At Hedge Funds, Private Market Investments Continue to Languish (Institutional Investor)
Most hedge funds showed little appetite for the private markets in the second quarter. Hedge fund firms and their venture capital arms continued to shun the private markets in the second quarter of 2023. Several firms that until recently were very active in the private markets made no new investments in the June three-month period, while others continued to be involved in just a fraction of the deals they had previously been making, according to an analysis of data from Crunchbase.
UK Regulator Quizzes Platforms on Offering Odey Funds to Retail Investors, Financial Times Reports (Reuters)
UK’s Financial Conduct Authority (FCA) is pressing investment platforms including AJ Bell (AJBA.L), Hargreaves Lansdown (HRGV.L) and Halifax for continuing to offer funds from Odey Asset Management to investors, the Financial Times reported. The FCA contacted investment platforms this month about their continued offering of funds branded under Odey’s name, or under Brook, the name given to funds managed by other partners of Odey Asset Management, according to the report on Thursday, citing people familiar with the matter.
Fund Managers Are Eager to Paint a Pretty Picture as Q2 Comes to a Close (Real Money)
The market is dealing with an interesting mix of crosscurrents as the second quarter draws to a close. Few strategists predicted the market strength in the first half of the year, and even fewer have predicted how narrow the strength would be. This has created substantial underperformance by many investors as well as an intense fear of missing out if this indeed is really a new bull market. Many fund managers are struggling at the end of the quarter to put a happy face on what is likely to be a quarter of substantial underperformance versus the Nasdaq 100 (QQQ). Money managers holding diversified portfolios have little chance of keeping pace with the indexes unless they have been highly concentrated in the 10 big-cap names that have produced all of the superior performance this year.
Thursday 6/29 Insider Buying Report: IGMS, OKE (Nasdaq.com)
At IGM Biosciences, a filing with the SEC revealed that on Monday, Director M. Kathleen Behrens purchased 112,500 shares of IGMS, for a cost of $8.00 each, for a total investment of $900,000. Behrens was up about 20.0% on the purchase at the high point of today’s trading session, with IGMS trading as high as $9.60 in trading on Thursday. IGM Biosciences is trading up about 3.9% on the day Thursday. Before this latest buy, Behrens made one other buy in the past twelve months, purchasing $1.03M shares at a cost of $17.14 each. And on Wednesday, Director Brian L. Derksen purchased $291,989 worth of ONEOK, purchasing 4,900 shares at a cost of $59.59 a piece. ONEOK is trading up about 0.7% on the day Thursday. Derksen was up about 2.5% on the purchase at the high point of today’s trading session, with OKE trading as high as $61.10 at last check today.
BJ’s Wholesale Club, Verint Systems And 2 Other Stocks Insiders Are Selling (Benzinga)
BJ’s Wholesale Club: The Trade: BJ’s Wholesale Club Holdings, Inc. (BJ) EVP, Chief Digital Officer Monica Schwartz sold a total of 15,168 shares at an average price of $61.85. The insider received around $938,140 from selling those shares. Verint Systems: The Trade: Verint Systems Inc. (NYSE: VRNT) Director Richard N Nottenburg sold a total of 3,000 shares at an average price of $34.82. The insider received around $104,445 from selling those shares.
