Greenlight’s Back in the Red (Institutional Investor)
Why David Einhorn’s value fund posted a large loss in September. It was a September that Greenlight Capital probably wishes it could not remember.The value-driven hedge fund headed by David Einhorn lost 6.7 percent for the month, according to a person familiar with the results. As a result, Greenlight fell back into the red, down 5.6 percent for the year.
Bill Hwang Acolyte Tao Li Draws Scrutiny After Loss on Big China Bet (Bloomberg)
They were two investing whales, well known to each other but invisible in the market except for the price moves in their wakes — sometimes as they snapped up the same stocks. One of their names became famous this year: Bill Hwang, whose Archegos Capital Management spectacularly collapsed amid revelations that it had borrowed enough to wield more than $100 billion in market clout.
Hedge Fund ExodusPoint’s London Layoffs Laid Bare (eFinancialCareers)
Most multistrategy hedge funds had a good 2020. ExodusPoint, the hedge fund founded by Michael Gelband in 2017 is no different, but not all of its London staff shared in the bounty. Accounts just released by Companies House for ExodusPoint Services UK Ltd, the company behind ExodusPoint Capital Management LLP – the UK-based arm of hedge fund – reveal that profits increased dramatically last year. In 2019, profits available for distribution between the partners at ExodusPoint in London were £48.5m, up from £22.4m the year before. The fund had nine members during the year, up from five in 2019, and one member (a corporate entity) received £25m, so the remaining eight human partners may not have been better off.
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Soon-to-be divorced billionaire hedge funder John Paulson whisks away his new… (Mogaznews)
Soon-to-be divorced hedge fund billionaire John Paulson has whisked away his new Instagram guru girlfriend to Italy for a friend’s wedding. Paulson, 65, and Alina de Almeida, 33, were spotted attending the event on the shores of Lake Como days after the hedge funder announced his high-profile divorce from his wife Jenny, 50. The couple flew in for the nuptials of Blackstone executive Mark Moffat and Sarah Mintz in lakeside Villa d’Este on September 25 and were ‘inseparable’ and ‘canoodled all day and night’, Page Six reported.
All-Weather Sailing (Hedge Nordic)
Stockholm (HedgeNordic) – It is inherently essential to catch the upside, but arguably, even more important to protect the downside to achieve long-term wealth accumulation. Downside protection allows a portfolio to spend more time compounding instead of playing catch up by recovering from losses. “The most solid way to improve long-term compounding is by focusing on mitigating the effects of rough downturns on investor portfolios,” says Martin Estlander, the founder of Finnish systematic asset manager Estlander & Partners. “If you invest and lose 50 percent, you have to gain a hundred percent to make up for the losses,” continues Estlander. “To achieve a good compounding rate of return, you better take care of your dips. That is where you can really make the difference.”
Sharon Osbourne Says Ozy Media Founder Carlos Watson Lied When He Claimed the Osbournes Invested in his Company (CNBC)
Ozy Media founder Carlos Watson boasted on CNBC in 2019 that Ozzy Osbourne and Sharon Osbourne had invested in his company. It was a lie, according to Sharon Osbourne. Watson’s Ozy Media has been under fire following several reports about alleged misconduct by the company. Osbourne told CNBC her story as Marc Lasry, an investor and hedge fund honcho, quit as Ozy chairman after just three weeks on the job.
Luxembourg Fund Managers and Current Geopolitical Landscape (Hedge Week)
2020 was a challenging year for the Luxembourg funds market. Despite a strong start in January and February, the Covid-19 pandemic caused a slowdown to fund set-up and net asset developments due to valuation issues and travel restrictions. However, it should be noted that the Luxembourg investment fund industry remained robust given the market regained growth starting mid-2020 and continuing into the third quarter of 2021. This positive development was driven predominantly by increasing net assets and incoming new commitments to the fund vehicles.
In Germany, A Hedge Fund Stands Up for Shareholder Rights (Bloomberg)
The shareholder activist’s art is to combine financial self-interest with the moral high ground. Take the recent attack by Davidson Kempner European Partners LLP on German landlord Deutsche Wohnen SE. This is surely an attempt to get better terms from Vonovia SE in its 19 billion-euro ($22 billion) bid for its peer. But the hedge fund is also defending an important point of principle.
Los Angeles Fire & Police Extends Semper Capital for a Year (Pensions & Investments)
Los Angeles Fire & Police Pensions board extended Semper Capital Management‘s mandate managing a $55 million structured credit portfolio by one year, said Ray Joseph, CIO of the $30.7 billion pension fund, in an email. The new contract will expire Sept. 30, 2022. The board at its Sept. 15 meeting agreed with the recommendation of general investment consultant RVK to renew Semper’s contract despite recent turnover on the team, including the departure of its hedge fund portfolio manager and a settlement with the SEC of charges that Semper had misled investors about the performance of a mortgage-backed securities fund.
US Hedge Fund Verition Planning Singapore Office, Eyeing HK: Source (The Business Times)
It is said to have hired an alumnus of Virtu Financial to be its first portfolio manager here Greenwich, Connecticut. VERITION Fund Management is the latest international multi-manager hedge fund to make a foray into Asia, eyeing the region’s fast-expanding capital markets and growing talent pool. The US$4.5 billion Greenwich, Connecticut-based firm is in the process of registering for a Singapore office with local authorities and is exploring a potential Hong Kong presence, said a person with knowledge of the matter, who asked not to be identified as the information is private.
Thursday 9/30 Insider Buying Report: SVRA, AXDX (Nasdaq.com)
At Savara, a filing with the SEC revealed that on Thursday, Director David A. Ramsay purchased 137,052 shares of SVRA, for a cost of $1.29 each, for a total investment of $176,382. Savara is trading up about 7.1% on the day Thursday. Before this latest buy, Ramsay bought SVRA at 2 other times during the past twelve months, for a total investment of $1.12M at an average of $1.42 per share. And on Monday, Director Hany Massarany bought $53,000 worth of Accelerate Diagnostics, buying 10,000 shares at a cost of $5.30 each. This buy marks the first one filed by Massarany in the past twelve months. Accelerate Diagnostics is trading off about 1% on the day Thursday. Massarany was up about 15.8% on the buy at the high point of today’s trading session, with AXDX trading as high as $6.14 in trading on Thursday.
What Did This CEO Just Do with Personal Shares of Tucows (NASDAQ: TCX)? (Analyst Ratings)
Today, the CEO of Tucows (TCX), Elliot Noss, sold shares of TCX for $774.6K. Following Elliot Noss’ last TCX Sell transaction on October 21, 2020, the stock climbed by 2.7%. This is Noss’ first Sell trade following 3 Buy transactions. The company has a one-year high of $94.20 and a one-year low of $68.44. TCX’s market cap is $842 million and the company has a P/E ratio of 120.60. In the last 30 days, insiders have sold $1.98M worth of TCX shares and purchased $1.46M worth of TCX shares. The insider sentiment on Tucows has been positive according to 83 insider trades in the past three months. This sentiment is slightly higher than the average sentiment of company insiders in this sector.
Notable Magnolia Oil & Gas Insider Trades $122M In Company Stock (Benzinga)
John B Walker, Director at Magnolia Oil & Gas (NYSE:MGY), made a large buy and sell of company shares on September 28, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that John B Walker exercised options to purchase 4,608,218 Magnolia Oil & Gas shares for $0 on September 28. They then sold their shares on the same day in the open market. They sold at a price of $16.38 to raise a total of $122,850,000 from the stock sale.
