York Capital and Kennedy Lewis Partner to form Generate Advisors CLO Platform (PrivateEquityWire.co.uk)
York Capital Management (York), a global private investment firm, and Kennedy Lewis Investment Management (Kennedy Lewis), an opportunistic credit manager, have formed a strategic partnership to form a new entity to be called Generate Advisors. Under the partnership agreement, York’s approximately USD4 billion Collateral Loan Obligation (CLO) business and team, led by Rizwan Akhter, will transition to Generate Advisors and continue to manage York’s current CLO portfolio as well as any future CLOs issued by Generate Advisors. Kennedy Lewis will be investing in Generate Advisors and has committed at least USD200 million of capital to be invested in the equity of Generate Advisors’ future CLOs.
Credit Suisse Investors Target Board Over Archegos, Greensill Failures (The Wall Street Journal)
Top shareholders said they would vote against re-electing key Credit Suisse Group AG board members, a broadside against the bank’s leadership following a $5.5 billion loss from hedge fund Archegos Capital Management. At the bank’s annual meeting this Friday, Harris Associates and Norges Bank Investment Management said they would vote against the reappointment of Andreas Gottschling, chairman of the bank’s risk committee. Mr. Gottschling joined the board in 2017 from the top risk job at Austria’s Erste Group Bank AG.
Here Is Why Odey Is Incredibly Bullish On Luxury Automaker Aston Martin (Forbes)
In his March letter to investors, Adrian Courtenay, portfolio manager of Odey’s Special Situations Fund, wrote a deep dive into their research in Aston Martin, an existing long position at 4.7% of the fund’s net asset value. The hedge fund was founded by an eccentric investor, Crispin Odey, who was previously married to Rupert Murdoch’s daughters. Courtenay says they concluded their research into the luxury automaker in March after initially writing it up in his November letter. The thesis provides exciting insights on the stock itself and how the famous hedge fund analyzes them.
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Legendary Investor Bill Miller Lost 90% of his Fortune in the Late 2000s. Bitcoin and Amazon Stock have Made Him a Billionaire (Business Insider)
Bill Miller has become a billionaire thanks to Amazon and bitcoin. The value investor’s Amazon stake made up 83% of his personal portfolio last year. Miller’s bitcoin holdings are now worth more than his Amazon position. Bill Miller, a star fund manager who was brought to his knees during the financial crisis, has staged a remarkable comeback and become a billionaire thanks to Amazon and bitcoin.
Hedge Fund Arbs Face a $3.2 Billion Crunch Day (Bloomberg)
It’s crunch day for hedge funds trying to make a turn on the 2.3 billion-pound ($3.2 billion) buyout bid for U.K. power group Aggreko Plc. A few weeks ago, the funds were betting that a higher offer would turn up for the supplier of generators to events such as the Glastonbury music festival. Now they’re worried the show could be cancelled altogether. The situation has become a test of solidarity for the merger arbitrage community.
Multi-Asset Firm Fulcrum Names Portfolio Managers Crewe and Chaudhry as Partners (Hedge Week)
Global multi-asset manager Fulcrum Asset Management has appointed head of equities Fawaz Chaudhry and lead portfolio manager Stephen Crewe as partners at the firm. Head of equities Chaudhry is lead portfolio manager of the Fulcrum Thematic Equity Market Neutral Fund and Fulcrum Climate Change Fund. Having joined Fulcrum in 2017, Chaudhry spearheads the firm’s equity business, and is also a member of its investment team. He previously spent more than 15 years developing his long-term, thematic investment approach with stints at Hadron Capital and Moore Capital.
Why Pershing Square Tontine Could Be Put In the Penalty Box (Investor Place)
SPAC hysteria has died down of late, to say the least. Investors in Pershing Square Tontine Holdings (NYSE:PSTH) stock appears to be bellwethers of this environment. Indeed, PSTH is one high-profile SPAC which has been in the spotlight of late. Put forward by acclaimed billionaire hedge fund manager Bill Ackman, this SPAC is one of the largest ever. The SPAC’s $4 billion IPO actually had to be capped. Ackman had found investors with $12 billion in their tuxedo pants ready to put into his fund. A couple days of marketing via a road show was all it took to have a 3x-oversubscribed SPAC.
Hedge Fund Fights to Halt $506M Claim in New York Federal Court (EUReporter)
A hedge fund has cited an underlying arbitration agreement as the basis for removing to federal court a lawsuit against it by Kazakhstan. The lawsuit accusing it of conspiring with Moldovan oil and gas investors to secure an allegedly fraudulent half-billion dollar arbitral award against the country, Argentem Creek Partners and its founder and CEO, Daniel Chapman, told the New York federal court on Monday that the dispute relates to an arbitration clause contained in a “sharing agreement” with Moldovan investors Anatolie Stati and his son Gabriel Stati.
Insider Trading: April 26, 2021 (BIV.com)
Insider Barbara Hislop, director. Company: Canfor Corp. (TSX:CFP). Shares owned: 784,061. Trade date: April 8, 9. Trade total: $4,900,808. Trade: Sale of 161,000 shares at prices from $29.82 to $30.71 per share. Insider George Leslie Brack, other. Company: Capstone Mining Corp. (TSX:CS). Shares owned: 1,200,000. Trade date: April 8, 9. Trade total: $2,930,481. Trade: Sale of 678,900 shares at prices from $4.29 to $4.38 per share.
Monday 4/26 Insider Buying Report: NPCE, ODC (Nasdaq.com)
On Wednesday, Neuropace’s Director, Frank M. Fischer, made a $850,000 buy of NPCE, purchasing 50,000 shares at a cost of $17.00 each. Fischer was up about 55.9% on the purchase at the high point of today’s trading session, with NPCE trading as high as $26.50 in trading on Monday. Neuropace is trading up about 3% on the day Monday. And at Oil-Dri Corp. of America, there was insider buying on Wednesday, by Director Allan H. Selig who purchased 1,000 shares at a cost of $35.16 each, for a trade totaling $35,160. Before this latest buy, Selig purchased ODC on 3 other occasions during the past twelve months, for a total cost of $104,449 at an average of $34.82 per share. Oil-Dri Corp. of America is trading up about 0.1% on the day Monday. Bargain hunters have the opportunity to pick up ODC at a price even lower than Selig did, with shares changing hands as low as $34.51 in trading on Monday which is 1.8% below Selig’s purchase price.
U.S. Bancorp (USB) Chairman, President and CEO Andrew Cecere Sold $10.4 million of Shares (Guru Focus)
Chairman, President and CEO of U.S. Bancorp, Andrew Cecere, sold 184,187 shares of USB on 04/22/2021 at an average price of $56.48 a share. The total sale was $10.4 million.
The Chief Executive & Co-Founder of Columbia Care (Other OTC: CCHWF) is Selling Shares (Analyst Ratings)
Today, the Chief Executive & Co-Founder of Columbia Care (CCHWF), Nicholas Keane Vita, sold shares of CCHWF for $78.81K. In addition to Nicholas Keane Vita, one other CCHWF executive reported Sell trades in the last month. Based on Columbia Care’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $76.06 million and GAAP net loss of -$55,677,000. In comparison, last year the company earned revenue of $23.17 million and had a GAAP net loss of $25.82 million. The company has a one-year high of $7.89 and a one-year low of $1.50. Currently, Columbia Care has an average volume of 135.72K.
