Hedge Funds Suffer Big Outflows in Q2 – Data (Reuters)
LONDON, Aug 24 (Reuters) – Investors yanked a net $7.8 billion out of hedge funds in the second quarter, industry data published on Wednesday showed, as volatile markets sent many looking for safer places to keep their cash. Large investors like pension funds, asset managers and family offices pulled more money out of hedge funds than they added, ending an 18-month trend of them investing more, according to Citco, a firm that provides administrative services to the sector.
Allocations to Hedge Funds are Likely to Increase, Says Preqin (Opalesque.com)
Investors are experiencing growing interest in hedge funds as a way to take risk off the table, said a survey. A total of 76% of survey respondents said they plan to increase or maintain their allocations to hedge funds in the next 12 months, up from 63% in the survey a year ago. According to Preqin’s ‘H2 2022 Investor Outlook’ survey, while the percentage eager to maintain or increase allocations to hedge funds is greater than the 72% that responded with that answer in the 2020 survey, investors are less bullish than then. Only 26% of respondents plan more capital to hedge funds over the next 12 months, compared with 44% of respondents planning that in the 2020 survey.
Hedge Fund Doubles Position in Biotech Co. (InvestorIdeas.com)
A Canadian hedge fund doubled its stake in a tiny biotech that demonstrated promising results in a study that used a former Sanofi drug called Ifenprodil to treat idiopathic pulmonary fibrosis and chronic cough. Find out the name of the company and why one analyst has given it a 12-month CA$25 target price – a 560% increase from the unit price in its recent placement. Buoyed by the strength of a 150,000-share lead order from Toronto-based hedge fund AlphaNorth Asset Management, Algernon Pharmaceuticals Inc. (AGN:CSE; AGNPF:OTCQB; AGN0:XFRA), a clinical stage pharmaceutical development company, raised CA$1.4 million in an oversubscribed private placement.
The Palm Beach Hedge Fund Association Announces a Partnership With East Harbor Financial (TheWhig.com)
The Palm Beach Hedge Fund Association is pleased to announce a strategic partnership with an alternative investment and finance firm, East Harbor Financial. David Goodboy, Founder PBHFA, remarked, “We are very excited to introduce East Harbor Financial to our close circle of members and investor network. East Harbor fulfills a critical niche in both the alternative investment & finance worlds that provides crucial opportunities for our members.”
Goldman Says Hedge Funds Back Betting Big On Megacap Tech Stocks (FA-Mag.com)
Hedge funds ramped up bets on megacap U.S. tech stocks and whittled down overall holdings to focus on favored names last quarter, with conviction climbing back to levels seen at the start of the pandemic, according to Goldman Sachs Group Inc. The funds boosted tech and consumer discretionary holdings, while cutting energy and materials wagers, strategists including Ben Snider wrote in a note Tuesday. Separately, average weightings of top 10 holdings jumped to 70% in the three months ended June, the highest concentration since the first quarter of 2020.
Wednesday 8/24 Insider Buying Report: CASI (Nasdaq.com)
On Tuesday, Director James Huang bought $779,477 worth of CASI Pharmaceuticals (CASI), buying 234,221 shares at a cost of $3.33 a piece. This buy marks the first one filed by Huang in the past twelve months. CASI Pharmaceuticals is trading up about 11.8% on the day Wednesday. Huang was up about 19.9% on the buy at the high point of today’s trading session, with CASI trading as high as $3.99 at last check today.
Insiders Buying Ecolab, Kymera Therapeutics And This Consumer Cyclical Stock (Benzinga)
Ecolab: The Trade: Ecolab Inc. (ECL) 10% owner Cascade Investment LLC acquired a total of 58,667 shares at an average price of $171.37. To acquire these shares, it cost around $10.05 million. Kymera Therapeutics: The Trade: Kymera Therapeutics, Inc. (KYMR) Director Mark Lampert acquired a total 545,525 shares at an average price of $26.00. To acquire these shares, it cost around $14.18 million.
