CQS Shuts $525 Million Hedge Fund as Narayanan Joins Citadel (Bloomberg)
CQS is shutting one of its best-performing strategies because the fund’s chief investment officer is leaving to join Citadel, adding to a string of departures from Michael Hintze’s hedge-fund firm. Prakash Narayanan, who ran CQS Global Relative Value, is exiting after more than three years, according to people with knowledge of the matter. He is joining Citadel’s Global Credit business as a portfolio manager to run a strategy similar to the one at CQS, a spokesman for Citadel confirmed.
More Than 50 Hedge Funds have Handed Bill Ackman’s SPAC $818 million to Find a Takeover target. Here are the Top 20 Hedge Fund Backers of Pershing Square Tontine Holdings (Business Insider)
Special-purpose acquisition companies are one of the hottest investing trends right now. SPAC launches more than tripled in 2020 compared to 2019. And roughly five SPACs have gone public every trading day this year, according to a recent analysis by Goldman Sachs. Everyone from retail investors to celebrities and sports stars is jumping on the SPACs bandwagon. Hedge funds are betting big on SPACs. Insider recently published a list of the 15 most popular SPACs among hedge funds according to Goldman Sachs. Legendary investor Bill Ackman‘s $5.8 billion Pershing Square Tontine Holdings (PSTH) took top position in the list.
U.S. Utility Evergy Adds Directors in New Agreement with Activist Firm Elliot (Reuters)
(Reuters) – Midwestern utility Evergy Inc said on Friday it would name two additional directors to its board as part of a new settlement with activist investment firm Elliott Management Corp. The announcement commits Evergy to maintain focus on its Sustainability Transformation Plan (STP) announced in August, with Elliott agreeing to support management until the 2022 annual shareholder meeting, according to a statement from Evergy.
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Investment Managers Are Adjusting to ESG as a Requirement, Not a Request (Preqin)
Alternative assets managed under an ESG framework continue to accumulate, and are now estimated at 40% of the $14tn industry. As ESG momentum gathers pace, demand is growing for investment managers to prove their efforts What can managers expect from clients and regulators in the future, and how can ESG investing be improved? Industry experts Bobby Turner, Principle and CEO of Turner Capital, and Dazzle Bhujwala, Director, Investor Network at Ceres, shared their thoughts in Preqin’s Motivating ESG in Alternatives webinar on 28 January.
SA Hedge Fund Manager Peregrine Capital Partners with Prescient Fund Services for First Global Equity UCITS Fund (Hedge Week)
Peregrine Capital (Pty) Ltd (Peregrine Capital) is to start marketing its Peregrine Capital Global Equity Fund, which launched on 18 November 2020. The fund, which sits on the Prescient Global Funds ICAV platform and is authorised by the Central Bank of Ireland, will initially be distributed to investors in South Africa, and subsequently to investors in other key European markets.
GameStop Resurgence Reinforces New Reality for Hedge Funds (The Wall Street Journal)
Investors have pared back their bearish bets a full month after the GameStop frenzy took off, showing the lasting effects of the Reddit-fueled saga on funds that make money by shorting. Firms across the hedge-fund industry unloaded short positions that gain when stock prices fall, after a handful of stocks touted on Reddit and other social media platforms surged in January. They feared other stocks might experience the same meteoric rise.
Bridgewater’s Patterson Explains What could Make the World’s Largest Hedge Fund Invest in Bitcoin (TheBlockCrypto.com)
Rebecca Patterson, director of investment research at Bridgewater Associates – the world’s largest hedge fund manager, has explained what could make the firm invest in bitcoin. In an interview with Bloomberg TV on Wednesday, Patterson said, firstly, bitcoin’s volatility needs to be reduced. “Right now, bitcoin can move 10% on a tweet. That’s not exactly a stronghold of wealth for most institutional investors,” she said, adding that bitcoin’s volatility is about ten times that of the U.S. dollar and still double that of the Venezuelan Bolivar.
Hedge Funds Attract $6.39bn of New Capital to Start 2021 (Opalesque)
Hedge funds attracted USD6.39 billion of new capital last month as investors piled into a wide variety of strategy types, particularly macro and managed futures, said eVestment. According to the just-released eVestment January 2021 Hedge Fund Asset Flows Report, January inflows are not uncommon for the hedge fund business, as eVestment data going back to 2010 shows only four times (2015, 2016, 2017, and 2019) January saw negative flows. However, coming off three consecutive years of annual outflows were almost $200 billion left the industry, January’s positive number will be welcome news to many in the hedge fund business.
Friday 2/26 Insider Buying Report: CHD, OLED (Nasdaq.com)
On Wednesday, Church & Dwight’s Director, James Craigie, made a $481,530 buy of CHD, purchasing 6,000 shares at a cost of $80.25 each. Investors can snag CHD even cheaper than Craigie did, with shares trading as low as $79.32 in trading on Friday — that’s 1.2% below Craigie’s purchase price. Church & Dwight is trading up about 0.5% on the day Friday. And on Tuesday, Director Cynthia Jane Comparin purchased $476,955 worth of Universal Display, purchasing 2,300 shares at a cost of $207.37 a piece. Before this latest buy, Comparin made one other purchase in the past year, buying $199,025 shares for a cost of $149.87 a piece. Universal Display is trading off about 0.5% on the day Friday.
Cloudflare Inc (NET) CEO & Chair of the Board Matthew Prince Sold $11.7 million of Shares (Guru Focus)
CEO & Chair of the Board of Cloudflare Inc, Matthew Prince, sold 157,155 shares of NET on 02/25/2021 at an average price of $74.6 a share. The total sale was $11.7 million. Cloudflare Inc has a market cap of $22.14 billion; its shares were traded at around $71.720000 with and P/S ratio of 50.05.
A Director at Conmed (NYSE: CNMD) is Selling Shares (Analyst Ratings)
On February 23, a Director at Conmed (CNMD), Mark Tryniski, sold shares of CNMD for $426.6K. Following Mark Tryniski’s last CNMD Sell transaction on March 07, 2017, the stock climbed by 87.6%. This is Tryniski’s first transaction since reporting a Sell transaction on CBU back in December 2019.
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