Exclusive: Arex Capital Pushes Enhabit to Consider Company Sale – Letter (Reuters)
Hedge fund Arex Capital Management is urging Enhabit (EHAB.N) to put itself up for sale and wants the home health and hospice provider to begin a strategic review to help reverse a 50% slide in its share price, according to a letter seen by Reuters. Enhabit is already interviewing two board directors proposed by Arex, which owns a 4.5% stake in the company, but the hedge fund wants more drastic action as the share price has been cut nearly in half since it went public a year ago.
Odey Unraveling: The Readout With Katherine Griffiths (Bloomberg)
It has been a grim time for the reputation of business. Over the course of a few days, JPMorgan has agreed to settle a lawsuit over some of its alleged ties to dead sex offender Jeffrey Epstein, financier Crispin Odey has been accused of assaulting multiple women and the UK’s biggest business lobby is fighting for its future after its own allegations of misconduct. Today Odey’s firm had to stop investors from rushing out of the door in the wake of the allegations, while the Confederation of British Industry got a dusting up by Parliament.
Unraveling the Truth About Market-Neutral Equity Strategies (Hedge Nordic)
Stockholm (HedgeNordic) – In the dynamic world of investing, where volatility and uncertainty are ever-present, strategies that can deliver consistent returns while mitigating market risk remain a top priority for investors. Among the approaches that have emerged, market-neutral equity strategies have gained recognition for their ability to navigate turbulent markets and potentially enhance portfolio performance.
Photo by Austin Distel on Unsplash
George Soros’s millennial son used to worry he’d be seen as a ‘Deadbeat Lazy Trust-Fund Kid.’ Now He’s in Charge of a $25 Billion Hedge Fund Empire (Fortune)
In a Succession-like turn of events, George Soros just ceded control of his empire to his 37-year-old son Alex, surprising those who expected his older brother Jonathan to be heir. The billionaire financier, now 92, built a $25 billion investing enterprise and is known for donating extensively to liberal causes through his Open Society Foundations. Soros has five children with two wives, of which Alex is the fourth. People close to the matter long anticipated Jonathan, Soros’s third child, to assume his role, including Jonathan himself. However, Jonathan and his father “didn’t get on on certain points,” the elder Soros himself told the Wall Street Journal, without elaborating. Jonathan left the family investment empire in 2011 to start Athletes Unlimited, which operates women’s athletic leagues.
Cathie Wood Leverages the Rally in Tesla and Nvidia, Picks Up Meta Stock (TipRanks)
Ace hedge fund manager Cathie Wood is leveraging the recent bull run in shares of electric vehicle (EV) maker Tesla (NASDAQ:TSLA) and chip maker Nvidia (NASDAQ:NVDA), making huge profits for the fund. Cathie’s flagship fund, Ark Innovation ETF (ARKK), sold 324,511 shares of Tesla, valued at roughly $80 million, on June 12. Further, the fund manager sold TSLA stock from two other funds, namely, the ARK Autonomous Technology & Robotics ETF (ARKQ) and the ARK Next Generation Internet ETF (ARKW). Cathie sold a total of 393,000 shares of TSLA worth nearly $98 million from all three funds combined.
Hedge Fund D.E. Shaw to Oppose Diversified Healthcare Trust Merger with OPI (Reuters)
A second large Diversified Healthcare Trust (DHC.O) shareholder is opposing the real estate investment trust’s merger with Office Properties Income Trust (OPI.O) and is pushing the board to pursue better alternatives, according to a regulatory filing. Hedge fund D.E. Shaw, which owns a 6.1% stake in Diversified Healthcare Trust, said in the filing on Monday that it told the company privately last month that it planned to vote against the deal. It also said its representatives met with board members twice, in May and again last week, to underscore a “willingness to work constructively” to find financing options.
Shanghai Banxia, a Leading Chinese Hedge Fund, Unwinds Bet on Property Rebound After Flagship Fund Sinks 9.8 per cent in May (SCMP.com)
A top-performing Chinese macro hedge fund has slashed its holdings in property stocks, as their declines hurt returns just two months after predicting a major rebound in the sector. Shanghai Banxia Investment Management Center’s flagship Banxia Macro Fund slumped 9.8 per cent in May, the biggest monthly loss since at least 2018, after it sold property-related shares and cut commodities positions, according to a letter to investors that was seen by Bloomberg News.
Hedge Funds Get Sucked into Rally Ahead of Fed Rate Decision (AFR.com)
Big money managers are slashing bearish wagers and boosting equity exposure ahead of a week of potentially market-moving news. Large speculators, mostly hedge funds, trimmed net short positions in S&P 500 e-mini futures from a record high, according to data from the US Commodity Futures Trading Commission. The reduction of almost 90,000 contracts over the week through Tuesday ranks among the five biggest episodes of short covering since 2018.
Tuesday 6/13 Insider Buying Report: AKYA, OABI (Nasdaq.com)
On Monday, Akoya Biosciences’ Director, Thomas A. Raffin, made a $10.1M buy of AKYA, purchasing 2,020,000 shares at a cost of $5.00 each. Raffin was up about 30.0% on the purchase at the high point of today’s trading session, with AKYA trading as high as $6.50 in trading on Tuesday. Akoya Biosciences is trading up about 18.6% on the day Tuesday. This purchase marks the first one filed by Raffin in the past twelve months. And on Friday, Chief Executive Officer Matthew W. Foehr purchased $519,800 worth of OmniAb, purchasing 115,000 shares at a cost of $4.52 a piece. Before this latest buy, Foehr bought OABI at 2 other times during the past twelve months, for a total investment of $1.29M at an average of $3.23 per share. OmniAb is trading up about 8.4% on the day Tuesday. So far Foehr is in the green, up about 10.6% on their purchase based on today’s trading high of $5.00.
Satsuma Pharmaceuticals And 2 Other Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Satsuma Pharmaceuticals: The Trade: Satsuma Pharmaceuticals, Inc. (STSA) 10% owner Shin Nippon Biomedical Laboratories Ltd acquired a total 30,477,313 shares an average price of $0.91. To acquire these shares, it cost around $27.73 million. The company’s Director Ken Takanashi also purchased the company’s shares worth $20 million. Erasca: The Trade: Erasca, Inc. (ERAS) Chairman and CEO Jonathan Lim acquired a total of 100,000 shares at an average price of $2.75. The insider spent around $275 thousand to buy those shares.
