Suncor to Explore Retail Sale, Change Board in Elliott Deal (Bloomberg)
Suncor Energy Inc. will review its retail business for a possible sale and add three new directors as part of a deal with Elliott Investment Management LP, handing the activist investor much of what it had sought in its campaign at the oil-sands producer. The new board will form a committee to conduct the review of the downstream assets, Calgary-based Suncor said Monday in a statement. The retail group includes one of Canada’s largest networks of gas stations with convenience stores attached — more than 1,500 locations operating under the Petro-Canada brand.
D.E. Shaw Rolls Out a New Fund (Institutional Investor)
The $60 billion multistrategy firm has launched a new line of products under the Lithic name. D.E. Shaw has launched a new fund. The multistrategy and macro specialist has raised at least $162 million for D.E. Shaw Lithic International Fund, the offshore feeder fund of D.E. Shaw Lithic Fund, according to a regulatory filing. The filing classifies the new fund as a hedge fund.
Major Hedge Fund Discovers Benefit of Hiring Engineers in India (eFinancialCareers.com)
It’s not just investment banks that use India for their technology staff. Millennium, the multi-strategy hedge fund has discovered the subcontinent too. Millennium is currently advertising 16 technology jobs at a new India Technology Centre in Bangalore. In May it hired Rajiv Ramachandran, a former Goldman Sachs MD and the head of Credit Suisse in Bangalore to lead the centre. Millennium declined to comment on its current Indian hiring initiative or its future plans. However, it’s thought that it plans to expand further in the region.
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Three Arrows Capital Boss Su Zhu Files $5 Million Claim Against His Own Insolvent Crypto Hedge Fund (Ethereum World News)
Three Arrows Capital co-founder Su Zhu is supposedly among the 3AC creditors. Zhu has filed a claim worth $5 million against the very same company that he founded alongside Kyle Davies, per reports. The news was shared via Twitter by a user with the monicker “DrSoldmanGachs”. DrSoldmanGachs also revealed a $25 million claim filed by ThreeAC Limited, the manager of the 3AC fund. Other creditors include Avalanche and Voyager Digital to name a few. The first 3AC liquidation meeting is scheduled to take place today as EthereumWorldNews reported. It’s unclear if Su Zhu will be present at the meeting.
Investment Pros Jump Into Bear Market With New Crypto Hedge Fund (Blockworks.com)
Two investment professionals have teamed up to create a crypto hedge fund as they dive into the bear market of an industry that co-founder James Ho said he believes will be “one of the most transformative technologies” of his career. Ho and Vincent Jow are the co-founders of Modular Capital, they revealed Monday, a company set to invest in liquid tokens, DeFi protocols and other segments of the crypto space.
Eurekahedge Hedge Fund Index Suffers Worst First Half Year Performance Since Inception (Institutional Asset Manager)
The With Intelligence Hedge Fund Performance Report for June reports that hedge funds declined for a third consecutive month in June with a return of -2.7 per cent, recording their worst monthly performance since the onset of the pandemic in March 2020. Following the retreat, the Eurekahedge Hedge Fund Index has slipped to -5.6 per cent YTD, marking its worst H1 performance since inception. Global equities, as represented by the S&P 500, fell by a staggering 8.4 per cent as investors moved to price in an increased risk of recession as the Federal Reserve embarked on an aggressive series of interest rate hikes to fight soaring inflation.
One of London’s Most Powerful Hedge Funds Builds Up Massive £1.1 Billion Gamble on UK Shares Falling (This is Money)
One of London’s most powerful hedge funds has built up a massive £1.1 billion gamble that shares in dozens of companies will fall. Marshall Wace‘s huge short position in City stocks is 30 per cent higher than at the beginning of the year, despite a recent slide in the value of many shares. Data from SEI Novus reveals the fund, run by tycoons Sir Paul Marshall and Ian Wace, has the biggest short position in London stocks by value. It compares with rival BlackRock’s £713 million and GLG Partners’ £451 million positions.
