Greenlight Surged in August (Institutional Investor)
David Einhorn appears to have benefited, in part from the recent sharp boost of his short portfolio. Greenlight Capital is back on a roll. The value-driven hedge fund firm headed by David Einhorn posted a strong 7.3 percent gain in August. This compares with a loss of 1.77 percent for the S&P 500 and a loss of 2.17 percent for the Nasdaq composite.
Billionaire Ray Dalio’s Advice for a Fulfilling and Lucrative Career (MintGenie)
Ray Dalio, the brain behind Bridgewater Associates – the world’s dominant hedge fund managing an awe-inspiring over $160 billion in assets – has time and again proven his mettle in the financial domain. A few years ago, he gave two gems of advice for those seeking both professional fulfillment and financial prosperity: creativity and flexibility. Dalio, in a discourse on LinkedIn, shared his insights on the journey to bridging one’s passions with financial gain. He remarked, “To have both the money you need and the job you want, you have to be creative and flexible.”
Bobby Jain Hires More Key Talent Ahead of 2024 Hedge Fund Debut (Bloomberg)
New York-based firm plans to open offices in London and Asia. Jain Global’s launch poised to rival ExodusPoint’s $8 Billion. Bobby Jain is filling key roles and locking down office space around the world as he prepares for what could be one of the biggest hedge fund launches in industry history. The former Millennium Management executive hired Townie Wells as chief investment officer for fundamental equities in the Americas, according to a person familiar with the matter. Wells, who’s joining Jain Global in October 2024, most recently worked for two years as a portfolio manager at Citadel’s equities unit, Ashler Capital, according to his LinkedIn profile.
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The Rebirth of Antiloop Hedge: Splitting Into Two (Hedge Nordic)
Stockholm (HedgeNordic) – Antiloop Hedge wrapped up its journey as a multi-strategy vehicle at the end of August, with the Antiloop team gearing up to launch two separate strategies as standalone funds by year-end. Anna Svahn will spearhead her tactical asset allocation strategy, Cygnus, as a standalone Luxembourg-domiciled fund, while Martin Sandquist will oversee his multi-asset global macro strategy within a separate fund.
Glenview Chief Compliance Officer to Join Lowenstein Sandler (Hedge Week)
Jonathan A Danziger, General Counsel and Chief Compliance Officer at Glenview Capital Management, the $8.7bn New York-based hedge fund founded by Larry Robbins, is leaving the firm to join Lowenstein Sandler as a Partner in its investment management group. Danziger, who will be based in Lowenstein’s New York City office, is set to take up his new role in mid-September.
Hedge Funds Say It’s Too Risky to Short Dollar on US Rates Hazard (Bloomberg)
The dollar’s recent strength has confounded naysayers, and according to some hedge funds, the rally isn’t over. K2 Asset Management says the greenback will continue to charge higher as US interest rates remain elevated while AVM Capital expects rising Treasury yields to boost the currency. Alternative asset manager Clocktower Group sees further gains for the dollar if China’s stimulus continues to disappoint.
A Top Brevan Howard Exec Responsible for Luring Investment Talent is Leaving the $35 Billion Macro Fund (Business Insider)
The senior exec in charge of luring top investment talent to $33 billion Brevan Howard is leaving. Peter Hornick, head of business development at the fund, is departing amid a corporate reorg, according to people familiar with the matter. He joined in 2020 after nearly two years in a similar role at ExodusPoint. He was also the global head of business development at Izzy Englander‘s Millennium Management for five years.
Elanco Animal Health Stock Sells Off as Hedge Funds Reduce Holdings (ClaytonCountyRegister)
Natixis Advisors L.P. has sold 30.3% of its shares in Elanco Animal Health Incorporated (NYSE:ELAN), according to a recent filing with the Securities and Exchange Commission (SEC). The hedge fund now owns 94,594 shares of the company’s stock, down from 135,807 shares. Other institutional investors, including ING Groep NV, ASB Consultores LLC, Franklin Resources Inc., Mitsubishi UFJ Trust & Banking Corp, and Treasurer of the State of North Carolina, have also reduced their holdings in Elanco Animal Health.
Wednesday 9/6 Insider Buying Report: ET, INGR (Nasdaq.com)
On Friday, Energy Transfer’s Co-CEO, Marshall S. McCrea III, made a $682,000 purchase of ET, buying 50,000 shares at a cost of $13.64 each. McCrea III was up about 1.2% on the buy at the high point of today’s trading session, with ET trading as high as $13.81 at last check today. Energy Transfer is trading down about 0.5% on the day Wednesday. This buy marks the first one filed by McCrea III in the past year. And on Tuesday, SVP, Global Ops and CSCO David Eric Seip purchased $295,500 worth of Ingredion, purchasing 3,000 shares at a cost of $98.50 a piece. Ingredion is trading up about 0.3% on the day Wednesday. So far Seip is in the green, up about 3.0% on their buy based on today’s trading high of $101.44.
Salesforce, Autodesk And 2 Other Stocks Insiders Are Selling (Benzinga)
Autodesk: The Trade: Autodesk, Inc. (ADSK) Director Mary T McDowell sold a total of 4,656 shares at an average price of $222.04. The insider received around $1.03 million from selling those shares. Salesforce: The Trade: Salesforce, Inc. (CRM) Chair and CEO Marc Benioff sold a total of 15,000 shares at an average price of $213.73. The insider received around $3.21 million from selling those shares.
