Brevan Howard Crypto Fund Dodges Worst of Rout With Only 5% Loss (Bloomberg)
Brevan Howard Asset Management’s new digital currency fund escaped with a single-digit loss after it held cash during some of this year’s crypto meltdown. The BH Digital Multi-Strategy Fund is down about 5% this year, according to people with knowledge of the matter. The fund is yet to deploy all $1 billion it raised earlier this year, one of the people said, asking not to be identified because the details are private. It’s not clear if the cash holding was a call on the market or the money simply hadn’t been deployed before the crypto markets plummeted.
Odey’s Special Situations Fund Has Slimmed Down: Here’s What’s Left (Forbes)
Odey’s Special Situations Fund was roughly flat for November, down 0.3% to bring its year-to-date return to -12.4%. The MSCI World USD Index gained 6.4% for November, although the Odey fund remains 2.16% ahead of the benchmark’s year-to-date return. In his November letter to investors, portfolio manager Adrian Courtenay said they had moderated the fund’s risk tolerance, targeting more consistent returns with greater weighting to yield-based activities. The result is expected to be reduced monthly volatility as the Odey Special Situations team aims to gradually increase the fund’s risk stance as they rebuild its performance.
Muddy Waters Says It is Shorting Bonds of Real Estate Firm Vivion (Reuters)
Hedge fund Muddy Waters is shorting the bonds of Luxembourg-based real estate investment company Vivion Investments, it said in a report published on its website on Wednesday. Vivion Investments raises money from outside creditors to fund property transactions. Muddy Waters said in the report that it suspected these real estate portfolios were over-valued and not based on actual occupancy rates.
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GoStudent, a $3 Billion Education Startup Backed by Coatue and SoftBank, has Started a Fresh Wave of Layoffs that could Hit Over 100 Jobs, Sources Say (Business Insider)
GoStudent, a $3 billion edtech startup backed by some of the world’s biggest tech investors, has started laying off staff for the second time in three months, Insider understands. The Vienna-based company, which counts Japan’s SoftBank and US hedge fund Coatue among its backers, has already cut roles in Italy, Germany, and Austria with further reductions expected elsewhere, three sources familiar with the matter said.
Hedge Fund Seeks to Replace Pitney Bowes’ CEO and Chairman (CTInsider.com)
STAMFORD – A hedge fund manager that is one of the largest stockholders of shipping-and-mailing firm Pitney Bowes said this week that it would seek to shake up the Stamford-based company’s board of directors and replace its chief executive officer and chairman because it was dissatisfied with its management and performance. Adams Township, Pa.-based Hestia Capital Management plans to nominate at Pitney’s 2023 annual meeting of shareholders a “majority slate” of candidates for the company’s nine-person board that would include a “highly qualified proposed interim chief executive officer supported by a talented group of operators and strategists,” according to a letter sent Monday by Hestia founder and Chief Investment Officer Kurt Wolf to shareholders.