Hedge Funds Declined for a Third Consecutive Month in June with a Return of -2.7% (LondonLovesBusiness.com)
Hedge funds declined for a third consecutive month in June with a return of -2.7%, recording their worst monthly performance since the onset of the pandemic in March 2020. Following the retreat, the Eurekahedge Hedge Fund Index has slipped to -5.6% YTD, marking its worst H1 performance since inception. Global equities, as represented by the S&P 500, fell by a staggering 8.4% as investors moved to price in an increased risk of recession as the Federal Reserve embarked on an aggressive series of interest rate hikes to fight soaring inflation.
Hedge Funder Howard Undeterred by Crypto Market Turmoil (Hedge Week)
British hedge fund manager Alan Howard, who has personally invested in about 40 cryptocurrency companies so far, including FTX and Polygon, is still investing the space despite the current market turmoil, according to a report by Blockworks. In mid-June, and after the collapse of terra, Brevan Howard founder Howard (58) invested in a $10.3 million pre-seed round for crypto brand studio ScienceMagic.Studios. He also took part in an $11 million seed round for ‘play-to-earn’ metaverse startup Atmos Labs’ $11 million seed round, which closed around the same time as major crypto lenders were causing contagion across the market.
Best ESG Funds 2022 (Forbes)
Ethical investing is part and parcel of the global investment landscape. Once viewed as a concept as likely to hinder investment returns as improve them, ethical money-making’s recent shift to prominence is due, in no small part, to the role played by environmental, social and (corporate) governance investing – ESG for short. From concerns about corporate behaviour to anxiety about climate change, ESG criteria are top of the agenda for many investors.
Over $42 Million Bet On This Biotechnology Stock? 4 Penny Stocks Insiders are Buying (Benzinga)
Entasis Therapeutics: The Trade: Entasis Therapeutics Holdings Inc. (ETTX) 10% owner Innoviva Strategic Opportunities LLC acquired a total of 19,270,476 shares at an average price of $2.20. The insider spent around $42.4 million to buy those shares. CalAmp: The Trade: CalAmp Corp. (CAMP) Director Wes Cummins acquired a total of 374,207 shares at an average price of $4.13. To acquire these shares, it cost around $1.55 million.
Monday 7/18 Insider Buying Report: GOSS, DAL (Nasdaq.com)
At Gossamer Bio, a filing with the SEC revealed that on Friday, CEO Faheem Hasnain bought 138,696 shares of GOSS, for a cost of $7.21 each, for a total investment of $999,998. Hasnain was up about 70.6% on the buy at the high point of today’s trading session, with GOSS trading as high as $12.30 in trading on Monday. Gossamer Bio is trading up about 5.4% on the day Monday. This buy marks the first one filed by Hasnain in the past twelve months. And on Thursday, Director David S. Taylor purchased $293,100 worth of Delta Air Lines, purchasing 10,000 shares at a cost of $29.31 each. Before this latest buy, Taylor bought DAL at 4 other times during the past twelve months, for a total cost of $740,529 at an average of $37.03 per share.
Keurig Dr Pepper and 6 More Consumer Stocks Being Snapped Up by Insiders (Barron’s)
Consumer stocks have gotten hammered, but few insiders are taking the opportunity to scoop up the beleaguered shares. We’ve done a screen to find seven exceptions in the S&P 500SPX +0.54% where insiders are buying stock. They range from drink company Keurig Dr Pepper KDP –0.55% to satellite television provider Dish Network to casino giant Caesars Entertainment CZR +4.59% . There are also a couple of prominent consumer companies that don’t meet the requirements of our screen but where there has been insider buying. They include retailer Bed Bath & Beyond BBBY +3.13% (BBBY), led by new interim Chief Executive Sue Gove, and shoe maker Nike (NKE), where a director made a $1 million purchase. (Bed Bath & Beyond is in the Nasdaq index and Nike had only a single insider buying stock.)
