BRW: Top Performing Credit Hedge Fund In A CEF Structure (Seeking Alpha)
BRW is managed by Saba Capital Management, one of the best credit managers in the world. The fund was able to navigate a tough 2022 with a 0.3% total return, vastly outperforming peers. Although I have concerns about the fund’s 12% managed distribution rate, it could simply be Saba arbitraging the fund’s discount to NAV. I would keep the BRW on my radar as the fund looks like one of the best positioned to take advantage of any credit distress if the economy falls into a recession.
Sussex Partners Expands Its Presence in Japan (Opalesque)
Sussex Partners, a global investment advisory firm that specialises in hedge funds and alternative investment asset classes, has appointed Kanji Kikuchi as a Partner to support the firm’s outreach in the Japanese market. Sussex Partners has been engaged with Japan since the firm’s inception in 2003 and is a strong supporter of local market hedge funds and the alpha opportunity they represent. Kikuchi joins Sussex Partners from Credit Suisse Securities in Tokyo where he was Head of Fund Solutions for the firm’s private banking clients. Prior to Credit Suisse, Kikuchi worked in alternative investment sales and structured solutions at Merrill Lynch, BNP Paribas and, earlier, at Mizuho Securities in Tokyo.
Ancora Secures Ritchie Bros Stake, Challenges Investors Opposing $6 bln IAA Deal (Reuters)
Ancora Group Holdings, a key shareholder in U.S. auto retailer IAA (IAA.N), has accumulated a 0.5% stake in Canada’s Ritchie Bros Auctioneers (RBA.TO) and is publicly challenging investors who oppose their planned merger, according to documents seen by Reuters. Activist investor Ancora, which has successfully pushed for change at companies including retailer Kohl’s (KSS.N) and toymaker Hasbro (HAS.O), last month threw its weight behind the tie-up after Ritchie Bros amended the terms.
$4.8 Million Bet On This Industrial Stock? Check Out These 3 Penny Stocks Insiders Are Buying (Benzinga)
Advanced Emissions Solutions: The Trade: Advanced Emissions Solutions, Inc. (ADES) Director Julian Alexander McIntyre acquired a total 1,203,650 shares at an average price of $4.00. The insider spent around $4.81 million to buy those shares. Augusta Gold: The Trade: Augusta Gold Corp. (AUGG) Director Daniel Earle acquired a total of 36,800 shares shares at an average price of $1.02. To acquire these shares, it cost around $37.54 thousand.
Wednesday 2/8 Insider Buying Report: GLO, WMPN (Nasdaq.com)
At Clough Global Opportunities Fund, a filing with the SEC revealed that on Monday, Michael Jason Hearle bought 18,000 shares of GLO, for a cost of $5.00 each, for a total investment of $89,997. Clough Global Opportunities Fund is trading up about 0.6% on the day Wednesday. This buy marks the first one filed by Hearle in the past year. And on Friday, CEO Kenneth John Stephon purchased $58,660 worth of William Penn Bancorporation, purchasing 4,960 shares at a cost of $11.83 each. Before this latest buy, Stephon purchased WMPN at 5 other times during the past year, for a total cost of $205,022 at an average of $11.52 per share. William Penn Bancorporation is trading up about 0.5% on the day Wednesday.
