India’s Unicorn Spree and the Incredible Roar of Tiger Global (EnTracker)
From the eye of the Tiger to the roar of the Tiger, the recent investment pugmarks of Tiger Global has made startups into unicorns at a pace never seen before in the Indian startup ecosystem. The New York-based hedge fund helped make six unicorns in India in the past 100 days. And three just this week when it led rounds in Groww, ShareChat and Gupshup. The investment firm also participated in CRED’s new round, which valued the two-and-a-half-year-old company at about $2.2 billion.
Short Selling Hedge Funds Assets Under Management Plummeted Last Year, Report Shows (Seeking Alpha)
Jim Chanos‘ Kynikos Associates and Jim Carruther’s Sophos Capital, two of the world’s biggest short selling focused hedge funds, saw their assets under management plunge last year. Kynikos started last year with about $932M in assets and finished the year with about $405M, Institutional Investor reported, citing annual ADV filings that are made with the Securities and Exchange Commission. In 2018 Kynikos, more recently know for shorting Tesla, was managing just under $2B in assets, a big decline from the $7B the fund ran in 2008.
Where the Battle to Buy Tribune Publishing Stands at the End of a Busy Week (Poynter.org)
The fight for Tribune Publishing between hedge fund Alden Global Capital and would-be white knight buyers Stewart Bainum Jr. and Hansjörg Wyss barely pauses for a between-rounds breather. Here are some developments and perspectives for this week. Bainum and Wyss have bid $680 million for the company, compared to Alden’s $635 million. A source familiar with Alden’s thinking offered this analogy (my paraphrase): Suppose you have your house on the market for $635,000 and have found a firm buyer.
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Oracle’s Larry Ellison Buys Palm Beach Mansion for $80 Million (The Wall Street Journal)
Oracle co-founder Larry Ellison has purchased a North Palm Beach mansion from hedge-fund manager Gabe Hoffman, the founder of Accipiter Capital Management, for $80 million, according to two people familiar with the deal. The property sold for just above its $79.5 million asking price. Mr. Ellison could not immediately be reached for comment.
Credit Suisse Plans Hedge Fund Unit Overhaul After Archegos Hit (Bloomberg)
Credit Suisse Group AG is planning a sweeping overhaul of the hedge fund business at the center of the Archegos Capital blow up, as the drama forces Wall Street banks to reconsider how they finance some of their most lucrative clients. The Swiss bank is weighing significant cuts to its prime brokerage arm in coming months, people familiar with the plan said. The lender has already moved to tighten financing terms with some funds, and hopes changes to the unit can allow it to forgo major cuts to other parts of the investment bank, which just had a banner quarter, the people said, asking not to be identified as the matter is private.
Hedge Funds Enjoy Biggest First-Quarter Gains in 20 Years, as Event Driven and Equity Strategies Fuel Returns (Hedge Week)
Hedge funds have made their strongest first-quarter start in more than 20 years, gaining more than 6 per cent in the three-month period to the end of March, with returns powered by a mix of successful calls on deep value equities amid accelerated volatility, renewed economic optimism, and soaring cryptocurrencies. Hedge Fund Research’s main Fund Weighed Composite Index, a global, equal-weighted benchmark of some 1400 single-manager hedge funds, advanced 6.08 per cent in Q1, following a 1.02 per cent gain in March. The March gain proved to be its sixth consecutive monthly rise, with Q1 its best opening quarter since 2000, and the index’s fifth-best opening quarter on record.
The Multi-Strategy Appeal (Hedge Nordic)
Stockholm (HedgeNordic) – The term “multi-strategy” does not always have clear edges, with multi-strategy funds often coming in many different shapes and colors. Multi-strategy is colloquially used for single-manager or multi-manager approaches, funds of funds, single managers with multiple in-house strategies, or simply as a “box” that characterizes funds that do not fit any other clear classification. But there are, of course, genuine multi-asset, multi-strategy funds, and Anna Svahn’s Antiloop Hedge may be one of them.
