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.
Is There a Place for Hedge-Fund Investing After you Retire? (MoneyWeb.co.za)
Including a hedge fund can give you a very consistent return profile in a living annuity environment – Alan Yates from Peregrine Capital. Ciaran Ryan: Is there a place for hedge-fund investing after you retire? One of the benefits of hedge funds is the ability to diversify across asset classes and, more importantly, to deliver positive returns regardless of market conditions. Peregrine Capital is the oldest hedge-fund manager in South Africa, and this year celebrates its 25th anniversary. Its flagship High Growth Fund has returned 130 times the money invested at inception over those 25 years. So is there a role for hedge funds in your post-retirement years?
Monday 8/28 Insider Buying Report: NI, KGS (Nasdaq.com)
At NiSource, a filing with the SEC revealed that on Wednesday, CEO Lloyd M. Yates bought 40,000 shares of NI, for a cost of $26.44 each, for a total investment of $1.06M. So far Yates is in the green, up about 1.6% on their buy based on today’s trading high of $26.86. NiSource Inc. is trading up about 0.9% on the day Monday. And on Thursday, CEO Robert Michael McKee bought $292,033 worth of Kodiak Gas Services, buying 16,180 shares at a cost of $18.05 a piece. Before this latest buy, McKee made one other purchase in the past twelve months, buying $360,000 shares for a cost of $16.00 each. Kodiak Gas Services is trading up about 2.7% on the day Monday. So far McKee is in the green, up about 3.4% on their purchase based on today’s trading high of $18.66.
PC Connection President & CEO Sold $1.88M In Company Stock (Benzinga)
Timothy J McGrath, President & CEO at PC Connection (CNXN), reported a large insider sell on August 24, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that McGrath sold 35,465 shares of PC Connection. The total transaction amounted to $1,879,520. PC Connection shares are trading down 1.22% at $51.9 at the time of this writing on Friday morning.
Hedge Funds Are Most Bullish on EM Equity Futures Since 2020 (Bloomberg)
Hedge funds’ bullish bets in emerging-market equity futures have risen to the highest since the gauge’s pandemic low three years ago, signaling budding optimism for the asset class. Net long leveraged fund positions on futures linked to the MSCI Emerging Markets Index have been positive every week since the start of July and now total 62,544 contracts, the highest since March 2020, according to data compiled from Commitments of Traders reports from the US Commodity Futures Trading Commission.
Ken Fisher’s Top 15 Growth Stock Picks (Insider Monkey)
In this article we take a look at some top growth stocks in Ken Fisher’s portfolio. To see the top 5 stocks in this list click Ken Fisher’s Top 5 Growth Stock Picks. Markets struggled to find a direction on August 25 following mixed comments from Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium in Jackson Hole, Wyoming. While Powell acknowledged that inflation came down from its peak levels, he’s still concerned about high consumer spending and believes further signs of strong activity and economic growth could force the central bank to increase interest rates. Despite this clear stance, some analysts and investors still believe stocks will ultimately come out of the woods and the US will not face a full-fledge recession.
