Millennium Set to Open Two More Offices in Tax-Friendly Florida (Bloomberg)
Izzy Englander’s Millennium Management will open two more offices in Florida as its staff joins a growing southward migration. The $50 billion hedge fund firm will have outposts in Miami and West Palm Beach, according to a person familiar with the matter. The move is mostly driven by its portfolio managers’ preference for the state, which doesn’t tax income, estates or capital gains. Meanwhile, top earners in New York City face among the highest state and local taxes in the U.S.
Billionaire Investor Dan Loeb Praised SPACs, Revealed His Winning Bets, and Predicted a Surge in Risky Debt in His Latest Investor Letter (Business Insider)
Billionaire investor Dan Loeb praised special-purpose acquisition companies (SPACs), touted his lucrative bets on private companies, and delivered a bullish market outlook in his latest letter to investors. The Third Point chief highlighted the record number and size of SPAC announcements in the first quarter of this year. He welcomed the recent correction in that market as it relieved “some of the excesses evident in speculative deals.” Moreover, he noted threats of stricter regulation “took some of the wind out of the SPAC market’s sails.”
Hedge Funds Face Backlash From Europe in Bond Market (The Wall Street Journal)
European governments are acting to limit hedge funds’ participation in the market for new sovereign-bond issuance, following a surge in demand from the firms. The pushback was prompted by unusually large orders placed by hedge funds for new bonds, which can then potentially be sold – sometimes within hours – to the European Central Bank for a profit, bankers, investors and a government official said.
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Starboard Puts Forth Box Board Slate Saying Promises Unkept (Bloomberg)
Activist investor Starboard Value has nominated a minority slate for the board of Box Inc. that will pit its nominees against Chief Executive Officer Aaron Levie and two other directors seeking re-election this year. Starboard said in a letter to the software company’s shareholders it’s put forth four directors for the three seats to be voted on. The additional nominee will give Starboard some flexibility if Box expands the number of seats up for grabs ahead of the annual general meeting.
Hedge Funds are on a Roll with Strongest Jan-to-April Returns in 20 Years (Hedge Week)
Hedge funds are on a roll this year, with the industry recording its best January-to-April performance in more than 20 years, as managers profited from tech gains, commodities moves, strong earnings, and renewed optimism over the reopening US economy. Overall, hedge funds added 2.74 per cent in April, and have returned 8.68 per cent in the four months since the start of 2021, as measured by Hedge Fund Research’s Fund Weighted Composite Index, a global equal-weighted benchmark of some 1400 single-manager hedge funds. That was strongest year-to-date return through April since 1999, when it rose 8.56 per cent.
Hedge Fund Star Managing US$1.3 Trillion Talks Talent (The Star)
OSLO: At the end of his working day, the chief executive of the world’s biggest wealth fund can often be found on his sofa, eating a pizza and responding to students on LinkedIn. They’re keen to pick his brain on all kinds of things, and he likes sharing his thoughts. Nicolai Tangen, the 54-year-old hedge-fund star who now manages a US$1.3 trillion (RM5.35 trillion) portfolio for Norges Bank Investment Management, is trying to define what it takes to invest well today. Greed is out, diversity and climate goals are in. That means employers like Norway’s wealth fund need to cast a wider net when they search for talent.
Hedge Fund Manager Warns: Beware the Meme Stock (MSN Money)
In a conversation with CNBC, hedge fund manager David Neuhauser warned against following current investment trends, the “Robinhood phenomena” and the “bubble equity and bond market.” Neuhauser refers to the investment trends of the past year which have seen first-time investors flooding the market with pent up cash into meme stocks like Dogecoin and Reddit-fueled stocks like GameStop.
Archegos Rout Helps China Hedge Fund to 120% Gain This Year (Bloomberg)
A China-focused hedge fund led by a 30-year-old who started trading as a teenager returned 120% in the first quarter, thanks in part to the unraveling of Bill Hwang’s Archegos Capital Management. Bullish bets on a pair of Chinese fintech consumer lending platforms accounted for more than half of the quarterly return for Henry Liang’s Seahawk China Dynamic Fund, he said in a telephone interview.
Bridgewater Associates’ CFO Departs for Bitcoin Firm (WestFairOnline.com)
John Dalby is leaving his position as chief financial officer at the Westport-based hedge fund Bridgewater Associates and is taking the same position at NYDIG, a Bitcoin financial services-focused subsidiary of the $10 billion investments firm Stone Ridge Asset Management. Prior to joining Bridgewater in September 2018, Dalby was CFO and chief operating officer at D.E. Shaw Renewables Insurance. Earlier in his career, he was CFO of UBS Americas.
Insider Trading: May 10, 2021 (BIV.com)
Insider David Lyall, 10% Owner. Company: Centr Brands Corp. (CNSX:CNTR). Shares owned: 4,126,035. Trade date: Apr 26. Trade total: $206,000. Trade: Acquisition of 100,000 shares at a price of $2.06 per share. Insider Gary Gordon Cope, director. Company: Silver Viper Minerals Corp. (TSX-V:VIPR). Shares owned: 280,000. Trade date: Apr 23, 26. Trade total: $72,590. Trade: Acquisition of 138,500 shares at prices from $0.52 to $0.53 per share.
The Past Week’s Notable Insider Buys: Amphenol, Aldeyra, Werewolf Therapeutics And More (Benzinga)
A number of 10% owners of and directors at Werewolf Therapeutics Inc (HOWL) bought into its initial public offer last week. The more than 4.84 million shares they bought for $16.00 apiece totaled over $77.98 million altogether. Shares of this cancer-focused biopharma company closed the week’s trading at $14.25 apiece. The purchase of 1.20 million Aldeyra Therapeutics Inc (ALDX) shares by a beneficial owner came before last week’s first-quarter report. At the public offering price of $12.50 per share, those transactions totaled $15.00 million. Note that the stock ended the week trading at $12.48 a share.
Monday 5/10 Insider Buying Report: RILY, RYAM (Nasdaq.com)
At B. Riley Financial, a filing with the SEC revealed that on Thursday, CEO B. Riley Securities, Inc. Andrew Moore purchased 5,000 shares of RILY, for a cost of $67.68 each, for a total investment of $338,424. Moore was up about 13.5% on the purchase at the high point of today’s trading session, with RILY trading as high as $76.83 in trading on Monday. B. Riley Financial is trading up about 1.8% on the day Monday. And also on Thursday, Director Julie Dill bought $283,812 worth of Rayonier Advanced Materials, buying 40,000 shares at a cost of $7.10 a piece. This buy marks the first one filed by Dill in the past year. Rayonier Advanced Materials is trading up about 10% on the day Monday. Dill was up about 23.2% on the purchase at the high point of today’s trading session, with RYAM trading as high as $8.74 at last check today.
What Did This CEO Just Do with Personal Shares of BorgWarner (NYSE: BWA)? (Analyst Ratings)
Today, the President & CEO of BorgWarner (BWA), Frederic Lissalde, sold shares of BWA for $2.1M. Following Frederic Lissalde’s last BWA Sell transaction on August 07, 2020, the stock climbed by 15.4%. In addition to Frederic Lissalde, 2 other BWA executives reported Sell trades in the last month.
Worthington Industries Inc (WOR) EVP & COO Geoffrey G Gilmore Sold $1.7 million of Shares (Guru Focus)
EVP & COO of Worthington Industries Inc, Geoffrey G Gilmore, sold 24,167 shares of WOR on 05/06/2021 at an average price of $70.24 a share. The total sale was $1.7 million.
