US Default Risk Worse than 2011, Says Veteran Hedge Fund Manager (Hedge Week)
Veteran hedge fund manager Sushil Wadhwani has warned that a deeply divided US Congress may push the country to the brink of a default and credit downgrade before it resolves its current standoff over the debt ceiling, according to a report by Bloomberg. Speaking on Bloomberg TV, Wadhwani, the chief investment officer for PGIM Wadhwania and an advisor to UK Chancellor Jeremy Hunt, said it may take a market shock worse than that seen in 2011 to “get these folks to agree”.
European Hedge Fund Launch Activity Dips in 2022 (Opalesque)
Opalesque Industry Update, for New Managers – The number of hedge fund launches in Europe declined last year amid poor performance and the continued strong growth of multi-strategy multi-manager firms, according to UK-headquartered data provider With Intelligence. Fifty-seven new funds began trading in Europe in 2022, down from 74 in 2021, which was boosted backlog of start-ups delayed by the coronavirus pandemic. Just 45 launches got going in 2020. Last year’s launches managed assets of $6.8bn at year-end, the lowest total since 2016, when new European funds raised $6bn.
Why the Biggest ESG Fund in the US Won’t Buy Tesla (Financial News)
Parnassus Investments chief investment officer Todd Ahlsten has a distinction few others can claim — he is running the largest ESG fund in the US. The Parnassus Core Equity currently weighs in at $26bn and Ahlsten has run the strategy since 2001 when he was 29 years old. Including other versions of the strategy, such as the ABN AMRO Parnassus US ESG Equities Fund available in Europe, that figure is closer to $33.5bn.
Wednesday 5/10 Insider Buying Report: CIVI, IHRT (Nasdaq.com)
At Civitas Resources, a filing with the SEC revealed that on Friday, Chief Legal Officer & Sec. Travis L. Counts purchased 6,835 shares of CIVI, at a cost of $68.20 each, for a total investment of $466,126. Civitas Resources is trading off about 1.6% on the day Wednesday. Before this latest buy, Counts made one other buy in the past twelve months, purchasing $234,471 shares at a cost of $65.94 a piece. And also on Friday, CEO Robert W. Pittman bought $253,441 worth of iHeartMedia, buying 88,028 shares at a cost of $2.88 a piece. Before this latest buy, Pittman purchased IHRT on 4 other occasions during the past twelve months, for a total cost of $1.65M at an average of $8.10 per share. iHeartMedia is trading off about 7.4% on the day Wednesday.
Over $3M Bet On This Real Estate Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Heartland Express: The Trade: Heartland Express, Inc. (HTLD) CEO Michael J Gerdin acquired a total 103,254 shares an average price of $14.91. To acquire these shares, it cost around $1.54 million. GitLab: The Trade: GitLab Inc. (GTLB) Alphabet Inc acquired a total of 706,292 shares at an average price of $27.57. To acquire these shares, it cost around $19.47 million.
