Hedge Fund Billionaire Chase Coleman Says Buy Big Tech Stocks (Bloomberg)
Tiger Global Management founder Chase Coleman, whose firm was stung by last year’s tech rout, said the sector now looks attractive thanks to artificial intelligence and other new technologies. “Technology is interesting again,” said Coleman, speaking in front of a few hundred guests at the Boys’ Club of New York’s annual luncheon in Manhattan on Tuesday. He said to buy FAANGs, the acronym for mega-cap tech companies including Meta Platforms Inc. and Alphabet Inc., when a guest asked the event’s speakers for stock tips.
Roller Coaster March Puts Macro Hedge Funds in Red, Others Post Small Gains (Reuters)
Big market swings in March sparked by a banking crisis hurt some hedge fund returns with global macro firm Rokos Capital Management reporting double digit losses. Firms that concentrate on stocks, however, rode a late month market rally to small gains, investors said and industry data showed. Macro systematic funds, which place their bets based on algorithmic and technical models, fell 6.7% in March, its worst monthly performance in over five years, Bank of America said in a note. Trend-following funds, also known as CTAs, lost 2.5% in March.
Hedge Fund Hestia Seeks Leadership Overhaul at Pitney Bowes (The Wall Street Journal)
Hestia Capital Management LLC is calling for shipping-services company Pitney Bowes Inc. to replace its longtime chief executive and reset the company’s finances before reviewing strategic alternatives for its e-commerce business. The hedge fund on Tuesday said it is nominating Lance Rosenzweig, who Hestia said has experience in turning around underperforming companies, to replace Marc Lautenbach, president and CEO of Pitney Bowes since December 2012.
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Skills Honed and Perfected in and by the Markets (Hedge Nordic)
Stockholm (HedgeNordic) – Swedish hedge fund Excalibur Fixed Income has one of the lowest recorded maximum drawdowns in the Nordic hedge fund universe despite being one of its longest-running members. The fixed-income macro fund has experienced only two years of low single-digit losses, while delivering an annualized return of 4.8 percent – the high end of its 4-5 percent target return band – since launching in April of 2001. The ability to generate this return with limited downside risk in fixed-income markets is a “mastery that cannot be taught in even the best business schools,” according to founder Thomas Pohjanen.
Why two of North America’s richest families are coming together to fortify Greg Fleming’s Rockefeller Capital Management (Business Insider)
Two of North America’s richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family, one of Canada’s richest families, began negotiations in earnest in November with the five-year-old firm, which was born from the family office of the Rockefeller heirs. But the family has known the Standard Oil heil for decades. Both are prominent in their respective homelands for their politics and philanthropy.
