Steve Cohen’s Point72 Lagged Behind Multistrategy Peers With 1.3% January Drop (Bloomberg)
Steve Cohen’s Point72 Asset Management lost money in January, making it an outlier as several multistrategy hedge funds posted gains during a volatile start of the year for stocks. Point72 fell 1.3% last month, according to people familiar with the matter. A spokesman for the $24.2 billion hedge fund firm declined to comment. Gabe Plotkin’s Melvin Capital Management, in which Point72 has invested, tumbled 15% in January.
Ken Griffin’s Citadel Flagship Hedge Fund Gains Nearly 5% During January’s Tech Rout (CNBC)
Billionaire investor Ken Griffin’s hedge funds crushed the market in January as a spike in volatility and a steep sell-off in growth stocks created an ideal environment for fast-money traders. Citadel’s multistrategy flagship fund Wellington gained 4.71% last month, according to a person familiar with the returns.
Here are the Hedge-Fund Winners and Losers After a Brutal January for Growth Stocks – from Melvin Capital to Citadel and AQR (Business Insider)
January’s market mayhem wasn’t painful for every hedge fund manager. While funds focused on growth stocks, especially in the tech and software sectors, were hit hard during the month’s sell-off, several macro managers and multi-strategy firms came out with strong months, regardless of market conditions.
Investor Kyle Bass Pivots to Green Credits, Returned Cash from Hedge Fund (Reuters)
(Reuters) – Investor Kyle Bass, who spent much of his career betting on sovereign debt crises and interest rates, is shifting focus from hedge funds to the environment with a firm that will buy rural land and create environmental mitigation offsets. The new firm, Conservation Equity Management, was officially launched on Thursday and plans to rebuild wetlands, streams, and endangered species habitats to help create offsets, or tradable credits, to diminish the ecological damage from development. These types of credits are highly sought after by large corporations and developers which generate emissions in their businesses but are pledging to cut or offset them.
Growth Hedge Funds Suffer Worst Rout in Years (The Wall Street Journal)
Stock markets’ selloff in January dealt double-digit losses to a range of hedge funds investing in technology and other fast-growing companies, sparking questions about whether a popular and lucrative strategy for these firms is running out of steam. Whale Rock Capital Management’s hedge fund lost 15.9% for the month in the share class that invests in public and private companies, following a 9% loss last year, according to a person familiar with the firm. Tiger Global Management’s hedge fund, which also lost money last year, lost 14.8% for the month, another person said. Melvin Capital Management and Light Street Capital Management both lost 15% following double-digit losses in 2021, clients said.
Borea Grabbed the Opportunity (Hedge Nordic)
Stockholm (HedgeNordic) – The outbreak of the Covid-19 pandemic triggered a violent market crash back in early 2020, which, assuming perfect foresight, presented a dearth of attractive investment opportunities across many asset classes. Norwegian asset manager Borea Asset Management swiftly launched a special fund in September of that year to capture a set of attractive risk-reward opportunities within the Norwegian banking sector. That fund, Borea Utbytte, was last year’s best-performing member of the Nordic Hedge Index with a full-year return of 61.8 percent.
Cryptocurrency Hedge Fund ARK36 Adds Three to Team (Hedge Week)
Cyprus-regulated cryptocurrency hedge fund ARK36 is strengthening its team in Cyprus by appointing Chris Krokides as Cryptocurrency Trader, Tetyana Martyneko as AML Officer and Marilena Iacovou as Office Manager. Krokides’ role will primarily involve managing the company’s portfolio, performing technical and fundamental analysis, and maintaining risk to acceptable levels through hedging and increasing/decreasing fiat currencies as necessary.
Elliott-Backed Italian Challenger Bank CF+ Eyes IPO in Future (Reuters)
MILAN, Feb 3 (Reuters) – Italian challenger bank Banca CF+, backed by U.S. hedge fund Elliott Management, could consider a bourse listing in the next five years, its chief executive said on Thursday. The specialist lender, formerly known as Credito Fondiario, sees opportunities to expand its business product offering through acquisitions, CEO Iacopo De Francisco told a press conference to present the bank’s new name and strategy.
Thursday 2/3 Insider Buying Report: CLNN, CACI (Nasdaq.com)
At Clene, a filing with the SEC revealed that on Tuesday, David J. Matlin bought 101,352 shares of CLNN, at a cost of $2.96 each, for a total investment of $300,002. Investors have the opportunity to snag CLNN at a price even lower than Matlin did, with shares trading as low as $2.69 at last check today — that’s 9.1% below Matlin’s purchase price. Clene is trading down about 6.9% on the day Thursday. Before this latest buy, Matlin purchased CLNN on 2 other occasions during the past twelve months, for a total investment of $2.3M at an average of $8.58 per share. And at CACI International, there was insider buying on Monday, by Chief Executive, CACI Limited Gregory R. Bradford who purchased 1,111 shares at a cost of $245.92 each, for a trade totaling $273,217.
Executives Sell Over $20M Of 5 Stocks (Benzinga)
Palo Alto Networks: The Trade: Palo Alto Networks, Inc. (PANW) EVP, Chief Technology Officer Nir Zuk disposed a total of 12,000 shares at an average price of $510.38. The insider received $6.12 million as a result of the transaction. Western Digital: The Trade: Western Digital Corporation (WDC) Director Paula A Price sold a total of 4,150 shares at an average price of $51.82. The insider received $215.05 thousand from selling those shares. Visa: The Trade: Visa Inc. (V) Chairman and CEO Alfred Kelly Jr sold a total of 9,000 shares at an average price of $224.90. The insider received $2.02 million as a result of the transaction. The insider also acquired a total of 6000 shares.
