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.
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.
