Macro Hedge Fund LHG Capital’s AUM Surpasses US$750M After Record Inflow (EinNews.com)
LHG Capital Management, a hedge fund firm focused on global macro investment strategies, received over US$600 million in net inflows in 2022. The firm’s total assets under management surpassed US$750 million in August 2022, making it one of the largest hedge funds dedicated exclusively to global macro investing in the Asia-Pacific region.
Former Hedge Fund Manager Alleges He Lost $450,000 in Crypto from a Porn Virus (Finbold)
Former hedge fund manager Martin Shkreli has claimed that the massive crash of his cryptocurrency dubbed Martin Shkreli Inu (MSI) was due to a hack that emanated from an attempt to download a pornography file. This comes after the token plunged by over 90% following a dump from a crypto wallet linked to Shkreli. The wallet offloaded its holdings for 239 ETH, approximately $450,000. Interestingly, the dump occurred after the token had attained a weekly high.
GoldenTree Closes $390m CLO Under GLM Strategy (Hedge Week)
GoldenTree Loan Management II (GLM II) and its affiliated investment manager GoldenTree Asset Management LP, has closed a $390 million collateralised loan obligation GoldenTree Loan Management US CLO 15 (GLM US CLO 15) to be managed by GLM II. With the closing of this CLO, GoldenTree has issued 20 CLOs totalling over $11.5 billion under its GLM CLO strategy. Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations. While a US Court of Appeals ruling on 9 February, 2018 led to the repeal of US risk retention rules for open market CLOs, GLM CLOs are intended to continue to comply with European Union and United Kingdom Risk Retention regulations.
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Tiger Global Slashes Tech Holdings After Huge Losses (Guru Focus)
One of the most interesting 13F updates to be published this week comes from Tiger Global. For readers who don’t keep an eye on the hedge fund world, this firm has been one of the biggest winners of the decade-long technology revolution that has played out over the past 10 years. Founded by Chase Coleman around the turn of the millennium, Tiger Global was able to capitalize on depressed technology sector valuations after the dot-com bubble burst. By getting in early, the hedge fund manager was able to learn the ins and outs of the industry and then take high conviction bets on the most promising technology giants after the financial crisis. This strategy helped Tiger Global build a track record as one of the most profitable hedge funds in history by the end of 2020.
This $3.8 Billion Hedge Fund is Shaking Up the Industry with Its Pay-for-Performance Model (CNBC)
When Peter Kraus founded Aperture Investors, he deviated from the traditional active management model. Rather than raking in fixed fees, Kraus’ $3.8 billion firm operates on a fee structure linked to performance, charging 30 percent of alpha. That’s higher than the industry standard but since inception, about half of Aperture’s funds have delivered alpha above their benchmarks. Kraus sat down with CNBC’s Delivering Alpha newsletter to explain why he’s focused on a pay-for-performance set-up and how he’s putting capital to work in the current environment.
Carolina Panthers Owner David Tepper’s Hedge Fund Owns These 5 Big Dividend Stocks (Investing.com)
David Tepper, the owner of the Carolina Panthers and founder of Appaloosa Management, has become a self-made billionaire through the hedge fund he manages and the gains from his stock portfolio. A recent 13F-HR SEC filing has revealed to the public the various companies Tepper currently has holdings in. This article will take a look at the five companies that provide the billionaire investor the highest dividend yield. 1. MPLX LP (NYSE: MPLX). Price: $32.78. 52-Week Range: $26.80 to $35.49. YTD Performance: 9.54%. Dividend Yield: 8.60%.
Hedge Funds Are Fortifying ex-SPACs With Cash Cannons (The Washington Post)
Many firms that have gone public by merging with special purpose acquisition companies are quickly running low on cash. To stave off disaster, newly listed startups are turning to an esoteric form of finance called an equity line of credit, or ELOC, which grants them the right — but not the obligation — to sell additional shares to a financial investor in return for hard cash. It’s an efficient and low-cost method of raising money which, if used judiciously, can help plug a liquidity shortfall. But there are risks for the retail investors on whom the shares might ultimately be foisted.
Citadel Set to Make Bank on Meme Stock Resurgence (Institutional Investor)
Meme stocks are back — and this time around Ken Griffin’s Citadel Advisors is on the same side as the retail investors who are pushing the stocks higher. In recent weeks, shares in companies like GameStop, AMC Entertainment, and Bed Bath & Beyond have jumped on retail buying. At the end of June, some of the biggest owners of those stocks were hedge funds Citadel Advisors, Coatue Management, Mason Capital and Millennium Management.
Hedge Funds are Sitting on a Record Level of Bearish Bets on the Stock Market (CNBC)
Hedge funds are getting increasingly skeptical about this big rally that broke out in the middle of a bear market. Net short positions against the S&P 500 futures by hedge funds have reached a record $107 billion this week, according to calculations by Greg Boutle, head of U.S. equity and derivatives strategy at BNP Paribas. Shorting the S&P 500 futures is a common way to bet against the broader stock market but also could be part of a hedging strategy.
Lawyers Seek Hedge Fund Help to Take Russia’s Billions (Bloomberg)
Lawyers led by McCue Jury & Partners and Mishcon de Reya LLP are seeking investments from money managers to go after billions of dollars held by sanctioned Russian individuals and companies. Hedge funds, family offices and litigation finance firms have been approached by lawyers seeking funding to file legal claims against sanctioned Russians, according to people familiar with the matter. The proceeds would largely be used to compensate Ukrainians for losses incurred in the wake of Russia’s invasion, with investors receiving a cut of any successful claims, said the people, who asked not to be named because the discussions are private.
Thursday 8/18 Insider Buying Report: FOX, OCX (Nasdaq.com)
At Fox, a filing with the SEC revealed that on Monday, Executive Chair, CEO Lachlan K. Murdoch purchased 126,773 shares of FOX, at a cost of $36.50 each, for a total investment of $4.63M. Investors are able to buy FOX at a price even lower than Murdoch did, with the stock changing hands as low as $33.18 in trading on Thursday which is 9.1% below Murdoch’s purchase price. Fox is trading off about 0.3% on the day Thursday. This purchase marks the first one filed by Murdoch in the past year. And at Oncocyte, there was insider buying on Tuesday, by Director Andrew Arno who purchased 150,000 shares at a cost of $0.96 each, for a total investment of $144,121. This purchase marks the first one filed by Arno in the past year. Oncocyte is trading up about 8.7% on the day Thursday.
Procter & Gamble Chairman Sold $28.36M In Company Stock (Benzinga)
Jon R Moeller, Chairman at Procter & Gamble (PG), reported a large insider sell on August 16, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Tuesday showed that Moeller sold 193,308 shares of Procter & Gamble. The total transaction amounted to $28,362,763.
SEC Charges Three Individuals with Insider Trading (Lexology)
The SEC charged three individuals with securities fraud for engaging in insider trading in the securities of Equifax, Inc. prior to its announcement of a major data breach. In the Complaint, filed in the Northern District of Georgia, the SEC alleged that the individuals disclosed and used material nonpublic information to purchase out-of-the-money, short-term put options in a personal brokerage account in anticipation of Equifax stock falling after the breach was announced. The SEC said the individual providing the information was an employee at a public relations firm retained by Equifax immediately following the data breach. The SEC further alleged that the former employee, upon learning of the breach, notified another individual, who then notified a third person who executed the trades. The individuals sold the put option contracts following a 14 percent drop in Equifax’s stock price.
