Lone Pine Clients Pulled About $3 Billion in Span of a Year (Bloomberg)
Lone Pine Capital clients withdrew an estimated $3 billion from its funds in the 12 months through June, even as investment performance at Steve Mandel’s firm rebounded from a bruising 2022. Clients pulled about $1.2 billion from Lone Pine’s Cypress hedge fund, or roughly 20% of the pool’s assets, according to investors and Bloomberg calculations. Redemptions from Lone Pine’s long-only Cascade fund totaled approximately $1.7 billion, or 16% of assets.
What We Know So Far About a Mysterious Tiger Global Memo that’s Making Its Way Around Wall Street (Fortune)
Twitter threads. Texts. Emails. Phone calls. All asking: Have you seen the Tiger Global memo? Last week, finance circles were abuzz over an anonymously-written and damning memo that’s being sent around. The document, which extensively cites anonymous sources, details some pretty aggressive, and unsubstantiated, accusations against mega hedge fund and startup investor Tiger Global regarding its performance and personnel. While we reviewed the memo ourselves, we’ve decided not to print any of the specific accusations and details, as we have been unable to verify them by press time. Tiger sent a letter to investors on Friday, Forbes first reported, acknowledging the memo, but saying it is “packed with lies,” and that the firm was being “targeted with a series of information attacks.” The firm blamed the memo on a disgruntled former employee, according to the letter seen by Forbes.
Trian Unloads Wendy’s Shares: Insider Trades & Hedge Fund Hits (Investing.com)
Wendy’s holder Trian sells $58 million worth of shares: Wendy’s (NASDAQ:WEN) holder hedge fund Trian Fund Management disclosed it sold 2.9 million shares, or worth more than $58 million, at $20.30 per share, as reported in real time on InvestingPro. Trian said the sales were done for portfolio management purposes. None of the shares that were sold were owned directly by Messrs. Peltz, May, or M. Peltz. Earlier this month, the company reported its Q2 results, with EPS coming in better than the consensus estimate on strong same-restaurant sales momentum. However, shares declined around 7% since then.
Image by Sergei Tokmakov Terms.Law from Pixabay
30 People To Watch In Web3: Mark Yusko — Helping Traditional Investors Ride Wave Of Alternative Investments (Benzinga)
Mark Yusko is an investor and advocate for Bitcoin and the crypto space. Known as co-founder, CEO and chief investment officer of Morgan Creek Capital Management, Yusko focuses on alternative investments such as hedge funds, private equity, and blockchain technology. Yusko also promotes the importance of portfolio diversification and alternative assets, and he has often spoken about the benefits of incorporating alternative assets into investment strategies.
Two Sigma China Fund Surges in July as Quant Firm Taps Investors (Bloomberg)
Two Sigma Investments LP is tapping investors for more cash after posting a record monthly gain for its flagship onshore China fund in July as rallies in commodities bolstered performance and left it near the top of returns rankings for this year. The Juliang Macro Strategy No. 1 fund jumped 6.3% last month, led by wagers on futures such as soybean meal, according to people familiar with the matter, who asked not to be identified discussing private details. That drove this year’s gain on the managed futures fund to about 12%, they said.
