A Hedge Fund That Helped Melvin Capital During GameStop’s Squeeze Is Now Long GME (The Street)
Steve Cohen‘s Point72 Has Gone Long GME: Point72 is a fund managed by Steve Cohen, who also owns the New York Mets. The fund has about $26 billion in assets under management and uses a discretionary long/short strategy. As revealed in the fund’s latest 13-F filing, Point72 has made a surprising bet on GameStop (GME) – shares. In the most recent quarter, the fund bought about 606,000 shares of the video-game retailer at a market value of $11 million.
Salesforce, Activist Investor Elliott May Soon Reach Deal – Sources (Reuters)
Cloud-based software firm Salesforce Inc (CRM.N) and activist investor Elliott Management Corp are in discussions to reach an agreement that may end a possible board challenge, according to two people familiar with the matter. The battle at Salesforce has pitted Elliott as well as other activist investors against Marc Benioff, one of Silicon Valley’s most iconic chief executives. Salesforce’s growth has slowed dramatically in recent quarters and last month the company said it would cut 10% of jobs to address its performance.
Soros Says Adani Crisis to Spark Democracy Revival in India (Bloomberg)
The turmoil engulfing Gautam Adani’s business empire that’s sparked a punishing stock market selloff and shaken faith in India as an investment opportunity may open the door to a democratic revival in the country, according to billionaire investor George Soros. The fallout from US short seller Hindenburg Research’s attack on the conglomerate threatens to hurt investor confidence in India, has fueled concerns about the country’s regulatory framework and sparked questions about Prime Minister Narendra Modi’s ties with Adani.
Phongphan/Shutterstock.com
Brevan Howard Hires Ex-Nomura VP Murray Colville as Head of Systematic Operations (Financial News)
Hedge fund Brevan Howard has hired former Nomura vice president Murray Colville to head its systematic operations. Colville joins Brevan Howard after spending four months at institutional crypto trading platform Elwood Technologies as a technical account manager.
Ilmarinen’s Hedge Fund Portfolio Returns 8% in 2022 (Hedge Nordic)
Stockholm (HedgeNordic) – 2022 was a difficult year for investors, including well-diversified institutional investors, as equity and bond markets experienced double-digit declines. Finnish pension insurer Ilmarinen saw its investment portfolio book a loss of 6.6 percent for 2022, resulting in an investment loss of €4.0 billion. Ilmarinen’s hedge fund portfolio, which accounted for 8.6 percent of the overall portfolio at the end of 2022, returned 8.2 percent during the year to offset some of the broader portfolio’s losses.
Stan Druckenmiller’s Big Fourth-Quarter Moves (Institutional Investor)
The legendary macro trader bet big on two popular stocks — and liquidated two others. Stan Druckenmiller made sizable investments in two widely held hedge fund stocks and fully liquidated two others in the last quarter of 2022, in what was an active period in general for the legendary macro investor.
Why the Medallion Fund is the Greatest Money-Making Machine of All Time (OfDollarsAndData)
The Medallion Fund, managed by Renaissance Technologies, is one of the most successful and mysterious hedge funds in the world. Founded in 1988 by mathematician Jim Simons, the Medallion Fund has produced impressive returns for its investors and has become synonymous with the idea of using mathematical models and algorithms to trade in financial markets. Despite its success, the fund remains shrouded in secrecy, with little known about the inner workings of its investment strategy.
$65M Ponzi Scheme: Former Great Neck Hedge Fund Manager Admits To Lending Fraud (Daily Voice)
A former bond trader and hedge fund manager in New York could spend decades in federal prison for defrauding his friends and lending institutions out of over $65 million. Nassau County resident Jeffrey Parket, age 59, of Great Neck, pleaded guilty to wire fraud and bank fraud in federal court in Manhattan on Wednesday, Feb. 15.
ESG Activists Met the Moment at ExxonMobil, But Did They Succeed? (HBS Working Knowledge)
Engine No. 1, a small hedge fund on a mission to confront climate change, managed to do the impossible: Get dissident members on ExxonMobil’s board. But lasting social impact has proved more elusive. Case studies by Mark Kramer, Shawn Cole, and Vikram Gandhi look at the complexities of shareholder activism. The impact-investment hedge fund Engine No. 1 made a big splash in May 2021 when it managed to get three nominees elected to the ExxonMobil board of directors. It was an open effort to prod the oil giant toward renewable energy and test whether activist investing could make a difference.
Around $11M Bet On Insight Enterprises? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Mineralys Therapeutics: The Trade: Mineralys Therapeutics, Inc. (MLYS) 10% owner HBM Healthcare Investments (Cayman) Ltd. acquired a total of 3,218,106 shares an average price of $16.00. To acquire these shares, it cost around $5 million. Insight Enterprises: The Trade: Insight Enterprises, Inc. (NSIT) 10% owner ValueAct Holdings GP, LLC bought a total of 85,355 shares at an average price of $127.76. To acquire these shares, it cost around $10.91 million.
Friday 2/17 Insider Buying Report: FWRD, EMBC (Nasdaq.com)
At Forward Air, a filing with the SEC revealed that on Wednesday, Director Laurie Anne Tucker bought 4,000 shares of FWRD, for a cost of $101.97 each, for a total investment of $407,880. Tucker was up about 4.6% on the buy at the high point of today’s trading session, with FWRD trading as high as $106.68 at last check today. Forward Air is trading up about 2.8% on the day Friday. This purchase marks the first one filed by Tucker in the past twelve months. And at Embecta, there was insider buying on Wednesday, by Director David F. Melcher who bought 3,100 shares at a cost of $32.92 each, for a trade totaling $102,068.
