Cerberus, SC Lowy Are Among Funds Mulling Go Airlines Loan Plan (Bloomberg)
Cerberus Capital Management and SC Lowy are among funds examining a request from India’s insolvent Go Airlines for a loan of up to 4.5 billion rupees ($54.9 million), according to people familiar with the matter. The tenor of the loan may be less than a year and it would be used to run the airline during its bankruptcy proceedings, the people said, asking not to be identified because the matter is private.
South Korea Challenges Arbitration Ruling that Found for Elliott in Samsung Merger Case (Reuters)
South Korea said on Tuesday it would challenge an arbitration ruling that ordered it to pay U.S. hedge fund Elliott Investment Management $108.5 million in a case involving the 2015 merger of two Samsung Electronics (005930.KS) affiliates. The U.S. activist fund had sued over the role played by South Korea’s National Pension Service in approving an $8 billion merger between Samsung C&T – in which Elliott was a minority stakeholder – and Cheil Industries.
Discovery Leads Macro Funds (Institutional Investor)
The Tiger Cub has benefitted from betting big on emerging markets like Argentina and Brazil. Talk about a rebound. Discovery Capital Management, the hedge fund led by Tiger Cub Robert Citrone, has surged 35 percent this year, making it perhaps the top performing macro fund this year, according to two sources, including an investor. In 2022 it was a big laggard, dropping 29 percent.
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The Best-Performing Alternative Assets Funds of FY23 (LiveWire.com)
Infrastructure, private equity, private debt, global macro and hedge funds all take a spot in this eclectic asset class. Every house has a drawer where all the stuff that doesn’t have a home ends up. That’s one way to think about the Alternative Assets bucket when investing. According to Investopedia, Alternative Assets is a financial asset that doesn’t fall into one of the conventional investment categories, such as equities and bonds. But don’t let that somewhat loose description downplay Alternatives’ role in portfolios. Over the past decade, the rise of Alternative Assets has been one of the steady trends I have observed in the local market. It is not a new asset class, and institutional investors have been allocating to ‘Alts’ for decades.
Is Cathie Woods’ Faith in Elon Musk’s Twitter Wavering? (TipRanks)
Story Highlights: Cathie Wood’s venture fund slashes its investment value in Musk-owned Twitter. Wood acquired a stake in Twitter last November. Per a Wall Street Journal report, ace hedge fund manager Cathie Wood’s venture fund slashed the value of its stake in Elon Musk’s Twitter by 47%. According to Wood, the recent markdown represents a fair valuation. Moreover, the move doesn’t change her fundamental outlook on Twitter, which is bullish. This implies that Wood continues to show faith in Musk’s ability to transform Twitter.
Gundlach Tangles With Ex-Partners Over Value of DoubleLine Stakes (Bloomberg)
Jeffrey Gundlach once accused his former employer, TCW Group Inc., of diluting his stake in the company. Now the billionaire founder of DoubleLine Capital is battling accusations that he did something similar to executives who helped him build his $96 billion bond giant. Several former limited partners and related trusts allege in legal filings that the firm and its founder used a lowball estimate to value their shares when they departed and redistributed some of the equity to himself, according to court papers.
Blackstone to Invest $150 Million in London-Based Hedge Fund Astaris (Reuters)
Blackstone Group LP is to invest $150 million in London-based Astaris Capital Management which will be split between the firm’s existing hedge fund and a new pool of capital with a drawdown structure, two sources said. Astaris specializes in event-driven credit and equity investments in Europe and was founded in 2020 by Martin Beck, who previously worked at private investment firm Centerbridge Partners and at JPMorgan.
Over $12M Bet On This Healthcare Stock? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Evelo Biosciences: The Trade: Evelo Biosciences, Inc. (EVLO) 10% owner Noubar Afeyan acquired a total of 5,411,255 shares an average price of $2.31. To acquire these shares, it cost around $12.5 million. Dalrada Financial: The Trade: Dalrada Financial Corporation (DFCO) CEO Brian Bonar acquired a total of 79,550 shares at an average price of $0.14. The insider spent around $11,510.
Insider Trading Trends Show Negative Signals for NVDA, CRM, and PANW (Business Insider)
Shares of the technology companies roared back swiftly in the first half of 2023, providing stakeholders with an opportunity to capitalize on the gains. Taking advantage of this price growth, corporate insiders sold shares of (NASDAQ:NVDA), Salesforce’s (NYSE:CRM), and Palo Alto Networks (NASDAQ:PANW), according to our Insiders Trading Activity tool. Given the selloff, the insider trading trends remain negative for these stocks.
Ex-Citadel Duo Raise $1.85 Billion for Hedge Fund (Bloomberg)
Former Citadel traders Jonas Diedrich and Dave Sutton have exceeded the capital raise target for their hedge fund, making it the biggest startup of the year. London-based Ilex Capital Partners started trading with client assets of $1.85 billion on July 1, according to a person familiar with the matter. The firm is in the process of adding a couple of hundred million more in capital this month and will stop accepting money on Aug. 1, the person said, asking not to be identified because the details are private.
