Einhorn’s Fund Climbed 36.6% Last Year, Recouping Losses That Began in 2015 (Bloomberg)
David Einhorn’s Greenlight Capital climbed 36.6% last year, finally recouping losses that his flagship fund had posted since 2015. The fund rose 3.5% gain in December, according to a person familiar with its performance. The gain helped send Greenlight above its high-water mark after it plunged 20.4% in 2015 and 34.3% in 2018.
US Hedge Fund Invests in Chilean Storage Plant (Renews.biz)
US hedge fund Hedonova has invested $16m in an energy storage plant in Chile’s Atacama region, 800 km north of the capital city, Santiago. The energy storage system, due to be operational by the end of this month, operates on the CRYOBattery technology. The technology uses air liquefaction technology where ambient air is cooled to -196°C. The energy storage plant Hedonova has invested in can supply electricity to around 80,000 to 100,000 homes in Chile.
OPIM Wins the Best Hedge Fund Platform of 2022 (PRNewswire.co.uk)
OP Investment Management (“OPIM”), Asia’s leading hedge fund platform, was voted the Best Hedge Fund Platform at the HFM Asian Services Awards 2022 on 30th November 2022. Year-on-year, the HFM Intelligence Asian Services Awards recognizes and rewards hedge fund service providers who have demonstrated exceptional client service, innovative product development, and strong and sustainable business growth over the past 12 months.
Other Voices: Top Hedge Fund Industry Trends for 2023 (Opalesque.com)
Here are Agecroft Partners’ 14th annual predictions for the biggest trends in the hedge fund industry for 2023. These predictions are based on dialogue with more than 2,000 institutional investors located globally and hundreds of hedge fund organizations. They are also predicated upon an economic forecast of continued rising interest rates for at least the 1st half of 2023 and a moderate recession. The hedge fund industry is dynamic and both managers and investors can benefit from anticipating, and preparing for, the changes likely to occur.
D.E. Shaw’s Biggest Hedge Funds Soared at Least 20% in 2022 (Bloomberg)
D.E. Shaw & Co.’s two biggest hedge funds posted returns of at least 20% last year, as volatile markets provided ample trading opportunities. The quant giant, which manages more than $60 billion, gained 24.7% in its flagship Composite fund, according to a person familiar with the matter. The fund is D.E Shaw’s largest and makes bets across various asset classes and geographies.
‘Big Short’ Investor Michael Burry Warns ‘Another Inflation Spike’ is Coming (New York Post)
Hedge fund wizard Michael Burry kicked off the new year with another dire prediction about the US economy, warning this week that a recession is already underway and another spike in inflation is likely in the near future. Burry, the CEO of Scion Asset Management who rose to national prominence after being featured in the 2015 film “The Big Short,” has repeatedly cautioned about lingering economic trouble over the last year as inflation soared and markets tanked. In his latest warning, Burry suggested that inflation, which has cooled in recent months, will surge again whenever the Federal Reserve decides to cut its benchmark interest rate. The next meeting is slated for Jan. 31.
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.
