Hedge Fund Alum George Noble Shutters New ETF After 59% Plunge (Bloomberg)
Hedge-fund veteran George Noble’s foray into the exchange-traded fund industry has come to a quick, and painful, end. The Noble Absolute Return ETF (ticker NOPE), which took long and short equity positions and which has dropped 59% since its September debut, is set to liquidate, according to a Wednesday announcement. Its plunge has happened even as the S&P 500 rose 23% over that stretch and the Nasdaq 100 jumped some 36%.
Embattled Louisiana Law Firm Raised $40M from Florida Hedge Fund, Partner Says (Insurance Journal)
McClenny Moseley & Associates, the embattled law firm that filed thousands of hurricane-damage lawsuits in Louisiana, raised a total of $40 million from private investors, one of its founding partners said during a court hearing on Tuesday. Zachary Moseley provided that information under direct questioning from US District Judge James D. Cain Jr., according to insurance defense attorney Matthew Monson, who attended the hearing in Lake Charles, Louisiana. Cain asked specifically about how much money MMA had obtained from the Equal Access to Justice Fund. Moseley replied, “we raised $40 million in total,” another person who attended the hearing, who asked to remain anonymous, said.
Pictet Adds to Total Return Offering with Launch of Lotus Offshore Fund (Hedge Week)
Pictet Asset Management has expanded its $9bn actively managed Total Return franchise with the launch of the Lotus Offshore Fund Ltd, an event-driven, special situations Asia Long/Short equity fund, offered as a quarterly-dealing Cayman-domiciled strategy. According to a press statement, Lotus Offshore Fund Ltd seeks to “capture the distinctive opportunity in Pan-Asian equities”. This includes short to medium-term corporate catalysts, and longer-term themes such as the improving corporate governance in Japan, the growth of South East Asia leading to increased corporate activity as well as capital markets reforms in China improving its attractiveness.
Friday 8/11 Insider Buying Report: SRPT, VFC (Nasdaq.com)
At Sarepta Therapeutics, a filing with the SEC revealed that on Thursday, Director Michael Andrew Chambers purchased 34,867 shares of SRPT, for a cost of $106.15 each, for a total investment of $3.70M. Chambers was up about 4.8% on the purchase at the high point of today’s trading session, with SRPT trading as high as $111.24 at last check today. Sarepta Therapeutics is trading up about 4.9% on the day Friday. Before this latest buy, Chambers bought SRPT at 2 other times during the past twelve months, for a total cost of $10.96M at an average of $106.15 per share. And at VFC, there was insider buying on Wednesday, by Director Richard Carucci who purchased 40,000 shares at a cost of $19.09 each, for a trade totaling $763,644. VFC is trading up about 2.8% on the day Friday. Carucci was up about 8.1% on the purchase at the high point of today’s trading session, with VFC trading as high as $20.64 in trading on Friday.
Massive Insider Trade At Domino’s Pizza (Benzinga)
ANDREW BALSON, Director at Domino’s Pizza (DPZ), reported a large insider sell on August 10, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that BALSON sold 5,063 shares of Domino’s Pizza. The total transaction amounted to $2,010,101.
