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.
Farallon Capital to Wage Proxy Battle at Biotech Firm (The Wall Street Journal)
Hedge fund Farallon Capital Management is planning to wage a proxy battle at biotech company Exelixis Inc., EXEL 1.20%increase; green up pointing triangle according to people familiar with the matter. Farallon has nominated three director candidates that it flagged in a late-March securities filing, the people said. At the time, the firm hadn’t decided to move forward with a proxy fight and was still trying to work with the company. The window to nominate directors ran from Feb. 24 to March 26, according to proxy materials.
Odey Shuts Natural Resources Hedge Fund Hurt by Russian Bets (Bloomberg)
Odey Asset Management has liquidated a commodities-focused hedge fund run by portfolio manager Henry Steel and personally backed by its founder Crispin Odey. The London-based firm has shuttered the Odey Concentrated Natural Resources Fund after the money pool suffered losses tied to its large Russian positions last year and failed to raise assets, according to a person with knowledge of the matter who asked not to be identified because the details are private.
Wednesday 4/5 Insider Buying Report: XOS, SPG (Nasdaq.com)
On Tuesday, Xos’ Director, George N. Mattson, made a $72,100 purchase of XOS, buying 130,000 shares at a cost of $0.55 a piece. So far Mattson is in the green, up about 19.0% on their purchase based on today’s trading high of $0.66. Xos is trading up about 8.9% on the day Wednesday. Before this latest buy, Mattson purchased XOS at 2 other times during the past year, for a total investment of $306,722 at an average of $0.98 per share. And at Simon Property Group, there was insider buying on Friday, by Reuben S. Leibowitz who bought 506 shares for a cost of $109.33 each, for a total investment of $55,321. Before this latest buy, Leibowitz bought SPG on 3 other occasions during the past twelve months, for a total investment of $156,084 at an average of $98.85 per share. Simon Property Group is trading down about 1.2% on the day Wednesday. Leibowitz was up about 1.5% on the purchase at the high point of today’s trading session, with SPG trading as high as $111.00 at last check today.
Citadel LLC CEO Leads Forbes’ Richest Hedge Fund Managers 2023 List (LiveMint)
Forbes have mentioned the twenty richest hedge fund managers for 2023 their list of Richest Billionaires 2023 released on Tuesday. In their list, Forbes ahs mentioned that the twenty richest hedge fund billionaires list are worth $245 billion–up $4 billion from a year ago. ‘But their individual returns have varied dramatically’, Forbes mentions. The publication noted that they have counted 47 hedge fund billionaires. Forbes mentioned that the 47 people have a combined net worth of $312 billion, up slightly from the same number in 2022 who were worth $310 billion.
Over $40M Bet On 89bio? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
89bio: The Trade: 89bio, Inc. (ETNB) Director Rajeev Shah acquired a total of 2,461,538 shares at an average price of $16.25. To acquire these shares, it cost around $40 million. The company’s Director Michael R Hayden also bought the company’s shares. ProFrac Holding: The Trade: ProFrac Holding Corp. (ACDC) 10% owner Dan Wilks acquired a total of 902,995 shares an average price of $12.19. To acquire these shares, it cost around $11.01 million.
