Odey’s Shrinking Hedge Fund Exposes a Pile of Illiquid Assets (Bloomberg)
Crispin Odey’s long decline is exposing a new risk for the investors who are left: as his troubled money pool gets smaller, a larger slice is in hard-to-sell holdings. After a flood of redemptions and losses, the share of unquoted securities in his main fund jumped to almost 25% of its long equity holdings as of January, according to an investor document seen by Bloomberg. That’s up from 16% in November when Odey started disclosing the figures.
Mets’ Steve Cohen Returns to Twitter Following 3-Week Hiatus for Threats After GameStop Stock Market Madness (NJ.com)
He’s back. New York Mets owner Steve Cohen returned to Twitter Tuesday, more than three weeks after deactivating his account. Cohen left Twitter in January amid the fallout from the GameStop-Reddit stock drama. Cohen’s hedge fund, Point72, bailed out Melvin Capital, which was crushed by investors communicating via Reddit to artificially jack up the stock price of GameStop.
3 Top Execs at Hedge Fund Elliott Management have Put Their New York Apartments Up for Sale as the Firm Moves to Miami. See Inside One of the $39.5 Million Homes. (Business Insider)
Three top executives from hedge fund Elliott Management are putting their multimillion-dollar New York apartments on the market. According to a report from The Wall Street Journal’s Katherine Clarke and Cara Lombardo, the three luxury properties are being listed for sale amid a migration to Florida among Wall Street firms and executives. Insider’s Daniel Geiger and Alex Nicoll reported in January that Elliott Management was close to signing a deal to move into a 40,000-square-foot office building in West Palm Beach, and Goldman Sachs, Blackstone, and Citadel are also reportedly planning moves to the Sunshine State.
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Hedge Fund King Bill Ackman Bets on Interest Rate Rises Crashing Markets (Telegraph.co.uk)
Hedge fund manager eyes repeat of trade that netted his funds billions of dollars when stocks plunged last year. Hedge fund manager Bill Ackman is betting on interest rates rises crashing stock markets, as the American investor eyes a repeat of the trade that netted his funds billions of dollars when stocks plunged last year…
The Breakout Year (Hedge Nordic)
Stockholm (HedgeNordic) – Investors pulled an estimated $30 billion from hedge funds in 2020, marking the third consecutive year of net outflows for the hedge fund industry. But “2021 could be a breakout year,” says Barclays. “Investor interest in hedge funds is the strongest in years,” with the industry expected to attract $10 billion to $30 billion of net inflows in 2021. The estimates stem from Barclays’ most recent Strategic consulting survey of 240 investors, who collectively account for about 22 percent of the hedge fund industry’s capital.
The Massive Hedge Fund that Lets You Work Anywhere (eFinancialCareers.com)
In normal, non-pandemic times, do you like working in a large buzzy office or are you happier to keep your head down working with a single colleague somewhere in the suburbs? It matters if you’re contemplating working for a large hedge fund. Most people are working from home right now anyway, but this lifestyle is close to the norm if you’re employed by Millennium Management, the multi-strat hedge fund with $47bn in assets under management that’s been doing some big hiring. A January 2021 regulatory filing shows that while Millennium’s investment staff do mostly work in offices, they’re typically tiny affairs with just two people.
Hedge Fund Performance Monitor: January 2021 (Preqin.com)
The Preqin All-Strategies Hedge Fund benchmark returned +2.14% in January, a positive start to 2021 which built on December’s solid return (+4.08%). This is in spite of significant movements in stock prices caused by retail investors, fiscal stimuli, rising Treasury yields, and unemployment across the globe. Read our Performance Monitor for a look at how equity, credit, and macro strategies performed in January. The Monitor presents hedge fund performance benchmarks, plus the YTD and 12-month return figures for all top-level strategies, structures, denominations, and size classifications.
Alibaba, Once a Hedge Fund Darling, Dumped By Point72, Hillhouse (Bloomberg)
Alibaba Group Holding Ltd, once the most valuable company in China, is turning from a global hedge fund favorite to something less than desirable. Investors from hedge fund titans such as Point72 Asset Management and Moore Capital Management to Canadian and U.S. pension funds dumped 101 million of Alibaba’s American depositary receipts in the fourth quarter, cutting the market value of their holdings by $89 billion, according to filing data. It was the biggest investment reduction among U.S. traded companies, more than three times the second-most sold stock, Salesforce.com Inc.
Barclays Investor Poll Predicts Rush of New Capital in “Breakout Year” for Hedge Funds (Hedge Week)
Hedge funds could be set for a rush of new capital pouring into the industry this year – potentially reaching up to USD30 billion – as investor appetite grows following strong 2020 performances, Barclays said on Wednesday. The bank’s ‘2021 Global Hedge Fund Industry Outlook and Trends’ report found that allocator sentiment towards hedge funds is the strongest it’s been since 2014, with 41 per cent of all investors planning to increase their hedge fund exposure this year.
Wednesday 2/24 Insider Buying Report: APLT, UVSP (Nasdaq.com)
At Applied Therapeutics, a filing with the SEC revealed that on Friday, Director Stacy J. Kanter purchased 6,500 shares of APLT, for a cost of $22.86 each, for a total investment of $148,590. Kanter was up about 7.0% on the buy at the high point of today’s trading session, with APLT trading as high as $24.46 in trading on Wednesday. Applied Therapeutics is trading up about 9.1% on the day Wednesday. And on Monday, Director Joseph P. Beebe purchased $99,104 worth of Univest Financial, purchasing 4,000 shares at a cost of $24.78 each. Univest Financial is trading up about 1.3% on the day Wednesday. So far Beebe is in the green, up about 5.4% on their purchase based on today’s trading high of $26.11.
The Chief Administration Officer of Corvus Gold (NASDAQ: KOR) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Administration Officer of Corvus Gold (KOR), Carl Brechtel, sold shares of KOR for $146.2K. KOR’s market cap is $275 million and the company has a P/E ratio of -16.60. The company has a one-year high of $3.29 and a one-year low of $0.72. The Company has a Price to Book ratio of 29.83. The insider sentiment on Corvus Gold has been neutral according to 28 insider trades in the past three months. This sentiment is slightly lower than the average sentiment of company insiders in this sector.
Charles River Laboratories International Inc (CRL) Chairman, President and CEO James C Foster Sold $10.6 million of Shares (Guru Focus)
Chairman, President and CEO of Charles River Laboratories International Inc, James C Foster, sold 37,731 shares of CRL on 02/23/2021 at an average price of $281.27 a share. The total sale was $10.6 million. Charles River Laboratories International Inc is a pharmaceutical company providing drug discovery and development services.
