Ken Griffin’s Citadel Beats Multistrategy Rivals Gaining 26% in 2021 (Bloomberg)
Ken Griffin’s Citadel bested its mega-multistrategy peers, posting a 26% return for 2021. The $43.1 billion firm’s Wellington fund, which runs a market neutral strategy, beat D.E. Shaw & Co. and Millennium Management even as their hedge funds had double-digit gains. Multimanager, multistrategy firms use separate pods of traders to invest across assets and geographies.
Capstone Hedge Fund CEO Warns of ‘Wickedly Dangerous’ Volatility Risk as Raging Bull Market Tops 600% (Financial News)
A raging bull market that has lasted more than a decade has blindsided some long-term investors to volatility risks in their portfolios, according to one hedge fund boss. Paul Britton, chief executive of New York-based Capstone Investment Advisors, said some investors are too focused on achieving certain investment returns without factoring in the volatility they might experience in the process.
Elliott Advisors Backs Dave Jenkinson as New Taylor Wimpey Chief Executive (The Times)
The activist investor demanding a leadership overhaul at Taylor Wimpey has told shareholders that it would back Dave Jenkinson, the former boss of Persimmon, to take over as chief executive. Elliott Advisors, the influential American hedge fund, has been speaking to fellow shareholders in the FTSE 100 housebuilder since it confirmed last month that it had built a stake in Taylor Wimpey and attacked its management.
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As Toshiba Investors Carp, No. 2 Shareholder Urges EGM Vote on Break-Up Plan (Reuters)
TOKYO (Reuters) – The second-largest investor in Japan’s Toshiba Corp on Thursday called for an extraordinary general meeting, seeking to force the company to win two-thirds support for a three-way breakup plan that has angered some major overseas shareholders. The proposal by Singapore-based hedge fund 3D Investment Partners marks the latest in a long and acrimonious battle between the once-mighty tech conglomerate and a number of its foreign shareholders, many of them activist funds.
Lone Pine’s Ugly Quarter (Institutional Investor)
The Tiger Cub’s funds suffered sharp losses that marred full-year results. Lone Pine Capital’s two funds posted huge losses in the fourth quarter.As a result, the Tiger Cub’s long-short hedge fund finished the year in the red, while its long-only fund was barely profitable. Lone Cypress, the Tiger Cub’s hedge fund, was down about 12 percent in the fourth quarter and wound…
Hedge Funds are Selling Tech Shares at Their Fastest Pace in a Decade as Rates Spike (CNBC)
Surging bond yields have triggered hedge funds to sell growth-focused technology shares at a speed not seen in the past decade. The hedge fund community dumped tech stocks in the four sessions between Dec. 30 and Tuesday as interest rates spiked. The four-session tech unloading marked the biggest sale in dollar terms in more than 10 years, reaching a record since Goldman Sachs’ prime brokerage started tracking the data.
