D1’s Big Bets on Venture Capital Are Weighing Down Its Returns (Bloomberg)
D1 Capital Partners’s massive exposure to private bets is weighing on returns, making it one of the year’s worst-performing crossover funds. Dan Sundheim’s firm — which has 60% of its roughly $20 billion of assets invested in venture capital and private equity — gained just 3.8% this year through August after barely making money last month, according to people familiar with the matter. Those results are for a share class with as much as 35% invested in private assets.
Griffin of Citadel Hedge Fund Lays Out Roadmap to Future Philanthropic Giving (Reuters)
Ken Griffin, the world’s most successful hedge fund manager in terms of earnings, has already donated more than $2 billion to charity during his lifetime and on Wednesday laid out a roadmap for his future philanthropic giving to find faster solutions to the world’s biggest problems. Griffin, who laid the foundations for Citadel in his Harvard dormitory, launched Griffin Catalyst (GriffinCatalyst.org), a platform that illustrates how he thinks about giving and showcases his partner organizations and how they have put his money to work.
Clash of the Hedge Fund Titans Pits Billionaire Mentor Against CEO Protégé (The Messenger)
When troubled hedge fund Sculptor Capital Management accepted an offer in July to sell to Rithm Capital Corp., it should have been a done deal. But it was just the latest turn in an evolving multibillion-dollar Shakespearean drama that’s been playing out for more than six years between Sculptor founder Dan Och and his former protégé (and current CEO) Jimmy Levin, whose publicly disclosed compensation payouts amount to hundreds of millions since 2013 alone. Their soured relationship and years of infighting are now casting doubt on whether the deal to sell Sculptor will ever close.
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Billionaire Bill Ackman Just Explained His 8 “Basic Commandments” of Investing — and This Artificial Intelligence (AI) Stock Might Check Off All of Them (The Motley Fool)
Ackman believes this high-flying AI stock still has plenty of room to run. Bill Ackman‘s net worth currently totals close to $3.7 billion, according to Forbes. His Pershing Square Capital Management hedge fund has been a big winner since Ackman founded it in 2004. What’s Ackman’s secret to success? It really isn’t such a secret. The billionaire has never shied away from discussing his approach to investing. Ackman explained his eight “basic commandments” of investing in an interview released last week on The Julia La Roche Show podcast. And there’s one artificial intelligence (AI) stock that could check off all of them.
Third Point Pares Back Market Exposure (Institutional Investor)
Dan Loeb cut back on the size of his equity book in August. The head of multistrategy hedge fund firm Third Point reduced the gross exposure to stocks from 122 percent to around 107 percent, according to the firm’s August monthly report. Most of the change was in the short book, as Loeb slashed his short exposure from 26.5…
