Trusted Hire: Odey Names Ex-CQS Equities Man for New Institutional Hedge Fund Business Role (Hedge Week)
Odey Asset Management, Crispin Odey’s long-running hedge fund firm, has hired former CQS and Pensato Capital man Jos Trusted as head of institutional business, a newly-created role aimed at expanding institutional business and developing the firm’s product range. As well as focusing on growing institutional business through the development of its product range, Trusted will help spearhead the recruitment of new investment managers and the diversification of its international client base, with a strong focus on actively managed strategies. Before joining Odey, Trusted was CEO of the New City Equity business at CQS, the high-profile multi-strategy credit-focused hedge fund giant led by Sir Michael Hintze. There, he helped lead the launch of its long-only equity investment business.
Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos (Bloomberg)
It’s a hedge-fund summer idyll: Chickens strut, tomatoes grow ripe and the Atlantic breeze floats over this Hamptons refuge like a sweet balm. Here, in socially distanced splendor, Boaz Weinstein is printing money. As the pandemic consumes the outside world, Weinstein has repaired to his gated estate in Sagaponack, replete with tennis court, pool and a Vegas-style card room. When New York shut down, he left his office in the Chrysler Building and decamped to Long Island, like others from high-caste Manhattan. Unlike much of that crowd, however, Weinstein has settled here to make money — lots of it.
Hedge Fund Performance Up +1.1% So Far in July: Lyxor (Opalesque.com)
Lyxor Peer Groups suggest hedge fund performance was up +1.1% so far in July, with Market Neutral L/S underperforming (+0.4%) and Directional L/S Equity, Global Macro and L/S Credit strategies outperforming (+1.0% to +1.6%). Every hedge fund strategy was up during the weekly period under review, said Lyxor in its weekly brief. In recent weeks, market concerns over renewed COVID-19 infections in the U.S. and to a lower extent in Europe have not translated into profit-taking, with risk assets climbing higher on the back of additional stimulus talks by policymakers and substantial earnings surprises in the U.S. where the earnings season has started mid-July. On a year-to-date basis, L/S Credit continues to outperform other hedge fund strategies (-0.3%).
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Hedge Fund Launches Fall Again (Hedge Nordic)
Stockholm (HedgeNordic) – The coronavirus crisis has made life increasingly more difficult for managers seeking to launch hedge funds. “The second quarter of 2020 proved a challenging time to launch new hedge funds,” writes Preqin. Only 59 new hedge funds were launched in the second quarter, down from 182 in the first quarter of the year and 228 in the second quarter of last year. “In this uncertain economic climate, managers look to be diversifying their investment focus,” Preqin writes in its quarterly update on the hedge fund industry for the second quarter. Over two-thirds of all hedge funds launched in the second quarter were global-focused vehicles, one of the largest proportions over the past four quarters.
Chinese Hedge Funds Shine in Volatile Year (The Wall Street Journal)
Chinese hedge-fund managers are having a banner year, outperforming rivals elsewhere. That is partly because Chinese stocks are also among the world’s best performers in 2020, as confidence grows that the country is moving past the coronavirus pandemic. A volatile year has also benefited investors who can be fast and flexible, while some portfolio managers say their grounding in China helped them quickly grasp the risks posed by Covid-19.
Has Paul Singer Got A Deal For You Kyle Bass, too. (Deal Breaker)
Elliott Management founder Paul Singer knows that investors can be a real pain in the ass. But not when it comes to raising money: Three years ago, it garnered $5 billion in just 24 hours. Last year, investors were only too eager to hand over another $2 billion for his first private equity fund. Months later, Elliott said it would soon accept an additional $4 billion. We don’t know how that is going, frankly, but it is notable that Singer is showing some uncharacteristic flexibility on the matter.
Anthony Scaramucci’s Flagship Fund is Getting Hit with a Huge Wave of Redemptions. He Explained Why Investors are Pulling Up To $900 million and Where He’s Finding New Money. (Business Insider)
About a quarter of investors in Anthony Scaramucci‘s flagship fund have asked for their money back in recent weeks, the SkyBridge Capital founder told Business Insider. SkyBridge’s fund of funds, which invests wealthy people’s money into other hedge funds, was down 24.7% in March after a big debt bet, which led to significant redemptions in April and staff changes under its two portfolio managers. Credit-focused hedge funds took a big hit in March and were down 23.2% on average, according to Hedge Fund Research.
