Gapstow Credit Hedge Fund Index Up 1.3% in Q1 (Opalesque.com)
This first quarter was a strong but volatile quarter for credit markets, according to Gapstow, a New York City-based investment adviser that focuses on alternative credit. Gapstow has just published its Q1 2023 performance report, which covers sixteen alternative credit strategies across three types of investment vehicles: hedge funds, interval funds, and public funds (BDCs, mortgage REITs, and closed-end funds). This quarter, credit markets were highly volatile, with a rally in January, an interest rate spike in February, a banking crisis in mid-March, and another rally during the last week of the quarter.
How A Spotify Playlist Helped Startup Vet Kristina Simmons Raise A $20 Million Fund (Forbes)
A former Khosla Ventures investor and operator at Lululemon and Juicero, Simmons overcame a scary health diagnosis and tightening venture climate to have a baby and launch her new VC firm, Overwater Ventures, all at once. Ahead of meetings with potential investors, Kristina Simmons likes to send over an unusual prep document: a playlist. Clocking in at one hour and two minutes on Spotify, the 17 tracks start with Kid Cudi’s ‘Surfin’’ and flow through hits from Katy Perry, Beyoncé and Ellie Goulding before closing with Jack Johnson’s cover of John Lennon’s ‘Imagine.’
Mangold Buys More of KredFin (Hedge Nordic)
Stockholm (HedgeNordic) – Mangold AB has agreed to buy an additional 18.4 percent stake in KredFin, formerly Skandinaviska Kredifonden, to become the largest owner with an ownership stake of 45.6 percent. KredFin provides alternative financing to Nordic companies through alternative investment funds such as its flagship direct lending vehicle Scandinavian Credit Fund I. With this agreement, Mangold is set to increase its ownership stake in KredFin from 27.2 percent to 45.6 percent. The purchase price for the additional stake of 18.4 percent amounts to about SEK 18.4 million, paid through newly-issued Mangold shares corresponding to about SEK 9.2 million and a cash payment of SEK 9.2 million. The acquisition is subject to the approval of the Swedish Financial Supervisory Authority.
Hedge Fund Marshall Wace Builds £156 Million Short Position in NatWest (BNN Bloomberg)
(Bloomberg) — Marshall Wace has taken a £155.6 million ($193 million) short position against NatWest Group Plc, the largest-ever disclosed short against the British bank since records began in 2012. The latest disclosure to the UK’s Financial Conduct Authority shows the hedge fund increased its bet against the lender on March 23, bolstering its position from 0.51% as of March 10, representing about 0.61% of the taxpayer-backed bank. Short sellers sell borrowed securities in hope to buy them back at lower prices and pocket the difference as profit. The wider banking industry has been roiled by Credit Suisse Group AG’s rescue by UBS Group AG, the demise of Silicon Valley Bank and turmoil among regional American lenders.
Wednesday 4/12 Insider Buying Report: DMAC, COSM (Nasdaq.com)
On Monday, DiaMedica Therapeutics’ Chief Business Officer, David J. Wambeke, made a $750,000 purchase of DMAC, buying 468,750 shares at a cost of $1.60 each. Wambeke was up about 15.6% on the buy at the high point of today’s trading session, with DMAC trading as high as $1.85 in trading on Wednesday. DiaMedica Therapeutics is trading up about 11.1% on the day Wednesday. And on Friday, Chief Executive Officer Grigorios Siokas purchased $54,540 worth of Cosmos Health, purchasing 2,238 shares at a cost of $24.37 each. Before this latest buy, Siokas made one other purchase in the past twelve months, buying $3.00M shares at a cost of $11.50 each. Cosmos Health is trading up about 3.9% on the day Wednesday. Investors can snag COSM even cheaper than Siokas did, with the stock changing hands as low as $3.40 in trading on Wednesday — that’s 86.0% below Siokas’s purchase price.
Amazon, Pinterest And 2 Other Stocks Insiders Are Selling (Benzinga)
Amazon.com: The Trade: Amazon.com, Inc. (AMZN) CEO Worldwide Amazon Stores Douglas J Herrington sold a total of 4,000 shares at an average price of $102.25. The insider received around $409 thousand from selling those shares. Pinterest: The Trade: Pinterest, Inc. (PINS) Director Jeffrey Jordan sold a total of 7,500 shares at an average price of $27.87. The insider received around $209.03 thousand from selling those shares.
