Hedge-Fund Giant Man Group Questions Whether 60/40 Ever Worked (Bloomberg)
It’s hard for even the most-seasoned veterans to make sense of the market right now, with bonds rallying alongside equities one day, and the next day both falling. “We’re in a universe of equities and bonds going down together. There’s a lot of instability,” said Peter van Dooijeweert, managing director of multi-asset solutions at Man Group, who joined this week’s “What Goes Up” episode to discuss what he sees as the right assets to be in now. The 60/40 portfolio isn’t exactly “dead,” he says, but “my question is, was it ever really alive?”
5 Stocks Top Earners Steven Cohen And David Tepper Agree On (Forbes)
Earlier this month, the 21st annual Institutional Investor’s Rich List revealed that hedge fund giants Steven Cohen, head of Point72 Asset Management, and Appaloosa Management’s David Tepper were among the biggest earners in 2021. The gurus tied for fifth place last year. The list, which is composed of the highest-earning managers, found that the top 25 hedge funds made a combined $26.64 billion in earnings last year.
US Foods Sets Stage for Proxy Fight with Activist Sachem Head (Axios)
US Foods, one of the nation’s biggest foodservice distributors, is out with a fight letter this morning aimed at the activist hedge fund trying to shake up the company’s board and strategic plan. Why it matters: The future direction of the $8.2 billion business hinges on the May 18 AGM vote, where shareholders will decide whether to stick with its board or bring in new directors from the activist’s slate. Driving the news: Sachem Head Capital, founded by Pershing Square alumnus Scott Ferguson, has nominated five directors to serve on the company’s board.
Monday 4/18 Insider Buying Report: RKT, PNTG (Nasdaq.com)
At Rocket Companies, a filing with the SEC revealed that on Wednesday, Chief Executive Officer Jay Farner bought 61,500 shares of RKT, for a cost of $9.72 each, for a total investment of $597,710. Bargain hunters are able to pick up RKT at a price even lower than Farner did, with the stock trading as low as $9.17 in trading on Monday which is 5.6% below Farner’s purchase price. Rocket Companies is trading down about 0.8% on the day Monday. Before this latest buy, Farner purchased RKT at 4 other times during the past twelve months, for a total investment of $1.26M at an average of $10.53 per share. And at Pennant Group, there was insider buying on Thursday, by Director Christopher R. Christensen who bought 27,332 shares for a cost of $16.50 each, for a trade totaling $450,958. This buy marks the first one filed by Christensen in the past twelve months. Pennant Group is trading up about 2.2% on the day Monday. So far Christensen is in the green, up about 7.6% on their purchase based on today’s trading high of $17.76.
Executives Buy More Than $32M Of 4 Stocks (Benzinga)
Confluent: The Trade: Confluent, Inc. (CFLT) 10% owner Altimeter Capital Management General Partner Llc acquired a total of 50,000 shares at an average price of $39.97. To acquire these shares, it cost around $2 million. Sensient Technologies: The Trade: Sensient Technologies Corporation (SXT) 10% owner Freemont Capital Pte Ltd acquired a total of 35,745 shares at an average price of $82.64. To acquire these shares, it cost around $2.95 million.
Insider Trading: April 18, 2022 (BIV)
Insider Bradley Mercer, officer. Company: Capstone Copper Corp. (TSX:CS). Shares owned: 99,696. Trade date: April 1. Trade total: $591,009. Trade: Sale of 80,739 shares at a price of $7.32 per share. Insider Setha Patricia Makhesha, officer. Company: Ivanhoe Mines Ltd. (TSX:IVN). Shares owned: 272,097. Trade date: April 1. Trade total: $3,774,244. Trade: Sale of 319,997 shares at prices from $11.73 to $11.90 per share.
