Citadel Reinforces its Position in Asos with Light on the Horizon (The Times)
A hedge fund founded and controlled by an American billionaire has increased its stake in Asos, the online fashion retailer once fêted as a stock market star. Ken Griffin’s Citadel, which manages about $43 billion in assets and is one of the industry’s biggest players, has lifted its stake in the group to just above 5 per cent, according to a stock exchange filing. Citadel has been investing in the business for some time through different financial instruments, but under stock exchange rules shareholders that accumulate a 5 per cent stake or more in a public company are required to disclose their position.
John Paulson’s Piano Man Gig Pays Off With Steinway IPO (Bloomberg)
The hedge fund manager has been a sensitive owner of the legendary keyboard maker and its share sale should deliver him a long-overdue payday Hedge fund boss John Paulson made $20 billion for himself and clients betting against the U.S. housing market in 2008 but subsequently struggled to repeat that success. With his net worth pared back to less than $5 billion, Paulson & Co. returned what remained of investors’ cash in 2020. Now, he’s finally poised to strike paydirt again thanks to an unusual wager on an underappreciated gem — Steinway Musical Instruments Holdings Inc.
Hedge Funds Lure Biggest Inflow in Seven Years in First Quarter, Data Provider Says (Reuters)
NEW YORK, April 22 (Reuters) – Investors poured $19.8 billion into hedge funds in the first quarter, the biggest inflow of money since the second quarter of 2015, lured by gains some funds are posting amid volatile markets, according to data provider HFR.
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Global Long/Short Equity Hedge Fund Gains Double-Digits Through Inflation (Opalesque)
A global long/short equity strategy, which deploys long-term capital into small and mid-cap ideas in out-of-favour segments of the market, has returned about 22% in the last 12 months through well-thought-out exposures. London-based Eschler Asset Management LLP, the manager of that strategy, is an independent investment practice modelled on the original Buffett Partnership. The managers, who invest heavily in it, look for resilient businesses in capital-constrained markets. Eschler’s founder Theon de Ris will present at the Manager Discovery Panel webinar on Tuesday May 3rd, at 11 am ET.
MSCI Questions Suitability of Short-Selling to Achieve ESG Investing Aims (Hedge Week)
MSCI Inc has questioned the hedge fund industry’s assertion that short-selling is an effective strategy to implement environmental, social and governance investing, according to a report by Bloomberg. Rumi Mahmood, vice president of ESG and climate fund research at MSCI is quoted as saying that there is no evidence to support the claim that shorting a company with a poor ESG record will raise it’s cost of capital and that, in fact, short-selling goes against the grain when attempting to align investor interests with good corporate conduct due to a lack of transparency.
