Flagship Odey Hedge Fund Fell 7% in June as Inflation Bets Waned (Bloomberg)
Crispin Odey’s flagship hedge fund lost 6.8% in June as the firm struggles to replicate its stellar first quarter. The dip at the Odey European Inc. fund came after bets on inflation reaped gains in the first three months of the year, according to an investor document seen by Bloomberg. That included a 38% return in February when highly leveraged bets against government bonds paid off.
Credit Suisse Adds Risk Role to Prevent Another Archegos (The Wall Street Journal)
Credit Suisse Group AG took fresh steps to tackle its risk management in the wake of the $5.5 billion loss from family office Archegos Capital, with the creation of a new role that will police the effect of market moves on clients’ trading positions. The new function, called counterparty market risk, will be headed by Amélie Perrier, according to a staff memo. She had been the global head of equity market risk and joined Credit Suisse in 2016.
Viking’s Top Fund Surged in the Second Quarter (Institutional Investor)
The Tiger Cub’s hybrid fund gained 22.2 percent in just three months. Viking Global Investors’ bets on private companies propelled its hybrid fund in the second quarter. Viking Global Opportunities surged 22.2 percent in the second quarter and is now up 19.8 percent for the year, according to an investor, further distinguishing it as Viking’s top hedge fund.
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Marshall Wace Gears Up for Big Entry into the Crypto Space (Investing.com)
London-based hedge fund Marshall Wace has disclosed its intention to delve into the crypto investment space. With $55 billion in assets under its management (AUM), the hedge fund is undoubtedly one of the big players on the block. The company is looking to invest in blockchain technology and payment systems for digital currencies and stablecoins. Furthermore, Wace is reportedly targeting relevant privately-owned crypto companies to partner with, in view of launching its first crypto portfolio. That being said, Wace previously invested in Circle, the project behind the USDC stable coin.
Hedge Fund Manager Dan Niles Says He’s Tempted to Buy Chinese Tech Stocks – Here are 2 of His Favorites (CNBC)
Hedge fund manager Dan Niles does not own any Chinese technology stocks right now — but he said the recent plunge in prices due to a crackdown from China has made him “a little tempted” to buy again.
Why Event-Driven And Multi-Billion-Dollar Hedge Funds Are Attracting Most Inflows (Forbes)
Record mergers & acquisitions (M&A) levels during the first five months of the year has driven outperformance among event-driven hedge funds. Meanwhile, a fresh set of data demonstrates that the most significant hedge funds are growing the fastest despite the typical outperformance of their smaller peers at a time when hedge fund performance has started to improve across the board.
Hedge Funds Generate Strongest First Half Returns in More Than Two Decades (Hedge Week)
Hedge funds gained more than 10 per cent in the six months of 2021, the industry’s strongest first half performance in 22 years, despite June seeing a shift in market sentiment which moderated the sector’s monthly returns. Now, managers are positioning for a “dynamic performance environment” heading into the second half of the year, shaped by ongoing Covid concerns, as well as energy and tech trends. Hedge Fund Research’s main Fund Weighted Composite Index – a monthly measure of more than 1400 single manager hedge funds’ performance across all strategy types – gained 0.4 per cent in June, putting the benchmark up 10.03 per cent over the six-month period starting in January.
Melvin Struggles to Shake Reddit Attack With 46% Loss So Far (Bloomberg)
Gabe Plotkin’s Melvin Capital Management ended the first half of 2021 down 46% as the hedge fund struggled to bounce back from a vicious attack by Reddit traders on its short positions. The firm, which plunged in January as its bearish bets on companies including GameStop Corp. and AMC Entertainment Holdings Inc. were besieged by a retail-driven buying spree, was up about 1% in June, according to people familiar with the matter. Melvin now calculates its loss in the first month of the year at almost 55%, compared with a preliminary estimate of 53%, the people said.
A Major Shareholder at Energy Recovery (NASDAQ: ERII) is Selling Shares (Analyst Ratings)
On July 6, a Major Shareholder at Energy Recovery (ERII), Ole Peter Lorentzen, sold shares of ERII for $4.17M. Following Ole Peter Lorentzen’s last ERII Sell transaction on May 14, 2020, the stock climbed by 12.9%. Based on Energy Recovery’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $28.94 million and quarterly net profit of $6.87 million.
Boston Scientific Corp (BSX) Chairman, President & CEO Michael F Mahoney Sold $8.7 million of Shares (Guru Focus)
Chairman, President & CEO of Boston Scientific Corp, Michael F Mahoney, sold 201,041 shares of BSX on 07/06/2021 at an average price of $43.41 a share. The total sale was $8.7 million.
Sebi Puts in Place Guidelines on Valuation of Securities with Multiple Put Options (Financial Express)
Capital markets regulator Sebi on Friday came out with a new framework with regard to valuation of securities, having multiple put options, held by mutual funds. The new framework will be applicable with effect from October 1, 2021, the Securities and Exchange Board of India (Sebi) said in a circular. In respect of valuation of securities with multiple put options present “ab-initio”, wherein put option is factored into valuation of the security by the valuation agency, Sebi has taken certain decision based on the recommendation of its mutual fund advisory committee.
The Chief Legal Officer, Secretary of Casey’s General (NASDAQ: CASY) is Selling Shares (Analyst Ratings)
Yesterday, the Chief Legal Officer, Secretary of Casey’s General (CASY), Julia Jackowski, sold shares of CASY for $1.1M. Following Julia Jackowski’s last CASY Sell transaction on January 04, 2021, the stock climbed by 16.9%. In addition to Julia Jackowski, one other CASY executive reported Sell trades in the last month.