Gallant Capital Wraps Up the Maiden Fund at $378m, Beating Its $300m Target (Opalesque.com)
Los Angeles-based private equity firm Gallant Capital Partners announced the final closing of its inaugural fund, Gallant Capital Partners I with $378 million in total commitments. Fund I reached its hard-cap and was substantially oversubscribed, exceeding its target of $300 million, said a press release from the company executing an operationally focused strategy. Investors include public and corporate pension funds, financial institutions, insurance companies, endowments and foundations, fund-of-funds, wealth managers and family offices from North America and Europe, it said.
Hedge Funds in North America Attract Investors Seeking Haven (Bloomberg)
Hedge funds based in North America are providing a haven to investors grappling with rising U.S.-China tensions and a global economy stalled by the Covid-19 pandemic. About 32% of allocators plan to increase investments to North America-based managers, compared with 18% at the start of the year, a JPMorgan Chase & Co. survey found. Most other regions, including Asia-Pacific, saw decreased interest.
Medpace Holdings Inc (MEDP) President & CEO August J. Troendle Sold $7.2 million of Shares (Guru Focus)
President & CEO of Medpace Holdings Inc., August J. Troendle, sold 66,123 shares of MEDP on 07/24/2020 at an average price of $108.87 a share. The total sale was $7.2 million. Medpace Holdings Inc is a clinical contract research organisation. It is engaged in providing scientifically-driven clinical research-based drug and medical device development services to the biotechnology, pharmaceutical and medical device industries.
Tuesday 7/28 Insider Buying Report: T, LMST (Nasdaq.com)
At AT&T, a filing with the SEC revealed that on Thursday, Director Stephen J. Luczo purchased 100,000 shares of T, at a cost of $29.69 each, for a total investment of $2.97M. Investors have the opportunity to pick up T at a price even lower than Luczo did, with the stock changing hands as low as $29.20 at last check today which is 1.7% under Luczo’s purchase price. AT&T is trading up about 1.2% on the day Tuesday. Before this latest buy, Luczo purchased T at 2 other times during the past year, for a total investment of $4.82M at an average of $35.43 per share. And on Monday, Director W. Glenn Hogan bought $206,336 worth of Limestone Bancorp, buying 18,763 shares at a cost of $11.00 a piece. Before this latest buy, Hogan bought LMST at 3 other times during the past year, for a total cost of $108,538 at an average of $9.66 per share. Limestone Bancorp is trading trading flat on the day Tuesday. Thus far Hogan is down about 0.3% on the purchase, with the stock changing hands as low as $10.96 at last check today.
Kyle Bass Buys Equity Stake in Real Estate Development and Management Companies (BizJournals.com)
Dallas hedge fund manager Kyle Bass has acquired a 50 percent equity stake in four real estate development and management companies, according to a news release. The companies are owned by Frank Zaccanelli. Bass’ company, Mossad Bass LLC acquired 50 percent of Fiamma Partners, Fiamma Management and Fiamma Statler, which have ownership interests in The Statler Hotel in downtown Dallas.
The Non-Executive of Naspers (Other OTC: NAPRF) is Selling Shares (Analyst Ratings)
Yesterday, the Non-Executive of Naspers (NAPRF), Steve J Z Pacak, sold shares of NAPRF for $120.9M. Following Steve J Z Pacak’s last NAPRF Sell transaction on September 19, 2019, the stock climbed by 25.5%. In addition to Steve J Z Pacak, one other NAPRF executive reported Sell trades in the last month. The company has a one-year high of $250.65 and a one-year low of $107.50. NAPRF’s market cap is $80.05 billion and the company has a P/E ratio of 26.60.
Globe Life Inc (GL) Co-Chairman & CEO Gary L Coleman Sold $2 million of Shares (Guru Focus)
Co-Chairman & CEO of Globe Life Inc., Gary L Coleman, sold 25,000 shares of GL on 07/27/2020 at an average price of $79.23 a share. The total sale was $2 million. Globe Life Inc is a life and health insurance provider. The company through its Life Insurance and Health Insurance segments offers various plans and policies to several niche target groups. Globe Life Inc has a market cap of $8.42 billion; its shares were traded at around $79.12 with a P/E ratio of 11.90 and P/S ratio of 1.89.
