Ken Griffin Sues IRS Over Tax Privacy Breach That Also Affected Other Billionaires (The Wall Street Journal)
Billionaire hedge-fund manager Ken Griffin sued the Internal Revenue Service and Treasury Department on Tuesday, seeking damages after disclosure of his tax records. Tax data about wealthy people such as Elon Musk and Jeff Bezos were published by the news organization ProPublica starting in June 2021, in an unusual breach of the confidentiality of tax returns. The news site published articles mentioning Mr. Griffin and using information from his tax records in April and July this year.
Hedge Fund EDL Laments November ‘Bloodbath’ in Forex – Letter (Reuters)
Hedge fund EDL Capital described November as “bloodbath” month in foreign exchange markets in its latest investor letter, but Edouard de Langlade, the star manager of his eponymous fund, predicted recent weakness in the dollar would be temporary. “We were short JPY, CHF, CNH, NZD and GBP, which was a bloodbath this month,” said the $945 million hedge fund manager in a letter released on Tuesday and seen by Reuters.
Ray Dalio and James Cameron Sink Cash into a Company Making Submarines for the Uber-Rich (Fortune)
Billionaire investor Ray Dalio and Oscar-winning filmmaker James Cameron have become part-owners of a company that makes submarines for the ultra-wealthy. Florida-based Triton Submarines announced on Monday that Dalio and Cameron were “joining the company to help supercharge the next generation of ocean exploration technology.” The amount they invested in the firm was not disclosed, but the deal means Triton is now co-owned by Dalio, Cameron and Triton co-founder Patrick Lahey.
Pixabay/Public Domain
Investors Remove $14 Billion from Hedge Funds in October (AI-CIO.com)
Investors continued redeeming their hedge fund investments in October, maintaining a theme that has prevailed through 2022. Net outflows from hedge funds totaled $14 billion in the month, though positive investment gains narrowed the overall loss of assets to only $12.4 billion, according to a recent report from Nasdaq’s eVestment. Funds using a market-neutral strategy were the only category of hedge funds that saw net inflows during the month of October.
Hedge Funds Returning to form as Year-End Approaches (Hedge Week)
Hedge funds extended gains in November with the investable HFRI 500 Fund Weighted Composite Index advancing 0.8% for the month, as directional equity hedge and interest rate sensitive relative value arbitrage strategies led the way. The HFRI Fund Weighted Composite Index advanced 0.95% in November, cutting its YTD decline to 4.1%. Dispersion in hedge fund performance meanwhile, widened slightly in November, as the top decile of the HFRI constituents advanced by an average of 12.8%, while the bottom decile fell by an average of 8.7%, representing a top/bottom dispersion of 21.5%. By comparison, the top/bottom dispersion was 18.6% in October.
Hedge-Fund Bets Give Boost to Huge Texas Teachers’ Pension (The Wall Street Journal)
Stocks and bonds have been pummeled this year. But bets on hedge funds have paid off for the giant Teacher Retirement System of Texas. The roughly $184 billion pension fund, one of the biggest in the U.S. and a significant investor in hedge funds, lost 2.3% for the fiscal year ended June 30, outpacing the median 5.1% loss for large pension funds reported by Wilshire Trust Universe Comparison Service. Its $9.7 billion portfolio of so-called stable-value hedge funds – which includes funds run by Man Group PLC, Systematica Investments and Citadel that are intended to zig when markets zag – gained 9.4% for the period.
Adelphi Capital trader departs for hedge fund Davide Leone & Partners (TheTradeNews.com)
A partner at hedge fund turned family office, Adelphi Capital, has left the firm for a head of trading role at Davide Leone & Partners, The TRADE can reveal. Graham O’Mahony has left Adelphi Capital after nearly 13 years to join UK-based hedge fund Davide Leone & Partners as its head trader, according to an update on his social media. Prior to joining Adelphi Capital in 2010, O’Mahony spent two and a half years as a trader at Metage Capital Ltd. Adelphi had previously been one of London’s oldest hedge funds, however, as first published in the Financial Times, the firm reportedly made plans to convert to a family office following a run of poor performance in April earlier this year.
FTX’s Inner Circle had a Secret Chat Group Called ‘Wirefraud’ (AFR.com)
Washington | Members of the inner circle of power at collapsed cryptocurrency exchange FTX formed a chat group called “Wirefraud” and were using it to send secret information about operations in the lead up to the company’s spectacular failure. On the eve of the first big hearing in the US Congress this week that will investigate FTX’s collapse, The Australian Financial Review has learnt that FTX founders Sam Bankman-Fried and Zixiao “Gary” Wang, along with FTX engineer Nishad Singh and former Alameda Research chief executive Caroline Ellison, used a chat group on Signal in the hope that the information would remain hidden.
Tuesday 12/13 Insider Buying Report: MCG, MATV (Nasdaq.com)
At Membership Collective Group, a filing with the SEC revealed that on Friday, Mark Ein bought 456,936 shares of MCG, for a cost of $3.91 each, for a total investment of $1.79M. So far Ein is in the green, up about 15.8% on their purchase based on today’s trading high of $4.53. Membership Collective Group is trading up about 10.9% on the day Tuesday. This purchase marks the first one filed by Ein in the past twelve months. And on Thursday, Director Jeffrey Keenan bought $505,706 worth of Mativ, buying 24,474 shares at a cost of $20.66 a piece. Before this latest buy, Keenan purchased MATV at 13 other times during the past twelve months, for a total investment of $2.16M at an average of $23.76 per share. Mativ is trading up about 5% on the day Tuesday. Keenan was up about 3.3% on the purchase at the high point of today’s trading session, with MATV trading as high as $21.34 in trading on Tuesday.
$2.8 Million Bet On Planet Green Holdings? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
Planet Green Holdings: The Trade: Planet Green Holdings Corp. (PLAG) CEO Bin Zhou bought a total of 5,000,000 shares at an average price of $0.56. To acquire these shares, it cost around $2.8 million. comScore: The Trade: comScore, Inc. (SCOR) 10% owner Pine Investor LLC acquired a total of 1,550,000 shares at an average price of $1.11. To acquire these shares, it cost around $1.71 million.
