Marshall Wace Joins Hedge Funds in Piling More than $1.3 Billion into Short Bets Against Woodford-Linked Investments (Business Insider)
The shock fall from grace last week of UK’s most famous investment manager is still rippling through markets, with short sellers including Marshall Wace and AQR Capital Management making big bets against companies linked to the scandal. Neil Woodford stunned investors after saying heavy withdrawals in his Equity Income Fund meant that he would halt redemptions, freezing out clients from getting back their money.
Bodenholm Clinches its Best Month Too (Hedge Nordic)
Stockholm (HedgeNordic) – As the intensified trade tensions sent markets tumbling last month, at least two Nordic hedge funds achieved their best monthly performance on record. One was systematic market-neutral fund QQM Equity Hedge; the other was fundamental equity long/short fund Bodenholm. The fund founded by Per Johansson gained 5.3 percent in May, its best month since launching in September 2015.
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Now People are Leaving ExodusPoint, the Expansionary Hedge Fund (eFinancialCareers.com)
The tide may be turning. After sucking in portfolio managers, analysts and quants in London and New York, it seems that Michael Gelband’s ExodusPoint may be spitting them out again. Insiders say that ExodusPoint recently parted company with Benjamin Griguer. Neither Griguer nor ExodusPoint responded to requests to comment, but the Financial Conduct Authority register shows Grigeur leaving the fund in London on 6 June after joining from Citadel around a year earlier.
Hedge Fund Founder Buys New York City’s Most Expensive Townhouse (AFR.com)
New York | John Griffin, founder of hedge fund Blue Ridge Capital, spent the most ever for a residential townhouse in New York City last week when he paid $US77.1 million ($110.1 million) to Philip Falcone and his wife Lisa, according to people familiar with the transaction. The townhouse, on East 67th Street between Madison and Fifth Avenues, previously belonged to Penthouse magazine founder Bob Guccione.
The Collapse of the $13 Billion Woodford Investment Fund is a Taste of What a Private Equity Liquidity Crisis will Look Like (Business Insider)
The collapse of Neil Woodford‘s £10 billion ($13 billion) investment fund has given us a glimpse of what the market might look like if — or rather, when— a downturn comes to the opaque “secondary” market of unlisted private equity stocks. The Woodford collapse is important because it happened in benign conditions. The S&P 500 is up 1% year to date. Woodford wasn’t tested by a stormy market — it sank in calm seas.
Former Goldman Partner Thall Plans $200 Million Hedge Fund (Bloomberg)
Ryan Thall, a former hedge fund manager at Goldman Sachs Group Inc., is reportedly planning a new fund that would oversee at least $200 million. Marc Chandler, chief market strategist at Bannockburn Global Forex, joins Bloomberg’s Sonali Basak on “Bloomberg Daybreak: Americas.” (Source: Bloomberg)
Hedge Fund Firm Elliot to Acquire Barnes & Noble in USD683m Deal (HedgeWeek.com)
Barnes & Noble is to be acquired by funds advised by Elliott Advisors (UK) Limited (Elliott) for USD6.50 per share in an all-cash transaction valued at approximately USD683 million, including the assumption of debt. Elliott’s acquisition of Barnes & Noble, the largest retail bookseller in the United States, follows its June 2018 acquisition of Waterstones, the largest retail bookseller in the United Kingdom. James Daunt, CEO of Waterstones, will assume also the role of CEO of Barnes & Noble following the completion of the transaction and will be based in New York.
Monday 6/10 Insider Buying Report: MGM, ENT (Nasdaq.com)
On Friday, MGM Resorts International (MGM)’s Director, Keith A. Meister, made a $75.24M purchase of MGM, buying 2,874,578 shares at a cost of $26.18 each. Meister was up about 5.3% on the buy at the high point of today’s trading session, with MGM trading as high as $27.57 at last check today. MGM Resorts International is trading up about 4.8% on the day Monday. And on Wednesday, Director Eric Louis Zinterhofer purchased $1.5M worth of Global Eagle Entertainment (ENT), purchasing 5,000,000 shares at a cost of $0.30 each. This buy marks the first one filed by Zinterhofer in the past twelve months. Global Eagle Entertainment is trading off about 1.3% on the day Monday. Zinterhofer was up about 113.2% on the purchase at the high point of today’s trading session, with ENT trading as high as $0.64 in trading on Monday.
Insiders Roundup: Walmart, AXA (Guru Focus)
Most important insider sales: AXA, 10% owner of AXA Equitable Holdings Inc. (EQH), sold 40 million shares for an average price of $20.85 per share on June 7. The insurance company has a market cap of $10.25 billion. It has insider ownership of 0.1% and institutional ownership of 60.59%. Over the last 12 months, the stock has declined 1.83%. It is trading 10.08% below its 52-week high and 41.78% above its 52-week low. Alice L. Walton and Jim C. Walton, 10% owners and S. Robson Walton, Director and 10% owner, and the Executive Vice President Gregory S. Foran, sold a combined 3,044,478 shares of Walmart Inc. (WMT), for an average price of $105.33 per share on June 7.
Continental Resources Inc (CLR) CEO & Chairman Harold Hamm Bought $1.5 million of Shares (Guru Focus)
CEO & Chairman of Continental Resources Inc (NYSE:CLR) Harold Hamm bought 38,600 shares of CLR on 06/06/2019 at an average price of $38.76 a share. The total cost of this purchase was $1.5 million. Continental Resources Inc is an independent crude oil and natural gas exploration, and production company. The company operates primarily in the Williston Basin and in southern Oklahoma. Continental Resources Inc has a market cap of $14.66 billion; its shares were traded at around $38.92 with a P/E ratio of 15.44 and P/S ratio of 3.10. Continental Resources Inc had annual average EBITDA growth of 17.80% over the past ten years.
The EVP & CFO of Caci International (NYSE: CACI) is Selling Shares (Analyst Ratings)
Today, the EVP & CFO of Caci International Inc (CACI), Thomas Mutryn, sold shares of CACI for $412K. Following Thomas Mutryn’s last CACI Sell transaction on September 05, 2018, the stock climbed by 9.5%. In addition to Thomas Mutryn, 3 other CACI executives reported Sell trades in the last month. Based on Caci International’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.26 billion and quarterly net profit of $68.15 million. In comparison, last year the company earned revenue of $1.12 billion and had a net profit of $64.5 million. CACI’s market cap is $5.17B and the company has a P/E ratio of 19.73. Currently, Caci International has an average volume of 84.78K.
Notable Insider Buys This Past Week: American Airlines, MGM and More (Benzinga.com)
Below is a look at a few notable insider purchases reported in the past week, but also note that insiders at Freeport-McMoRan Inc FCX 2.03% and Revlon Inc REV 0.13% made some noteworthy buys as well. Immunomedics: Immunomedics, Inc. IMMU 0.93% saw its executive board chair Behzad Aghazadeh indirectly purchase more than 1.53 million more shares of this biopharmaceutical company. At prices ranging from $11.97 to $12.47 per share, that cost him more than $18.74 million. Note that Aghazadeh also acquired 750,000 shares back in May. With a stake now of 20 million shares, he is a beneficial owner.
Sebi Suggests Rs 1 Crore for Whistle-blowers Who Expose Insider Trading (Business-standard.com)
The Securities and Exchange Board of India (Sebi) on Monday proposed a mechanism to formalise the process of receiving information from whistle-blowers who expose insider trading violations. It also suggested measures to protect and award such informants. The monetary reward would be considered under certain conditions. For instance, the monies disgorged should be at least Rs 5 crore.
