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…
Hedge Fund Shorts UK Lender Lloyds on Mortgage Outlook (Bloomberg)
Viking Global Investors is shorting Lloyds Banking Group Plc on concerns about the outlook for the lender’s mortgage business, according to people with knowledge of the matter. The wager by the hedge fund founded by Tiger cub Andreas Halvorsen comes as UK mortgage arrears rise to the highest level in seven years after a succession of interest rate hikes by the Bank of England. A cost-of-living crisis is also hurting consumers, while the economy shrank more than expected in July, reviving recession worries.
Hedge Funds Are Helping Finance the Government’s Borrowing (The Wall Street Journal)
Hedge funds helped scoop up 40% of the Treasury issuance in the second quarter, Fed data released Friday shows. Trading firms, comprising much of the category dubbed “households and nonprofit organizations,” increased their holdings to $2.3 trillion, nearly three times the level from a year earlier. Private equity firms and other investors are also included in that category. Only federal retirement plans and money-market funds had bigger appetites. Together, the three filled the gap for the Fed as it shrinks its holdings down from a fifth of all U.S. debt.
‘First’ A.I.-Based High-Yield Quant Hedge Fund Probably Not The First, Allegedly Not Even A Hedge Fund (Deal Breaker)
As it will no doubt be in a much more concrete and potentially civilizationally-threatening ways soon, artificial intelligence is everywhere: at the White House and on Capitol Hill; in every hedge fund’s portfolio and in David Tepper’s raciest fantasies; on Gary Gensler’s mind and in an exchange-traded fund advertising on, of all things, the podcast about the origins of public broadcasting in America I was listening to this morning (I’m a lot of fun); in the juiced returns of every company that puts the letters “A” and “I” into a press release in the way companies threw around the word “blockchain” a few years ago.
Man Group Bolsters Tech Push in Bulgaria Hiring Spree (Financial News)
The hedge fund has recently hired Amusnet CTO Deyan Pandulev as a senior local executive. The world’s largest publicly-traded hedge fund Man Group is boosting its technology team in its Bulgaria office, with plans to take on engineers and quant developers. In August the firm added Deyan Pandulev to its team as a senior executive. Pandulev moved into the role from his chief technology officer job at online casino games firm Amusnet, a source familiar with the appointment told Financial News.
Wednesday 9/13 Insider Buying Report: FIVE, MIRM (Nasdaq.com)
At Five Below, a filing with the SEC revealed that on Friday, CEO Joel D. Anderson bought 3,100 shares of FIVE, for a cost of $161.50 each, for a total investment of $500,650. Five Below is trading up about 1.3% on the day Wednesday. This purchase marks the first one filed by Anderson in the past twelve months. And at Mirum Pharmaceuticals, there was insider buying on Monday, by Chief Financial Officer Eric Bjerkholt who purchased 10,000 shares at a cost of $29.65 each, for a trade totaling $296,492. Mirum Pharmaceuticals is trading up about 1.6% on the day Wednesday. Bjerkholt was up about 7.9% on the purchase at the high point of today’s trading session, with MIRM trading as high as $32.00 in trading on Wednesday.
$7.7M Bet On This Mobile Satellite Communications Specialist? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Globalstar: The Trade: Globalstar Inc. (GSAT) Director James Monroe III acquired a total of 5,080,416 shares at an average price of $1.52. To acquire these shares, it cost around $7.72 million. What’s Happening: Globalstar appointed Paul Jacobs to CEO and announced an agreement to license for XCOM Labs technology. What Globalstar Does: Globalstar Inc is a telecommunications company that derives revenue from the provision of mobile satellite services.
