Odey Asset Management Fund Ends Bet Against UK Government Bonds (Reuters)
Freddie Neave, the hedge fund manager who replaced Crispin Odey to take charge of Odey Asset Management‘s European Inc. fund, has dropped the firm’s short position on UK gilts, an investor letter seen by Reuters showed. The Odey European fund that overseas 248 million euros ($273.47 million) in assets, was down 15.6% for the year as of July 31, the letter dated Aug. 8, said. Crispin Odey, one of Britain’s best-known hedge fund managers, reaped millions of pounds in 2022 by wagering against British government bonds, also known as gilts.
Icahn Enterprises Struggles Through a Tough First Half (Institutional Investor)
Amid various regulatory investigations, the embattled octogenarian’s private hedge fund posted another losing quarter. Carl Icahn scaled back on his bearish bets in the second quarter. But they still hurt the octogenarian’s investment portfolio. The activist’s private hedge fund lost another 5.4 percent in the second quarter and is now down 9.3 percent for the first six months of the year, according to the second-quarter report from Icahn Enterprises, his publicly traded company.
Bridgewater’s Tech Chief is Leaving the Hedge Fund Giant for Microsoft to Focus on the ‘Relentless Tide of Cyber Threats’ (Business Insider)
Bridgewater president and CTO, Igor Tsyganskiy, has left the hedge fund. He is joining Microsoft as the firm’s chief strategy officer of security. He told Insider he’s making the move to help combat cybersecurity on a broader scale. Bridgewater has lost its top tech executive. Igor Tsyganskiy, chief technology officer and president, is leaving the world’s largest hedge fund after seven years, Insider has learned. Tsyganskiy oversaw the technology that powers the some-$150 billion hedge fund, from the cloud to investment research systems and trading. He was also a member of the operating and executive committees.
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Hedge Fund Manager Loeb Agrees to Hold Off Attempts to Take SiriusPoint Private (Insurance Journal)
Hedge Fund Manager Daniel S. Loeb has agreed he will not make further attempts to take SiriusPoint private for two more years. SiriusPoint and Loeb, who has about a 9.5% shareholding in the Bermuda-based specialty insurer and reinsurer, have entered a standstill agreement whereby Loeb will not make a takeover or purchase proposal or acquire more than 9.5% of the outstanding shares until at least July 2025.
Singapore Hedge Fund Shorts Japanese and Chinese Carmaker Stocks in Favor of South Korean Rivals (EnergyPortal.eu)
Singapore-based hedge fund Timefolio Asset Management has taken a short position on some Japanese and Chinese carmaker stocks, betting that South Korean rivals, such as Hyundai, will outperform in the global electric vehicle (EV) market. The hedge fund, which manages $3 billion in assets, is of the opinion that as the world moves towards increased EV adoption, Japanese automakers will suffer. Timefolio currently holds shares in Hyundai Motor Co and Kia Corp, while shorting Japan’s Honda Motor Co and Nissan Motor Co. In addition to the short positions on Japanese carmakers, Timefolio also holds small short positions in Chinese EV companies Nio Inc and Xpeng Inc.
Bearish Investor Boaz Weinstein is Feeling the Pain from This Year’s Unexpected Stock Rally (Business Insider)
Boaz Weinstein‘s Saba Capital is reportedly the latest hedge fund to have been tagged by the surprise 2023 rally, with bears racking up major losses as stock prices continue to soar. Saba’s flagship $1.3 billion fund is down just under 8% so far this year, while another $1 billion fund it runs has fallen by a similar amount, according to a report by the Financial Times citing a letter to investors. The funds aim to protect investors against periods of market dislocation.
Hedge Fund Titan Bill Ackman on the Short Side of Long-Term Bonds (ETF Trends)
With the expectation that rate hikes will be dissipating, fixed income investors may start to look at long-term Treasury debt again. However, hedge fund titan and Pershing Square Capital Management founder Bill Ackman said the opposite. A confluence of factors contributed to Ackman’s bet on shorting Treasury notes, including a potential de-dollarization by China (and other countries), sticky inflation, rising defense costs, long-term Treasuries residing in overbought territory, and more. In short, yields could stay elevated for longer than generally anticipated, pushing down prices over time.
RSF Capital Fund Manager Ran $5 Million Ponzi Scheme, SEC Says (Bloomberg Law)
A hedge fund manager allegedly raised more than $5 million from approximately 20 investors in a Ponzi scheme, the Securities and Exchange Commission said in a complaint. Chad Stickforth raised the assets through his company RSF Capital LP between December 2016 and September 2021. By April 2022, all the money that investors had piled into the purported hedge fund was gone, according to the complaint filed Tuesday in US District Court for the District of Colorado.
Thursday 8/10 Insider Buying Report: CVBF, MACK (Nasdaq.com)
On Tuesday, CVB Financial Corp (CVBF)’s Director, George A. Borba Jr., made a $4.99M buy of CVBF, purchasing 257,704 shares at a cost of $19.37 each. CVB Financial Corp is trading up about 2.7% on the day Thursday. And at Merrimack Pharmaceuticals (MACK), there was insider buying on Tuesday, by Eric Andersen who bought 221,550 shares for a cost of $12.00 each, for a total investment of $2.66M. Before this latest buy, Andersen made one other buy in the past year, purchasing $1.85M shares for a cost of $11.52 each. Merrimack Pharmaceuticals is trading up about 2% on the day Thursday. So far Andersen is in the green, up about 4.6% on their purchase based on today’s trading high of $12.55.
$2M Bet On Biohaven? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Compass Diversified: The Trade: Compass Diversified (CODI) 10% owner Elias Sabo acquired a total of 50,000 shares an average price of $22.36. To acquire these shares, it cost around $1.12 million. Cerevel Therapeutics: The Trade: Cerevel Therapeutics Holdings, Inc. (CERE) President and CEO Ronald Renaud Jr bought a total of 83,857 shares at an average price of $23.96. To acquire these shares, it cost around $2.01 million.
