jabbour bought 116,250 shares of DNB, for a cost of $10.74 each, for a total investment of $1.25M. So far Jabbour is in the green, up about 5.2% on their buy based on today’s trading high of $11.30. Dun & Bradstreet Holdings is trading down about 0.5% on the day Wednesday. Before this latest buy, Jabbour made one other purchase in the past year, buying $1.45M shares for a cost of $13.84 each. And on Friday, Director Robert Robotti purchased $1.07M worth of Tidewater, purchasing 27,000 shares at a cost of $39.64 each. Before this latest buy, Robotti purchased TDW at 4 other times during the past year, for a total cost of $24.23M at an average of $22.71 per share. Tidewater Inc is trading off about 2.8% on the day Wednesday. So far Robotti is in the green, up about 10.3% on their buy based on today’s trading high of $43.72.
Over $1M Bet On This Industrial Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Enovix: The Trade: Enovix Corporation (ENVX) Director Thurman J Rodgers acquired a total of 98,700 shares at an average price of $10.95. To acquire these shares, it cost around $1.08 million. Southwest Gas Holdings: The Trade: Southwest Gas Holdings, Inc. (SWX) 10% owner Icahn Partners Master Fund LP bought a total of 204,519 shares at an average price of $60.09. To acquire these shares, it cost around $12.29 million.
