Bridgewater, Millennium, and Marshall Wace in Bearish Bet on Europeans Banks (Reuters)
Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Hedge funds including Citadel, Wellington Management, Capital Fund Management and Odey Asset Management already had short positions, some long-standing, disclosed as of Feb. 15, said the data provider on Thursday.
Hedge Funds Eye ‘Cheap’ Deals in Regional Bank Stocks After Silicon Valley Bank Collapse (Financial News)
Hedge funds are trying to turn the Silicon Valley Bank saga into a buying opportunity by piling into battered smaller bank stocks. Silicon Valley Bank triggered a wider rout that evaporated billions off the market capitalisation of regional lenders. Amongst the hardest-hit were First Republic Bank, Western Alliance, Independent Bank, and PacWest.
Odey Reopens Three Hedge Funds (Hedge Week)
Odey Asset Management, the London-based hedge fund firm founded by Crispin Odey, has reopened three funds which were soft closed in November 2022, including its flagship Odey European fund, according to a report by Financial News citing a letter sent to the firm’s clients. The OEI Mac and Odey Swan funds have also reopened alongside the flagship strategy and will now start to accept new investors again. In the letter, Odey AM chief executive Peter Martin said the managers were “satisfied that there is sufficient capacity within the strategy for greater assets, and an improved opportunity set”.
Hedge Fund Flags Risky Derivatives After China Market Rally (Bloomberg)
A top-performing Chinese macro hedge fund is sounding the alarm over a popular type of derivative following the country’s stock rally. Influential fund manager Li Bei advised against investing in so-called “snowball” products, a tool she used to buy at the bottom of the market late last year. Given the rebound in China equities, investors buying the option-based contracts could suffer losses, the founder of Shanghai Banxia Investment Management Center said in an article on March 12.
Thursday 3/16 Insider Buying Report: GH, SCHW (Nasdaq.com)
At Guardant Health, a filing with the SEC revealed that on Tuesday, Co-Chief Executive Officer Amirali Talasaz bought 97,000 shares of GH, at a cost of $25.79 each, for a total investment of $2.50M. So far Talasaz is in the green, up about 11.5% on their buy based on today’s trading high of $28.75. Guardant Health Inc is trading up about 4.7% on the day Thursday. And on Wednesday, Director Stephen A. Ellis bought $2.00M worth of Charles Schwab, buying 34,387 shares at a cost of $58.26 a piece. Charles Schwab is trading off about 4.6% on the day Thursday.
Director At This Financials Company Buys $2.37M of Stock (Benzinga)
Steven B Klinsky, Director at New Mountain Finance (NMFC), reported a large insider buy on March 15, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Klinsky purchased 200,000 shares of New Mountain Finance. The total transaction amounted to $2,365,740.
