HG Vora Offers to Bbuy Ryder System for $4.4 Billion (Reuters)
(Reuters) – Hedge fund HG Vora Capital Management LLC said on Friday it offered to acquire Ryder System Inc for $4.4 billion, sending the truck fleet operator’s shares up 17% in early trading. HG Vora owns 9.9% of Ryder and proposed to pay $86 a share for the rest, representing a premium of 20.3% to the stock’s Thursday close. Ryder did not immediately respond to a Reuters request for comment.
Hedge Fund Millennium’s Hiring Revealed in Investor Letter (eFinancialCareers)
Millennium, the multi-strategy hedge fund run by Izzy Englander, is still on a hiring drive. The fund’s recent investor letter, issued in February 2022 but with many details unreported until now, reveals that last year was another year of growth. Millennium came out of 2021 with 287 investor teams (formerly known as “pods”) said Englander, up from 268 at the end of 2020. Trading headcount increased by 17% over the same period, although Izzy doesn’t volunteer what it increased to. Millennium’s own website says it currently has 4,000+ employees.
Hedge Funder Paul Saunders, Wife Sell Riviera Beach Condo (The Real Deal)
A hedge fund manager with a reputation for making multimillion-dollar real estate deals settled for one under $10 million with a Riviera Beach condo sale. Property records show hedge funder Paul H. Saunders and his wife, Victoria, sold unit TS9A at 2700 North Ocean Drive to debt-collecting attorney Rick Silver for $7.1 million.
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Pelham Hedge Fund Losses Worsen to Record 28% as Stocks Plunge (Bloomberg)
Pelham Capital, a hedge fund specializing in betting on and against stocks, is in its deepest slump since its launch about 15 years ago as the sell off in equity markets accelerates. The firm’s main Pelham Long/Short Fund plunged about 7% in April, worsening its loss this year to 28%, according to people with knowledge of the matter. That comes after a 12% decline in 2021.
Elliott’s London Staff Set for More Responsibility as Hedge Fund Shuts Last Asia Office (Financial News)
Tokyo office closure means London will now take even greater charge of Elliott’s Asia portfolio. High-profile activist investor Elliott Management is shutting up shop in Asia, according to reports, as the hedge fund’s London office prepares to take more control of its investments in the region. Having shut its Hong Kong office last year and moved staff to Japan and the UK, the decision to axe its Tokyo base as well means Elliott’s final outpost in Asia will close, and London will lead all of its new and existing campaigns.
Hedge Funds Outperformed the S&P Total Return Index in April, Despite Losing 2.66% (Hedge Week)
Hedge funds once again outperformed the S&P Total Return Index in April, despite losing 2.66%, bringing the year-to-date loss to -5.55%, according to BarclayHedge. The S&P 500 Total Return Index shed -8.72% in April. The absorption of the month’s steep loss pushed the index further into the red, landing its year-to-date compounded return at -12.92%. A sizable majority of hedge fund subsectors posted losses in April. The sectors that did post monthly gains were led by the Emerging Markets Eastern Europe Index which bounced +4.97%.
An Increasing Number of Hedge Funds have Set Up UCITS and AIF Products Over the Last Decade (Opalesque)
The European funds market may be a complex environment, but ManCos are here to take on the burden of the paperwork and transform most funds into a European vehicle ready for distribution. A management company, a.k.a. ManCo, is a company that performs collective portfolio management services (e.g. portfolio management, administration and marketing) of UCITS and/or alternative investment funds. Luxembourg hosts more than 300 ManCos with a UCITS or an AIFM (Alternative Investment Fund Manager) licence, or both.
Hedge Fund Arca Says It’s Solvent Despite Blowup Rumors (The Block)
Arca—the digital asset hedge fund led by Wisdom Tree co-founder Ryan Steinberg—is not insolvent, despite rumors tied to its recent bets on Luna. The firm made headlines on Wednesday for a letter it sent out Tuesday to limited partners in its digital asset hedge fund that outlined how the firm “doubled down” on Luna-powered stablecoin UST.
Tiger Global Sidestepped Crypto Rout by Cashing Out When Going Was Good (Blockworks)
At long last, a silver lining for Tiger Global. The blue-chip hedge fund firm has been ravaged this year by punishing equity markets and pummeled by a steep technology-stock rout that contributed to a staggering 44% loss in the first four months of 2022 for founder Chase Coleman’s flagship vehicle.
Friday 5/13 Insider Buying Report: SBUX, STGW (Nasdaq.com)
At Starbucks, a filing with the SEC revealed that on Tuesday, interim ceo Howard D. Schultz bought 137,500 shares of SBUX, at a cost of $72.67 each, for a total investment of $9.99M. Starbucks Corp. is trading up about 5.3% on the day Friday. And at Stagwell, there was insider buying on Thursday, by Director Eli Samaha who bought 644,452 shares for a cost of $6.90 each, for a total investment of $4.45M. Before this latest buy, Samaha purchased STGW at 2 other times during the past twelve months, for a total cost of $5.83M at an average of $7.84 per share. Stagwell is trading up about 6.9% on the day Friday. Samaha was up about 8.3% on the buy at the high point of today’s trading session, with STGW trading as high as $7.48 in trading on Friday.
B. Riley Insiders Went on a Stock-Buying Spree (Barron’s)
B. Riley Financial stock has lost nearly half of its value this year, and insiders, led by Chairman and co-CEO Bryant Riley, have scooped up $18.6 million of the financial-services firm’s shares. The stock (ticker: RILY) slipped on Friday, April 29, after the company had reported first-quarter earnings the night before. Over the next few trading days, insiders bought 395,547 shares at an average price of $47.02 each.
