U.S. Hedge Fund Says Both Shinsei and SBI at Fault in Takeover Battle (The Japan Times)
Dalton Investments, a $3.4 billion U.S. investment firm, says it’s still on the fence over whether to support Shinsei Bank Ltd.’s management or SBI Holdings Inc. in the battle for control of the Japanese lender. Neither side has given a convincing argument for its backing, said Jamie Rosenwald, a Dalton co-founder and portfolio manager. Shinsei should have found an alternative buyer willing to pay more, while SBI should bid for the entire company rather than just a partial stake, he said.
Hedge Fund Balyasny Bans Hiring From Ken Griffin’s Citadel Unit (Bloomberg)
Balyasny Asset Management has imposed a ban on hiring from rival hedge fund Citadel’s Global Fixed Income business, according to an internal memo seen by Bloomberg. The investment firm told headhunters earlier this month not to recommend potential staff from the Citadel unit, according to the memo. The ban extends to anyone who works there or supports the business, as well as those that worked for the unit after May 15 but have since left.
Fund Manager Explains Why He’s Still Short Tesla, Ark ETF and Facebook (CNBC)
David Neuhauser, chief investment officer at Chicago-based hedge fund Livermore Partners, has defended his short position in Tesla, Facebook and Cathie Wood’s Ark Innovation ETF, arguing that all could be vulnerable in the event of a market downturn. As of Wednesday’s close, Tesla is up more than 54% in 2021 while Facebook, which recently rebranded as Meta, has climbed almost 25%. The Ark Innovation ETF is down 6.24% year-to-date and famed “The Big Short” investor Michael Burry recently exited short positions on both Tesla and Ark.
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Month in Review – October 2021 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic hedge funds gained 0.7 percent on average (94 percent reported) in October, marking a return to positive trajectory after recording their worst monthly performance since March last year in September. Two hedge funds recorded heavy losses during the month. The Nordic hedge fund industry is now up 5.1 percent for the year with only two months left until the end of the year.
Hedge Fund Net Inflows Top USD23bn in First Three Quarters as Volatility Increases (Hedge Week)
The global hedge fund industry saw positive net inflows of USD6 billion in Q3 amid increasing volatility, totaling net inflows of USD23.7 billion in the first nine months of 2021, according to data from the Citco group of companies (Citco), the asset servicer with USD1.6 trillion in assets under administration (AuA). Analysing global hedge fund industry performance patterns, trade and treasury volumes, and investor flow trends – Citco’s Q3 2021 Hedge Fund Report found that all hedge fund strategies and most AuA categories on the Citco platform delivered positive returns in Q3. While the quarter showed relatively good hedge fund performance, it was nonetheless a departure from Q1 and Q2: funds on the platform delivered a 1.15 per cent overall weighted average return in Q3, versus 8.25 per cent and 6 per cent in Q1 and Q2 respectively.
Hedge-Fund Billionaire Bill Ackman Wants to Build a Glass Penthouse that His Angry NYC Neighbors Call a ‘Flying Saucer’ and an ‘Olympian Temple.’ It Looks Like He’ll Get his Way. (Business Insider)
The billionaire hedge-fund manager Bill Ackman wants to build a controversial glass penthouse atop a historic apartment building on New York’s Upper West Side. On Tuesday night, he got one step closer to getting his construction project approved despite outcry from many of his would-be neighbors. After a contentious five-hour public hearing, the Landmarks Preservation Commission told Ackman to come back with revised plans to make the penthouse slightly shorter so it’s less visible from the street, but it indicated that the proposal was “in the right direction.” It was a big win from an agency that requires residents of historic buildings to get permits to change even a window frame.
Opalesque Video: Hedge Fund Star to Launch Authentic Impact Fund (Opalesque)
A London-based provider of ESG data and analytics run by partners who have decades of investment experience is to launch a hedge fund with a negative footprint. Originally created in 2004 by Larry Abele – then co-founder of hedge fund Auriel Capital Management and once named among Institutional Investor’s 20 rising stars in hedge funds – the firm was first known as Auriel Equities. Abele moved on to create Impact Cubed in 2010 while Aspect Capital acquired Auriel Capital Management in 2016. Since inception, Impact Cubed has been focusing on building long-term models based on environmental, social and governance (ESG) data, with special attention to alignment with the United Nations Sustainable Development Goals for 2030.
Hedge Fund IsZo Says Jefferies ‘Hijacked’ Its Brokerage Account (Bloomberg)
Jefferies Group LLC overcharged and then “hijacked” the prime brokerage account of its client IsZo Capital Management, the activist hedge fund claimed in an arbitration filing. The investment bank held back $5 million of IsZo’s money, later reduced to $2.5 million, to secure seven short positions in securities that are now worthless, IsZo claimed in an arbitration claim filed this week with the Financial Industry Regulatory Authority, or Finra.
Thursday 11/18 Insider Buying Report: SRPT, DKNG (Nasdaq.com)
On Wednesday, Sarepta Therapeutics’ CEO, Douglas S. Ingram, made a $2.00M buy of SRPT, purchasing 25,026 shares at a cost of $79.94 a piece. Ingram was up about 3.1% on the buy at the high point of today’s trading session, with SRPT trading as high as $82.44 in trading on Thursday. Sarepta Therapeutics is trading up about 1.9% on the day Thursday. This buy marks the first one filed by Ingram in the past year. And on Tuesday, Director Harry Sloan bought $1.98M worth of DraftKings, buying 50,000 shares at a cost of $39.52 a piece. DraftKings is trading off about 1.7% on the day Thursday. Bargain hunters have the opportunity to buy DKNG even cheaper than Sloan did, with shares changing hands as low as $37.21 at last check today which is 5.8% below Sloan’s purchase price.
Tabula Rasa Healthcare Insider Trades $3.0M In Company Stock (Benzinga)
Orsula Knowlton V, Insider at Tabula Rasa Healthcare (NASDAQ:TRHC), made a large insider sell on November 17, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that V sold 230,000 shares of Tabula Rasa Healthcare at prices ranging from $12.63 to $13.54. The total transaction amounted to $2,982,950.
A Director at Standex International (NYSE: SXI) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Standex International (SXI), Charles Cannon, sold shares of SXI for $1.08M. Following Charles Cannon’s last SXI Sell transaction on September 10, 2018, the stock climbed by 9.9%. In addition to Charles Cannon, 5 other SXI executives reported Sell trades in the last month. Based on Standex International’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $176 million and quarterly net profit of $15.82 million.
