Hedge Fund Millennium’s $50m Meme-Stock Short is a Sign GameStop Army in Retreat (Financial News)
The retail investing boom is showing signs of slowing down, and short sellers are seizing on the trend as Reddit “meme-stocks” tank. Hedge fund Millennium International Management, with some $50bn in assets under management, is piling into a big bet against Arrival, a British electric vehicle firm that debuted on the Nasdaq on 26 March following a Spac deal.
Paulson Protege Who Scaled Kilimanjaro Builds $1 Billion Fund (FA-Mag)
A former Paulson & Co. partner has transformed a small investment vehicle he inherited from his old firm into a private equity fund with almost $1 billion of assets. When Andrew Klaber’s Bedford Ridge Capital took control of Paulson Investment Co. I in October, the fund had just $169 million. Today, its capital and commitments exceed $900 million, according to a regulatory filing. Combined with several other co-investment vehicles acquired from Paulson, as well as money it raised for a pair of new growth equity funds, Bedford Ridge’s assets under management totaled almost $1.3 billion at the end of March.
This Hedge Fund Gained 180 Percent in Five Months (Institutional Investor)
Senvest is on a tear thanks to bets on GameStop and other surging stocks. Senvest Capital may be the hottest hedge fund in recent months. Its Senvest Master Fund rode a big bet on controversial video game company GameStop to a 67 percent gain in the first quarter, according to a hedge fund database as well as a person familiar with the results.
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Elliott Takes Multibillion Pound Stake in GSK, FT Says (Reuters)
LONDON, April 15 (Reuters) – Activist hedge fund Elliott Management has taken a multi-billion pound stake in British pharmaceutical firm GlaxoSmithKline, the Financial Times reported on Thursday. Shares in GSK rose more than 7% on the report. A GSK spokesman was not immediately available to comment.
Hedge Funds Nailed Treasuries Rout With $100 Billion in Sales (Bloomberg)
Hedge funds have been a major player in this year’s Treasury selloff, offloading more than $100 billion of the securities since the start of January, according to holdings data. The world’s biggest net sales of U.S. government debt so far in 2021 has been in the financial center of the Cayman Islands, well known as a domicile for leveraged accounts. Investors there dumped $62 billion of US. sovereign bonds in February, after selling $49 billion the previous month, Treasury Department data show.
Morgan Stanley had $911 million in First-Quarter Losses Tied to Archegos Fund Meltdown (CNBC)
Morgan Stanley posted blockbuster results for the first quarter, but a single prime brokerage client cost the firm nearly $1 billion. In its earnings results, Morgan Stanley said Friday it had a $644 million loss from a “credit event” for that client, as well as $267 million in related trading losses. That client was Bill Hwang’s Archegos, Morgan Stanley CEO James Gorman said, confirming a CNBC report.
Hedge Fund Giant Man Group’s Funds Under Management Rise with Strong Performance and Positive Flows (Hedge Week)
Man Group saw its funds under management swell further during the first three months of the year, rising to USD127 billion thanks to strong investment performance and continued investor inflows. The London-based publicly-traded hedge fund giant added USD3.4 billion during the first quarter, having ended 2020 at USD123.6 billion. The gains were driven chiefly by performance returns of USD3.5 billion, along with net inflows of about USD600 million, though it also suffered negative FX and other impacts amounting to USD700 million, the group said on Friday morning.
Ensuing Bidding War? (Hedge Nordic)
Stockholm (HedgeNordic) – Chelonia Market Neutral’s fourth-largest holding is subject to a public takeover bid. On Thursday morning, Norway’s biggest bank DNB announced an agreement to buy its smaller peer Sbanken for a cash consideration of NOK 103.87 per share at a premium of about 30 percent over the closing price of NOK 80 on April 14. This represents the third takeover offer on Chelonia Market Neutral’s larger holdings over the past three years, besides Swedish healthcare company Capio and Danish telecom TDC.
Investor Einhorn Says Palihapitiya, Musk Poured ‘Jet Fuel’ on GameStop (Reuters)
BOSTON (Reuters) – Investor David Einhorn said on Thursday that prominent venture capitalist Chamath Palihapitiya and entrepreneur Elon Musk threw “jet fuel” on the GameStop Corp trading frenzy in January when the video retailer’s shares rose by 2,000% and later prompted a hearing in U.S. Congress. Einhorn, who runs hedge fund Greenlight Capital, also said U.S. lawmakers seeking answers to how day traders were able to wrest control of GameStop’s share price from established hedge funds should probe regulators instead of investors.
$14 Billion Hedge Fund Brevan Howard Set to Start Buying Cryptocurrencies, as Institutional Interest Booms (Business Insider)
Brevan Howard, one of Europe’s largest hedge funds, is set to become the latest big-name investor to start buying cryptocurrencies. The $13.7 billion fund’s managers have decided the cryptocurrency market has matured sufficiently to start investing for its clients, according to a person familiar with the matter. Brevan Howard has set up a new fund which will start to invest in digital assets, the person said. It will be overseen by crypto investment firm Distributed Global’s co-founders Johnny Steindorff and Tucker Waterman.
Friday 4/16 Insider Buying Report: VOLT, XPL (Nasdaq.com)
On Thursday, Volt Information Sciences’ Director, Arnold Ursaner, made a $24,601 purchase of VOLT, buying 6,150 shares at a cost of $4.00 each. Volt Information Sciences is trading up about 0.9% on the day Friday. Before this latest buy, Ursaner purchased VOLT on 4 other occasions during the past twelve months, for a total investment of $30,366 at an average of $1.38 per share. And at Solitario Zinc, there was insider buying on Wednesday, by Director James KB Hesketh who bought 25,000 shares for a cost of $0.31 each, for a trade totaling $7,750. Solitario Zinc is trading off about 13.3% on the day Friday. Hesketh was up about 125.7% on the buy at the high point of today’s trading session, with XPL trading as high as $0.70 at last check today.
Novocure (NVCR) CEO Asaf Danziger Sold $19.2 million of Shares (Guru Focus)
CEO of Novocure, Asaf Danziger, sold 97,973 shares of NVCR on 04/13/2021 at an average price of $196.34 a share. The total sale was $19.2 million. NovoCure Ltd is a medical systems developer in the United States. Its primary product is the TTFields delivery system, which is a low-intensity therapy to combat acute tumors.
Target (NYSE: TGT) Executives are Making Moves with Their Shares (Analyst Ratings)
Yesterday, the Exec. Officer of Target (TGT), Michael Edward McNamara, sold shares of TGT for $6.42M. Following Michael Edward McNamara’s last TGT Sell transaction on August 30, 2019, the stock climbed by 101.8%. In addition to Michael Edward McNamara, 3 other TGT executives reported Sell trades in the last month.
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