Hedge Fund SPX Spearheads Group of Americanas Local Bondholders (Bloomberg Law)
Brazilian hedge fund manager SPX Capital is among asset management firms taking the lead in a group of local bondholders of troubled retailer Americanas SA organizing for restructuring negotiations. SPX, XP Asset Management, Riza, Icatu Vanguarda, Prada, Moneda and Exes were appointed as members of the committee that will represent a group of holders of the firm’s domestic debt, according to a document reviewed by Bloomberg. The group also approved hiring law firm E.Munhoz Advogados as its legal adviser, according to minutes from a Feb. 6 meeting.
Why Hedge Fund Veteran Jim Chanos Sees Short-Selling Making a Comeback (Financial News)
Short-sellers had a lean period since the 2008 financial crisis but amid a long bull market and low-interest rate environment, American short-seller Jim Chanos now sees a trend reversal despite the market rally in January. The founder of Kynikos Associates, who won big on his short bets against Enron Corporation after exposing its accounting fraud, said that the stage is now set for a greater period of shorts, similar to the wake of the dotcom bubble.
ExodusPoint, the largest Hedge Fund Launch in History, Shed Assets and Employees Amid Mixed Performance Last Year (Business Insider)
ExodusPoint ended 2022 with fewer assets, employees, and PMs than it started with — a first. Equities trading has been a stumbling block for the firm and underperformed again in 2022. The fund regrouped this fall, cutting PMs, reallocating capital, and leaning into fixed-income trading. As a chaotic year in the markets headed toward a close, some of the most revered hedge funds in the industry, such as Citadel and D.E. Shaw, cruised to the finish line with banner results.
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Hedge Fund Arini to Launch New Credit Funds as Growth Outlook Worsens – Letter (Reuters)
Arini, the $2.3 billion hedge fund run by a former Credit Suisse banker, will launch two new funds this year aiming to profit from uncertainty over how a recession might hit European corporate debt, a letter to investors seen by Reuters shows. One fund will ask investors to commit capital for a longer period to buy stressed and distressed bonds and other debt instruments, according to the letter.
Three Arrows’ Founder Refused to Comply With Subpoena, Stonewalling Probe, Court Told (Coin Desk)
Kyle Davies refused to comply with a court subpoena for the books and records of his former crypto hedge fund Three Arrows Capital, a New York court was told in a Tuesday night filing. Davies was accused of stonewalling a probe into the company, which managed as much as $3 billion in assets before collapsing last year, while “shamelessly” promoting new crypto ventures. Davies and co-founder Su Zhu “have refused to meaningfully engage,” said a filing on behalf of Russell Crumpler and Christopher Farmer, who now represent the bankrupt company. Davies and Zhu “have made only selective and piecemeal disclosures” and “refusal to cooperate violates their duties owed to Three Arrows,” it added.
January: Mirror Image of 2022 for Nordic CTAs (Hedge Nordic)
Stockholm (HedgeNordic) – The average return of the eight “CTA” constituents of the Nordic Hedge Index that had positive performance in 2022 was 14.4 percent. The group’s aggregate performance was dragged down by Estlander & Partners’ two futures-based multi-factor vehicles, Freedom and Glacies. While the two Estlander & Partners vehicles started off 2023 on a strong note, all of last year’s positive performers booked losses in the first month of the year.
