Flagship Odey Fund Slimmed Down by Manager Neave, Exits Commodity Futures (Reuters)
Freddie Neave has lowered the risk profile of Crispin Odey’s flagship fund, which he took over the management of in June, according to an investor letter seen by Reuters on Wednesday. Crispin Odey, 64, was ousted in June from Odey Asset Management (OAM), which he founded in 1991, after the Financial Times and Tortoise Media reported that 13 women had alleged that he had sexually assaulted or harassed them.
Saba Capital ups pressure on Citadel Income Fund (Hedge Week)
Saba Capital Management, the credit relative value focused hedge fund firm founded by Boaz Weinstein, has filed a dissident proxy circular in connection with a special meeting of the Citadel Income Fund, a Canada-based closed-end investment trust. The filing is the latest move in the firm’s wider campaign against closed-end funds trading at a discount. According to a statement, New York-based Saba has requested the 11 September meeting to try and oust the fund’s current trustees and manager Artemis Investment Management Ltd, and to approve the fund’s “timely wind-up and liquidation”.
Coatue Launches VC Fund (Institutional Investor)
The Tiger Cub continues to target early-stage financings. Coatue Management has closed on a new venture capital fund. According to a regulatory filing, the Tiger Cub headed by Philippe Laffont has raised $331 million for Coatue Ventures III. The fund’s first sale was in September 2022. As is usually the case, the filing does not disclose much more information.
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Boston Hedge Fund Buys 9.3M More Shares of Yellow for a 42.5% Stake (BizJournals)
Boston hedge fund MFN Partners LP acquired an additional 9.29 million shares of Yellow Corp. on Monday, increasing its stake and becoming the company’s largest shareholder. MFN Partners has been buying shares of Yellow (Nasdaq: YELL) since July 10. By Friday, MFN Partners had accumulated 12.77 million shares for a 24.6% stake. Now, its ownership has reached 22.07 million shares for a 42.5% stake, according to a Monday filing with the Securities and Exchange Commission. MFN spent about $22.93 million for its shares, including commissions, according to the filing.
Adrigo Reaps Rewards and Secures Gains in July (Hedge Nordic)
Stockholm (HedgeNordic) – Adrigo Small & Midcap L/S enjoyed its strongest monthly gain since launching more than five years ago after a challenging first half of the year. The fund managed by CIO Staffan Östlin and portfolio manager Johan Eriksson gained 14.2 percent in July, with 11 of its mid-sized positions rising more than ten percent during the month. Positive contributions were also driven by a cash offer for its shares in Norwegian game-based e-learning platform Kahoot!, along with successful short positions.
Hedge Fund Oceanwood Offers 4.4% Stake in Spanish Bank Unicaja (Reuters)
British hedge fund Oceanwood Capital Management is selling up to 117 million shares in Spanish bank Unicaja (UNI.MC) via accelerated bookbuilding, equal to a 4.4% stake or more than half of its total holding, bookrunner BOFA Securities said on Tuesday. At Tuesday’s closing price the stake on offer was worth around 124 million euros ($136.04 million). Oceanwood holds a 7.4% stake in Unicaja.
Crypto Hedge Funds Will Shake Up the Industry: Crypto Long & Short (CoinDesk)
It appears there are several hundred crypto hedge funds. PricewaterhouseCoopers counted more than 300 in 2022. And I expect the tally will rise amid an influx of institutional money. That growth will represent the industry’s next catalyzing event. Each of those hedge funds will have its own unique story. What follows is just one of them.
Hedge Fund Managers Scored Big. Investors? Not So Much (AFR.com)
Cynics often say about hedge funds that they are a compensation scheme masquerading as an asset class. If the critics are looking for ammunition to make their case, they need look no further than Sculptor Capital Management, the firm formerly known as Och-Ziff Capital Management. As a publicly listed company, Sculptor offers an unusual level of transparency.
Hedge Funds Boost Canada Bond Liquidity – Except in March 2020 (Bloomberg)
Hedge funds have helped boost liquidity in the C$1.06 trillion ($800 billion) Canadian government bond market in recent years, with the key exception of the market turmoil brought on by the Covid-19 pandemic in March 2020, according a research note from two Bank of Canada’s financial markets experts.
Wednesday 8/2 Insider Buying Report: AKRO, CBSH (Nasdaq.com)
On Tuesday, Akero Therapeutics (AKRO)’s , G. Walmsley Graham, made a $2.36M buy of AKRO, purchasing 55,000 shares at a cost of $42.95 a piece. Graham was up about 8.8% on the purchase at the high point of today’s trading session, with AKRO trading as high as $46.75 at last check today. Akero Therapeutics is trading up about 2.4% on the day Wednesday. Before this latest buy, Graham made one other buy in the past year, purchasing $15.44M shares for a cost of $29.69 a piece. And on Friday, Director Blackford F. Brauer purchased $265,004 worth of Commerce Bancshares (CBSH), purchasing 5,000 shares at a cost of $53.00 each. This buy marks the first one filed by Brauer in the past twelve months. Commerce Bancshares is trading off about 0.6% on the day Wednesday.
Over $4M Bet On Yellow Corp? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Yellow: The Trade: Yellow Corporation (YELL) 10% owner Farhad Nanji acquired a total of 7,105,388 shares an average price of $0.61. To acquire these shares, it cost around $4.36 million. 1847 Holdings: The Trade: 1847 Holdings LLC (EFSH) 10% owner Strategic Risk LLC acquired a total of 48,000 shares at an average price of $0.21. To acquire these shares, it cost around $10,080.