BlackRock Raises $4.8bn for Renewable Power Fund (Opalesque)
American multinational investment management corporation BlackRock Inc. has raised $4.8 billion for a new fund to invest in renewable power assets around the world – almost double its initial target. The total for the firm’s GRP III was almost three times the size of GRP II, which closed in July 2017 at $1.7 billion. BlackRock Real Assets closed on its third global renewable power fund (GRP III), drawing money from over 100 institutional investors, including leading public and private pension funds, insurance companies, endowments, foundations, and family offices from over 18 countries globally.
Friday 4/9 Insider Buying Report: ASTS, CZNC (Nasdaq.com)
On Tuesday, AST SpaceMobile’s Director, Adriana Cisneros, made a $2M purchase of ASTS, buying 200,000 shares at a cost of $10.00 each. Cisneros was up about 6.2% on the purchase at the high point of today’s trading session, with ASTS trading as high as $10.62 in trading on Friday. AST SpaceMobile is trading down about 4.1% on the day Friday. This purchase marks the first one filed by Cisneros in the past year. And on Monday, Frank G. Pellegrino purchased $7,176 worth of Citizens & Northern, purchasing 299 shares at a cost of $24.00 each. Before this latest buy, Pellegrino bought CZNC on 11 other occasions during the past year, for a total investment of $92,644 at an average of $18.11 per share. Citizens & Northern is trading up about 0.5% on the day Friday. Investors can grab CZNC even cheaper than Pellegrino did, with shares trading as low as $23.56 at last check today which is 1.8% below Pellegrino’s purchase price.
A Director at Dave & Busters Entertainment (NASDAQ: PLAY) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Dave & Busters Entertainment (PLAY), Stephen King, sold shares of PLAY for $668K. Following Stephen King’s last PLAY Sell transaction on May 27, 2020, the stock climbed by 29.9%. In addition to Stephen King, 3 other PLAY executives reported Sell trades in the last month. The company has a one-year high of $51.73 and a one-year low of $8.43. PLAY’s market cap is $2.12 billion and the company has a P/E ratio of -9.20.
Edwards Lifesciences Corp (EW) Chairman & CEO Michael A Mussallem Sold $5.8 million of Shares (Guru Focus)
Chairman & CEO of Edwards Lifesciences Corp, Michael A Mussallem, sold 68,550 shares of EW on 04/08/2021 at an average price of $84.45 a share. The total sale was $5.8 million. Edwards Lifesciences Corp is a part of the healthcare sector. The company specializes in the treatment of structural heart disease. It manufactures heart valves and repair products used to replace or repair a patient’s diseased or defective heart valve.
Insiders are buying Accesso Technology shares. Should I buy too? (The Motley Fool)
One thing I always keep an eye on as part of my investment research is insider buying (or ‘director dealing’). Insiders are some of the most informed participants in the market and their trades can provide us with valuable insights. Like the rest of us, insiders buy a stock for one key reason – they expect to make money. Recently, I’ve noticed some interesting insider buying at Accesso Technology (LSE: ACSO). This is an under-the-radar UK company that specialises in virtual queuing and online ticketing solutions for amusement parks and other similar attractions. Is this director dealing an indicator that I should buy Accesso Technology shares? Let’s take a closer look.
WA Man in Court Over Alleged Insider Trading Offences (Big News Network)
This is a joint release between Australian Federal Police, Australian Securities and Investments Commission, Australian Taxation Office and the Australian Criminal Intelligence Commission. A West Australian man accused of insider trading offences is expected to appear in Perth Magistrate’s Court today (9 April 2021). The offences involve alleged communication of inside information to another person, and trading while in possession of inside information, relating to a Perth-based diamond exploration company. The 50-year-old man was charged as a result of a joint operation involving the Australian Federal Police, Australian Securities and Investments Commission, Australian Taxation Office and the Australian Criminal Intelligence Commission.
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