LME Draws Ridicule as Nickel Markets See Third Day of Chaos (Financial News)
The London Metal Exchange’s attempts to restart nickel trading went awry again — a week after an unheard of short squeeze led the exchange to cancel orders and halt trading. False starts, IT and system issues thwarted metals traders hoping to resume a sense of normalcy to trading after nickel reached a record high exceeding $100,000 a tonne on 8 March. The LME not only halted trading for eight days, but took the extreme step of cancelling trades, infuriating traders including hedge fund boss Clifford Asness.
Are Tiger Funds Losing Their Appetite for Private Markets? (Institutional Investor)
Several well-known firms have not made a new private investment in at least a month. The smart money crowd is showing signs of cooling on private companies… at least for now. Tiger Global Management aside, a number of firms best known for their hedge funds have sharply cut back on their activity in the private markets over the past six weeks.
Renaissance Philanthropy: The Many Major Donors to Emerge From a Single Hedge Fund (Inside Philanthropy)
There are few contemporary Wall Street institutions more legendary than Renaissance Technologies, the famously profitable hedge fund founded in 1982 by mathematician Jim Simons. The firm has achieved peerless investing track records, including through its exclusive Medallion Fund. Renaissance is perhaps the best-known example of investing via quantitative analysis – hence the term “quant” – and was spearheaded by math whizzes and computer scientists rather than your more traditional Wall Street set.
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Five Lessons Entrepreneurs Can Learn From George Soros (Forbes)
George Soros is one of the most celebrated and divisive leaders of the 21st century. He’s a billionaire hedge fund investor, Holocaust survivor, leading philanthropist, financial speculator, boogeyman of the far right, geopolitical counselor, founder of a world-renowned university – and much more besides. Inspired by reading the recently released and excellent book “George Soros: A Life In Full”, a compilation of essays from Harvard Business Review Press, I wanted to offer five lessons from his life relevant to startup leaders, including fintech founders.
Hedge Fund Chatham Asset Management Sends Letter to RYAM Board Over Debt Maturity Concerns (Hedge Week)
Hedge fund Chatham Asset Management (Chatham), which manages funds that beneficially own approximately 6.3 per cent of the outstanding common stock of Rayonier Advanced Materials (RYAM) and is a substantial bondholder of the Company, has sent a letter to the independent members of the company’s Board of Directors expressing concerns that management is not taking action quickly enough to proactively address the Company’s upcoming debt maturities. In light of rising interest rates, Chatham delivered a suggested term sheet to RYAM management earlier this week outlining a possible exchange offer of the Company’s 5.50 per cent Senior Notes due 1 June, 2024 (the 2024 Notes) into new five year notes and proposed a buyback of a portion of the 2024 Notes that Chatham owns.
Hedge Fund Ellington Urges Ditching 60/40 for CLOs, Asset-Backed Securities (Bloomberg)
As the Federal Reserve continues to tamp down rising inflation with an aggressive rate-hiking schedule, it may make sense for investors to abandon a popular guidepost for moderate investor risk, according to Ellington Management Group. The classic 60/40 portfolio, a strategy that advocates holding 60% equities to 40% bonds, should be shelved for now and investors should rotate into sectors that benefit from rising asset prices and floating rates, the hedge fund said in a new report. These include asset-backed securities and collateralized loan obligations.
Portal Asset Management launches actively managed Multi-Strategy Fund (Opalesque)
Portal Asset Management, an award-winning crypto asset management advisory firm, today announced the launch of its third fund, which is focused on outperforming Bloomberg’s Galaxy Crypto Index (BGCI) with reduced volatility of 35%-50% annualised. The Portal Radiance Multi-Strategy Hedge Fund comes in response to tremendous demand from forward-looking investors seeking to get the most from the exponential world of digital assets with a professional institutional-grade approach.
Investors Choice: Accendo and OAM (Hedge Nordic)
Stockholm (HedgeNordic) – Two members of the Nordic hedge fund industry, Accendo Capital and OAM Absolute Return Fund, have been awarded “Investors Choice” awards at the 2022 Investors Choice Awards for the EMEA (Europe, the Middle East, and Africa) region organized by data platform Allocator. The shortlisted funds for the Investors Choice Awards – recognized as “Top Performer” winners – are determined based on absolute returns over the 12 months ending December 2021.
U.S. Investigates How Wall Street Handles Its Biggest Trades (Bloomberg)
Frank Fu, a Cornell-educated engineer turned hedge fund manager, opened CaaS Capital Management two years ago to focus on block trading, one of the last bastions of old Wall Street. In the firm’s first full year Fu posted a jaw-dropping 76% return. Now, Fu and one of his key contacts at Morgan Stanley, Pawan Passi, are said to be among more than a dozen industry executives whose communications are being scrutinized in a sweeping U.S. probe into how Wall Street firms handle big trades. Investigators are examining, among other things, whether banks improperly tipped hedge funds to pending sales big enough to move markets.
Thursday 3/17 Insider Buying Report: LSEA, APPS (Nasdaq.com)
At Landsea Homes, a filing with the SEC revealed that on Tuesday, Chief Executive Officer John Ho purchased 65,248 shares of LSEA, at a cost of $7.77 each, for a total investment of $506,833. So far Ho is in the green, up about 16.9% on their buy based on today’s trading high of $9.08. Landsea Homes is trading up about 4.3% on the day Thursday. This buy marks the first one filed by Ho in the past year. And on Monday, Director Robert M. Deutschman bought $474,900 worth of Digital Turbine, buying 15,000 shares at a cost of $31.66 a piece. Before this latest buy, Deutschman purchased APPS at 2 other times during the past twelve months, for a total cost of $307,590 at an average of $51.27 per share. Digital Turbine is trading up about 4.2% on the day Thursday. So far Deutschman is in the green, up about 26.7% on their purchase based on today’s trading high of $40.10.
Executives Buy Around $22M Of 4 Stocks (Benzinga)
Appian: The Trade: Appian Corporation (APPN) 10% owner Colin Moran acquired a total of 140,000 shares at an average price of $52.83. To acquire these shares, it cost around $7.4 million. JELD-WEN Holding: The Trade: JELD-WEN Holding Inc. (JELD) 10% owner Turtle Creek Asset Management Inc acquired a total of 350,041 shares at an average price of $23.27. To acquire these shares, it cost around $8.15 million.
