Investor Kyle Bass: Globalization isn’t Over, Just Don’t Invest in Countries Run by Despots (CNBC)
The Russia’s unprovoked war against Ukraine is not a death knell for globalization but should be a wake-up call about the risks of investing in countries that aren’t democracies, Texas hedge fund manager Kyle Bass said on CNBC on Thursday, “You don’t have to paint it with that broad of a brush,” the founder of Hayman Capital Management told “Squawk Box” in an interview, when asked whether he thought the idea of an interconnected economy with few barriers to impede global trade was effectively over. “You have to say, each country run by maybe a despotic authoritarian should be re-reviewed and maybe not invested in.”
The Hedgeweek Users Have Spoken (Hedge Nordic)
Stockholm (HedgeNordic) – Four Nordic hedge fund managers received recognition at this year’s Hedgeweek European Awards, with the winners determined by an online poll among the Hedgeweek userbase. Funds from Proxy P Management and Othania Capital received awards in their respective strategy categories, while Rhenman Healthcare Equity L/S co-managed by Susanna Urdmark won the “Best Female Fund Manager” award and Accendo Capital won the “Manager of the Year” award.
Hedge Fund Pressuring Rayonier AM; CSX Stockholders Warned of Underpriced Offer (Jax Daily Record)
An activist hedge fund continues to pressure Rayonier Advanced Materials Inc., calling on the Jacksonville-based company to refinance its debt. While Chatham Asset Management said it is not interested in taking over the maker of cellulose specialties products, Rayonier AM’s board responded by implementing a “poison pill” plan that would ward off a hostile takeover.
Risk of a 1970s-Style Inflation Shock is Rising, Warns Brevan Howard (Bloomberg)
Global price rises risk turning into 1970s-style inflation shock, which eventually led to recession and high unemployment, according to hedge fund giant Brevan Howard Asset Management. The macro trading firm, which is off to one of its best gains in nearly two decades of trading, said the current macro environment is as complicated as at any time during the last 75 years, according to its annual outlook.
Bain Capital Eyes Toshiba Buyout as Reform Plan Derailed (The Mainichi)
TOKYO (Kyodo) — U.S. investment fund Bain Capital is considering acquiring Toshiba Corp., sources familiar with the plan said Thursday, adding to uncertainties over the outlook for the Japanese conglomerate after its reform plan was rejected by shareholders last week. Toshiba’s largest shareholder Effissimo Capital Management Pte Ltd. indicated it would sell Toshiba shares it holds to Bain Capital if it launched a takeover bid.
Man GLG Launches Sustainable Water and Circular Economy Fund (Hedge Week)
Man GLG, the discretionary investment management engine of Man Group, has launched Man GLG RI Sustainable Water and Circular Economy. The new fund applies a long-only, actively managed equity thematic investment strategy with a strong sustainability focus. It is designed to generate returns while targeting a positive environmental impact by contributing to the UN’s Sustainable Development Goals, with a focus on clean water and sanitation (goal 6); life below water (goal 14); life on land (goal 15); and responsible consumption and production (goal 12).
Fund Size and Performance: Venture Capital (Preqin)
To help LPs analyze the effects of different fund sizes on performance, we have put together a six-part series spanning the private capital asset classes: private equity, venture capital, private debt, real estate, infrastructure, and natural resources. The first in the series looks at venture capital. Is small beautiful or is bigger better?
It’s a Feel-Good Scam! Aswath Damodaran’s Warning on a Hot Investment Theme (The Economic Times)
NEW DELHI: Even as billions of dollars are being poured into stocks of companies that rank higher on environmental, social and governance (ESG) parameters, valuation guru Aswath Damodaran has described it as nothing but a feel-good scam that is neither helping investors nor making the world a better place to live in. “I believe that ESG is, at its core, a feel-good scam that is enriching consultants, measurement services and fund managers, while doing close to nothing for the businesses and investors it claims to help, and even less for society,” Damodaran wrote in his blog.
Why Pershing Square Star Manager Bill Ackman is Opting for ‘The Quiet Life’ (SharesMagazine.co.uk)
Billionaire investor Bill Ackman, who forged his reputation as a vocal corporate agitator, now plans to work mainly behind the scenes with management and adopt a ‘quieter approach’ to force through change. Having delivered three years of strong double digit returns, the famed US hedge fund manager has informed investors that as corporate America already knows who he is, there is no need for Pershing Square to resort to the ‘noisiest’ form of activism, namely activist short selling, which Ackman previously delved into at nutrition company Herbalife.
Thursday 3/31 Insider Buying Report: OXY, RFIL (Nasdaq.com)
On Monday, Occidental Petroleum’s CEO, Vicki A. Hollub, made a $798,102 purchase of OXY, buying 14,191 shares at a cost of $56.24 each. So far Hollub is in the green, up about 5.3% on their buy based on today’s trading high of $59.22. Occidental Petroleum is trading up about 1.1% on the day Thursday. This purchase marks the first one filed by Hollub in the past twelve months. And on Tuesday, Director Mark Keith Holdsworth bought $360,135 worth of RF Industries, buying 50,000 shares at a cost of $7.20 each. Before this latest buy, Holdsworth bought RFIL on 4 other occasions during the past year, for a total investment of $657,680 at an average of $7.23 per share. RF Industries is trading up about 2.4% on the day Thursday. Holdsworth was up about 1.4% on the buy at the high point of today’s trading session, with RFIL trading as high as $7.30 in trading on Thursday.
Executives Buy More Than $132M Of 3 Stocks (Benzinga)
Cricut: The Trade: Cricut, Inc. CRCT 10% owner Colin Moran acquired a total of 80,000 shares at an average price of $12.51. To acquire these shares, it cost around $1 million. Invesco: The Trade: Invesco Ltd. IVZ 10% owner Trian Fund Management LP acquired a total of 3,529,920 shares at an average price of $23.04. To acquire these shares, it cost around $81.33 million.
