Hedge Fund LIM Focusing More on Distressed Trading in Asia (Bloomberg)
Hong Kong-based hedge fund LIM Advisors is focusing more on buying high-yield and distressed bonds and loans in the Asia-Pacific region after the pandemic roiled markets earlier this year. “A year ago, we were doing more direct private lending and less distressed debt,” said George Long, chief investment officer at LIM Advisors, who founded the firm in 1995. “Because of the Covid-19 shock, there has been more distressed debt in Asia.”
Greenlight Capital Q3 2020 Letter (Seeking Alpha)
GreenLight Capital, Inc. is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity and fixed income markets. The Greenlight Capital funds returned 5.9%1 in the third quarter compared to 8.9% for the S&P 500 index. We established medium-sized new long positions in SYNNEX Corporation (SNX), ams AG (Switzerland: AMS) and NCR Corporation (NCR).
A Top Exec at a $1.8 Billion Hedge Fund Asked His Followers for Their Favorite Election Trades. Here are the Best Responses. (Business Insider)
Wall Street is finalizing its election-night bets. Some lock their insights within client-exclusive analyst notes and strategy calls. Others are sounding off in a Twitter thread. Joseph Mauro, head of markets at hedge fund Light Sky Macro, asked his 5,353 followers on Thursday what their first post-election trade would be if Florida is called early and points to “the most overwhelming blue wave in the history of American politics.” The hypothetical is far from unlikely. Recent polls suggest former Vice President Joe Biden maintains a healthy lead in the presidential race, and that Democrats will take control of the Senate. An early reading from Florida is also within the realm of possibilities, as the swing state is among those where mail-in ballots can be counted ahead of Election Day.
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EU Rolls Brexit Tanks Onto U.K. Hedge Fund Lawn (Bloomberg)
As negotiations about the terms of the U.K.’s departure from the European Union rumble on interminably, it’s pretty clear that the future relationship will be fractious at best. For the asset management industry, the fight around cross-border arrangements for overseeing investments is reigniting, with London’s hedge funds stuck in the crosshairs. The shoe is pinching around so-called delegation rights, the rules that allow funds to be marketed and sold in one country and managed from another.
Exclusive: Activist Investor Pushes Powerboat Maker Mastercraft to Explore a Sale, Sources Say (Reuters)
(Reuters) – The Donerail Group LP, an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt, is pushing Mastercraft Boat Holdings Inc MCFT.O to explore a sale, people familiar with the matter said on Tuesday. Donerail has amassed a stake of a little less than 5% in Mastercraft and has told the recreational powerboat manufacturer that it is not happy with its performance, the sources said.
Lack of Polling Volatility Puts Trump “Out of the Money” in US Election Race, Says Derivatives Hedge Fund Capstone (Hedge Week)
Capstone Investment Advisors, the global volatility and derivatives-focused hedge fund, believes the lack of volatility both in the US election polls and president Donald Trump’s personal approval ratings suggests Democrat challenger Joe Biden is on course to win the 3 November election. The firm, which manages USD7.9 billion in assets across a broad range of volatility-focused, derivatives-based strategies, says Trump’s approval rating has been the least volatile of the last 14 US presidents, while polling data suggests 2020’s race is much less volatile than the 2016 battle. Jason Goldberg, senior portfolio manager at Capstone, says a lack of movement in the polls indicates Trump is “a known quantity”, with most voters appearing to have strong opinion on him which is unlikely to change.
UBS to Plug $200m into Fintech Startups and Ties Up with Venture Capital Firm Anthemis (Financial News)
Swiss bank UBS is to invest $200m in building a portfolio of stakes in fintech startups as part of its new innovation venture capital fund UBS Next. It will also sign a strategic deal with London-based venture capital firm Anthemis, the bank said on 27 October, which has previously backed the likes of wealth manager eToro, and digital banks Monese and Tide.
Why Fisher Investments Thinks Inflation Worries Are Premature (Reuters)
When July’s CPI report showed prices rising 0.6% m/m to bring the year-over-year inflation rate to 1.0% (1.6% excluding food and energy), inflation’s rebound from its pandemic slump quelled fears of deflation ravaging the US. But it didn’t do anything to ease a related fear: hot inflation. While no one argues July’s results are the first sign of an inflationary spiral, many point to what they see as massive Federal Reserve money printing as an inflation tsunami-in-waiting. While Fisher Investments completely agrees it is healthy to view the Fed with skepticism, we think it is crucial to note that markets move on probabilities, not possibilities.
Hedge Fund Giants Lose Their Appeal As Havens In Global Turmoil (FA-Mag.com)
Investors have thronged the largest hedge funds since the last financial crisis as they sought safety in size. Now, they’re paying a hefty price. Supersized funds are failing their clients during a period of market upheaval that in theory should pose an unprecedented chance to make money. Instead of profiting, though, some of the world’s biggest hedge funds have barely managed to protect their investors from losses.
Insider Trading: October 26, 2020 (BIV.com)
Insider Philippa Morgan, officer. Company: Aritzia Inc. (TSX:ATZ). Shares owned: 0. Trade date: Oct 20. Trade total: $194,967. Trade: Sale of 8,700 shares at a price of $22.41 per share. Insider Bruce Linton, 10% owner. Company: Victory Health International Inc. (CNSX:VREO). Shares owned: 246,973. Trade date: Oct 16. Trade total: $155,992. Trade: Sale of 114,700 shares at a price of $1.36 per share.
Procter & Gamble Co (PG) Chairman, President & CEO David S Taylor Sold $5 million of Shares (Guru Focus)
Chairman, President & CEO of Procter & Gamble Co, David S Taylor, sold 35,054 shares of PG on 10/23/2020 at an average price of $142.67 a share. The total sale was $5 million. Procter & Gamble Co is a consumer goods company. The firm markets its products internationally through various channels which include mass merchandisers, grocery stores, membership club stores, drug stores, and department stores.
The Global Chief Executive Officer of Travelzoo (NASDAQ: TZOO) is Selling Shares (Analyst Ratings)
Yesterday, the Global Chief Executive Officer of Travelzoo (TZOO), Holger Bartel, sold shares of TZOO for $390K. The company has a one-year high of $12.40 and a one-year low of $3.04. Currently, Travelzoo has an average volume of 108.80K. Based on 3 analyst ratings, the analyst consensus is Moderate Buy with an average price target of $11.25, reflecting a -25.6% downside.
Digital Database Under ‘Insider Trading’ Laws and Evolving Chain of Responsibility (MSN)
On October 8, 2020, SEBI issued a revised set of FAQs on the Insider Trading Regulations, 2015. At first blush, these appear to be somewhat routine clarifications, issued in the form of Q&A to augment the internal processes of listed companies, intermediaries, and fiduciaries when they set out to collate data of persons with access to price-sensitive information. A closer look though points us to a wide assortment of complexities. Before we proceed, some background to this regulatory stipulation itself. An amendment in 2018, pursuant to the TK Viswanathan Committee recommendations, introduced a provision in the Insider Trading Regulations, which directed all companies (and their boards) to mandatorily create a “structured digital database” (fortified with adequate internal controls, audit trails, time stamps) that would contain the names of those who received price sensitive information, along with their PAN numbers or equivalent identifiers.
