Tiger Global Drops 14% in May During the Tech Sell-Off, Pushing Hedge Fund’s 2022 Losses to Over 50% (CNBC)
Chase Coleman’s Tiger Global Management suffered huge losses in May amid a tech-driven sell-off, making the hedge fund’s tough 2022 even worse. The growth-focused flagship fund at Tiger Global tumbled 14.3% in May, bringing its 2022 losses to over 50%, a source familiar with the return told CNBC’s David Faber.
Engine No. 1 Rushes to Back ESG Disclosures at Top Companies (Reuters)
June 2 (Reuters) – Sustainability-focused hedge fund Engine No. 1 has backed 83% of shareholder resolutions on environmental, social and governance (ESG) topics at top U.S. companies so far this year as it looks to arm investors with more information, leaders said. Ballot items, such as several at Exxon Mobil Corp (XOM.N) calling for more details around reduced plastic use and emissions-cut scenarios, help investors understand a business, Engine No. 1 founder and executive chairman, Christopher James, said in an interview with Reuters on Wednesday.
Gabe Plotkin’s Wild Ride Reveals the Perils of Betting on a Star Trader (Bloomberg)
Gabe Plotkin’s trading hand was so hot for so long that Steve Cohen, one of Wall Street’s most prominent investors, decided to break his own rule. Cohen generally doesn’t like staking people who leave his hedge fund, nor does he farm out much of his wealth to other managers, but he did so repeatedly for his one-time protege. Plotkin got a $200 million check from Cohen to start his own firm in 2014, and more last year when he ran into trouble with meme-stock traders.
Pixabay/Public Domain
Hedge Fund Balyasny Pull Goldman & JPMorgan Technologists; Paying $365K (The Coin Republic)
JPMorgan might want to keep away its technologists, who are complaining of their comparatively poor pay, from Mike Grimaldi. Grimaldi joined JPMorgan as the former head of technology in 2017 and left in 2021. Before that, he worked at Deutsche Bank. In 21 years of his career, Grimaldi spent most of his time at Goldman Sachs. Currently, Grimaldi is busy hiring at hedge fund Balyasny Capital Management.
Panthers’ Practice Facility Dead After Chapter 11 Filing (Madison.com)
The Carolina Panthers’ proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night. Tepper, who made billions in hedge funds, is the NFL’s wealthiest owner. The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way.
RedBird Capital Partners to acquire AC Milan from Elliot Advisers (Hedge Week)
RedBird Capital Partners (RedBird) is to acquire Associazione Calcio Milan (AC Milan), the newly crowned Champions of Italy’s Serie A, from Elliott Advisors UK Limited (Elliott). The deal, which values the club at €1.2 billion, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors. The transition to new ownership will take place over the summer, with an expected closing no later than September 2022.
Top-10 Unilever Investor Backs Peltz to Bring Urgency (Reuters)
FRANKFURT, June 2 (Reuters) – Germany’s Flossbach von Storch, a top-10 shareholder in Unilever, is backing Nelson Peltz to bring urgency to the consumer goods giant, but doesn’t expect major structural changes, it said on Thursday. Billionaire activist investor Peltz will join Unilever’s board in July, the company said on Tuesday, heaping pressure on the maker of Dove soap and Hellmann’s mayonnaise as it reviews its strategy.
Formue Nord Bolsters Team (Hedge Nordic)
Stockholm (HedgeNordic) – Aalborg-based Formue Nord has bolstered its team with the hiring of Søren Skinbjerg as Client Portfolio Manager. The boutique asset manager, which runs two market-neutral funds offering financing solutions to listed companies, has rapidly grown to encompass a team of eight employees from a founding team of two. “Søren Skinbjerg has today started at Formue Nord as Client Portfolio Manager, and we are super happy to have him on the team,” writes Formue Nord on LinkedIn. “Søren’s primary focus at Formue Nord will be on customers and business development, where he will contribute to strengthening our efforts and work focused on client relations,” according to the LinkedIn post. “Søren is already well underway to getting accustomed to our business.”
SureFire Capital’s Multi-Strategy Hedge Fund Achieves +22.1% in April 2022, Outperforming the S&P 500 and Nasdaq-100 Indices (Benzinga)
SureFire Capital, a family office specializing in alternative investments and founded by CEO Ariel Shlien, announced the most recent performance for SureFire Multi-Strat, LP, which achieved +22.1% in April 2022 and an estimated +10% in May 2022 amid challenging market conditions. The underlying quantitative hedge fund strategy, focused on the Nasdaq-100 Index, incorporates trend, momentum, and volatility factors.
A Web of Deceit? State Pension Funds and Non-Profit Foundations Investing in Activist Hedge Funds (SFWeekly.com)
The aims of activist hedge funds may seem harmless, even virtuous. But who are they really benefiting? Growing evidence suggests that the only true winners are the billionaires who run these funds. So why are public pension funds – some supported by taxpayer dollars – investing in these instruments of economic destruction? Research indicates that state pension funds have invested in activist hedge funds. Public records show that New Jersey’s pension fund has investments in the activist funds Starboard Value and Jana Partners. Florida’s pension fund also has invested in Starboard Value.
Head of George Soros’ Family Office Predicts Ethereum (ETH) Will Gain Traction Over Bitcoin (BTC): Report (The Daily Hodl)
The CEO of an investment management firm founded by George Soros says cryptos have passed the test when it comes to appealing to traditional investors. In an interview with Bloomberg Wealth, Dawn Fitzpatrick of Soros Fund Management (SFM) tells host David Rubenstein that among the top two crypto assets, she believes Ethereum (ETH) will grab more market share from Bitcoin (BTC) due to environmental concerns.
Thursday 6/2 Insider Buying Report: SCOR, RYN (Nasdaq.com)
On Wednesday, comScore’s William Paul Livek, made a $1.15M buy of SCOR, purchasing 600,000 shares at a cost of $1.92 a piece. Livek was up about 18.4% on the buy at the high point of today’s trading session, with SCOR trading as high as $2.27 at last check today. comScore is trading up about 16.3% on the day Thursday. Before this latest buy, Livek bought SCOR on 4 other occasions during the past year, for a total cost of $321,182 at an average of $3.76 per share. And on Tuesday, Director Meridee Moore bought $495,149 worth of Rayonier, buying 12,000 shares at a cost of $41.26 each. Rayonier is trading down about 0.5% on the day Thursday.
Prosecutors Charge a Crypto Employee with Insider Trading. (The New York Times)
Manhattan prosecutors on Wednesday accused a former employee of OpenSea, an auction site for the digital goods known as nonfungible tokens, or NFTs, of insider trading. It is believed to be the first such case filed related to a cryptocurrency company. Nathaniel Chastain, a 31-year-old former product manager at OpenSea, is accused of using his knowledge of which NFTs would be featured on the site’s home page to secretly purchase from those collections in advance, and then profit when auctions increased their value, according to a report in the DealBook newsletter this morning.
Insiders Buy More Than $41M Of 2 Penny Stocks (Benzinga)
Evelo Biosciences: The Trade: Evelo Biosciences, Inc. (EVLO) 10% owner Noubar Afeyan acquired a total of 27,397,259 shares at an average price of $1.46. To acquire these shares, it cost $40 million. comScore: The Trade: comScore, Inc. (SCOR) Director Paul William Livek acquired a total of 600,000 shares at an average price of $1.92. The insider spent around $1.15 million to buy those shares.
