Third Point Has Big Shell Stake, Urges Energy Giant to Break Up (The Wall Street Journal)
The activist hedge fund’s stake is worth well over $500 million. Daniel Loeb’s Third Point LLC has taken a large stake in Royal Dutch Shell PLC and is urging the oil giant to separate into two companies to retain and attract investors as many flee stocks seen as environmentally unfriendly. The activist’s stake is worth well over $500 million, making it one of the Anglo-Dutch company’s largest investors, people familiar with the matter said.
US Hedge Fund Launches Equity Long/short Ucits Strategy in Europe (Citywire Selector)
Boston-based Invenomic has partnered with Waystone to launch a US equity long/short fund on the MontLake Ucits platform. The Invenomic US Equity Long/Short Ucits fund will be run by Invenomic Capital Management and is a fundamentally-driven all-cap strategy with a strong value bias. The fund will follow three core principles: invest in companies with good fundamentals, take disciplined approach to short selling, and use diversification as a risk management tool.
Fertiglobe Surges 20% in Abu Dhabi Debut After $795 Million IPO (Bloomberg Quint)
(Bloomberg) — Fertiglobe Holdings, the fertilizer maker backed by U.S. hedge fund investor Jeff Ubben and a Singapore wealth fund, jumped 20% on its trading debut following a $795 million initial public offering. The shares opened at 3.06 dirhams on Wednesday in Abu Dhabi. State-controlled Abu Dhabi National Oil Co. and OCI NV had sold just under 14% of Fertiglobe at 2.55 dirhams per share, valuing the company at $5.8 billion. Fertiglobe’s listing is the emirate’s third largest. Singapore sovereign wealth fund GIC Pte and Ubben’s Inclusive Capital Partners committed $150 million between them to the deal.
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Short-Selling: Man GLG, Marshall Wace and BlackRock Dominate UK-Listed Bearish Bets (Hedge Week)
Man GLG, the discretionary hedge fund unit of London-headquartered global asset management giant Man Group, now holds the largest number of short positions against UK-listed stocks, followed by Marshall Wace and BlackRock, according to new industry data. New analysis from ETP provider GraniteShares shows that GLG – the long-running discretionary manager which runs a range of long/short equity, emerging market and multi-strategy credit funds – held 23 negative wagers on publicly-traded UK names.
A Billionaire: Tax on Billionaires Is “Ridiculous” (InTheseTimes)
A billionaire hedge fund manager weighs in on the Democrats’ proposed wealth tax. Democrats in Congress may be on the verge of imposing a monumental wealth tax on billionaires, which could cost some of America’s richest people billions of dollars each. Yet with the exception of Elon Musk, few billionaires have weighed in publicly on the idea. We found one who would. Leon Cooperman is a legendary investor and hedge fund manager with a net worth of about $2.5 billion, according to Forbes. He is also someone who has sent me angry emails in the past, which I respect. So I emailed him to ask what he thought of the Democrats’ tax proposal.
Bennett Goodman’s Hunter Point Capital Hires Former Blackstone Executive – Sources (Reuters)
(Reuters) – Hunter Point Capital, the private equity firm launched by Bennett Goodman, who co-founded Blackstone Inc credit arm GSO Capital Partners, has hired a former Blackstone executive, three people familiar with the matter said on Tuesday. Melvin Hibberd, 37, will join Hunter Point Capital in January next year, the sources said. He was previously a managing director at Blackstone’s Strategic Capital Holdings unit that acquires stakes in alternative asset managers.
Hedge Fund Superstars Can’t Master Yield Curves (Bloomberg)
It has been an absolutely awful year for some of the world’s most well-regarded macro hedge funds. First, Bloomberg News revealed in early August that Alphadyne Asset Management, which has never had a down year since starting in 2006, was facing losses of about $1.5 billion through the first seven months of 2021 after being caught in wrong-way bets on rising interest rates. Element Capital Management, the $15 billion firm considered with Alphadyne to be among the best in the world at trading rates, tumbled 7% in February as global bond yields jumped and curves steepened. Element, led by its billionaire founder Jeffrey Talpins, began mounting a comeback more recently by simply avoiding wagers on interest rates.
Hedge Fund Demand for Quality Research Is Higher Than Ever. Morgan Stanley Is Delivering It. (Institutional Investor)
Morgan Stanley leads the 2021 All-America Research Team: Hedge Fund Cut. As the hedge fund industry has grown, so have managers’ demands on equity research providers. “Over the last decade, the skew of demands on our department has meant that our time spent with hedge funds has consistently grown,” said David Adelman, director of equity research for the Americas at Morgan Stanley. “It has grown before, through and post-Covid.”
Hedge Fund Manager With $1,000,000,000 in Bitcoin Holdings Says BTC To Manifest as a Gigantic Asset Class – Here’s Why (The Daily Hodl)
SkyBridge Capital founder and managing partner Anthony Scaramucci is betting on Bitcoin’s (BTC) importance as an asset growing massively in the future. In a CNBC interview, Scaramucci says that he views Bitcoin as “digital gold.” “I think that [Bitcoin] manifests itself into a gigantic asset class. This is equivalent, to me, to digital gold.” The hedge fund manager says that while Bitcoin’s technical properties appeal to him as an investor, he is not as enthusiastic about the flagship crypto as MicroStrategy CEO Michael Saylor.
Wednesday 10/27 Insider Buying Report: EYEN, INTC (Nasdaq.com)
On Tuesday, Eyenovia’s , Stuart M. Grant, made a $535,224 purchase of EYEN, buying 133,806 shares at a cost of $4.00 a piece. Grant was up about 10.2% on the buy at the high point of today’s trading session, with EYEN trading as high as $4.41 at last check today. Eyenovia is trading up about 7.1% on the day Wednesday. Before this latest buy, Grant purchased EYEN at 3 other times during the past year, for a total investment of $589,958 at an average of $4.37 per share. And at Intel, there was insider buying on Monday, by Director Frank D. Yeary who purchased 10,000 shares at a cost of $49.66 each, for a trade totaling $496,595. Intel is trading up about 0.1% on the day Wednesday. Bargain hunters have the opportunity to snag INTC at a price even lower than Yeary did, with the stock trading as low as $48.22 in trading on Wednesday which is 2.9% below Yeary’s purchase price.
Zoetis (NYSE: ZTS) Executives are Making Moves with Their Shares (Analyst Ratings)
Yesterday, the EVP of Zoetis (ZTS), Heidi Chen, sold shares of ZTS for $1.99M. Following Heidi Chen’s last ZTS Sell transaction on May 04, 2021, the stock climbed by 38.0%. In addition to Heidi Chen, one other ZTS executive reported Sell trades in the last month. Based on Zoetis’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $1.95 billion and quarterly net profit of $512 million. In comparison, last year the company earned revenue of $1.55 billion and had a net profit of $377 million.
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