Hedge Fund Debuts in Biggest Launch Led by a Woman (Bloomberg)
Mala Gaonkar’s SurgoCap Partners started trading Tuesday with $1.8 billion under management, the largest debut of a woman-led hedge fund in the industry’s history. SurgoCap will use data science to invest around the theme of how technology can enhance other sectors such as financials, industrials, health care and enterprise data, according to people familiar with the matter. The firm, with about 20 employees, will bet on and against stocks and can invest as much as a quarter of its assets in private companies, the people said.
Tiger Global Accelerates VC Transformation as Hedge Fund Losses Bite (Hedge Week)
Tiger Global Management is accelerating its transformation from a traditional stock-picking hedge find to a venture capital investment business, with startup bets now accounting for nearly 75% of the firm’s assets, according to a report by Bloomberg. While Tiger Global’s traditional hedge fund lost over half its value in 2022, its VC division has seen exponential growth over the past two years, helping then firm weather its worst year on record and avoid even bigger losses from equities wagers.
Tuesday 1/3 Insider Buying Report: AKAM, JUPW (Nasdaq.com)
On Friday, Akamai Technologies’ Chief Executive Officer, F. Thomson Leighton, made a $75,129 buy of AKAM, purchasing 894 shares at a cost of $84.04 each. Leighton was up about 2.0% on the purchase at the high point of today’s trading session, with AKAM trading as high as $85.68 at last check today. Akamai Technologies is trading up about 0.8% on the day Tuesday. Before this latest buy, Leighton bought AKAM at 5 other times during the past twelve months, for a total cost of $275,441 at an average of $86.08 per share. And at Jupiter Wellness, there was insider buying on Tuesday, by Director Skender Fani who purchased 64,060 shares for a cost of $0.90 each, for a total investment of $57,654. Before this latest buy, Fani made one other buy in the past year, purchasing $105,160 shares for a cost of $0.86 each. Jupiter Wellness is trading up about 4% on the day Tuesday. Bargain hunters have the opportunity to grab JUPW at a price even lower than Fani did, with the stock trading as low as $0.79 at last check today – that’s 12.3% under Fani’s purchase price.
$2.4 Million Bet On Duolingo? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Duolingo: The Trade: Duolingo, Inc. (DUOL) 10% owner Durable Capital Partners LP acquired a total of 34,611 shares at an average price of $69.77. To acquire these shares, it cost around $2.41 million. Terns Pharmaceuticals: The Trade: Terns Pharmaceuticals, Inc. (TERN) 10% owner Orbimed Genesis GP LLC acquired a total of 137,931 shares an average price of $7.25. To acquire these shares, it cost around $1 million.
Sebi Dismisses Insider Trading Charges Against 11 Entities in WhatsApp Leak Case (LiveMint.com)
The market regulator Sebi on Monday abandoned insider trading allegations against 11 organisations for allegedly using WhatsApp to disseminate confidential information regarding Axis Bank’s financial performance. The entities are — Amish Arvind Malbari, Arvind Malbari, Amrish Suresh Vakil, Fanil Motiwalla, Kunaal Raman Khanna, Gaurav Girish Dedhia, Kotak Capital Partners, Hinglaj Enterprise, Nidhi Mehra, BharatKumar V Bagrecha, Mita Mahendra Shah and Roshan Vivian Saldanha, Sebi said in its order.
