SRV Hires New Portfolio Manager (Hedge Nordic)
Stockholm (HedgeNordic) – Danish hedge fund manager SRV Capital has strenghented its portfolio management team with the hiring of René Fischer as Portfolio Manager. Fischer worked for more than 20 years at Nordea Markets, most recently as Head of Repo trading until November 2020. “To support the current and future growth of SRV Capital, we are proud to announce that we have hired René Fischer as portfolio manager,” announces SRV Capital’s CEO, Erik Bo Hansen, who co-launched a relative-value fund focused on the Scandinavian fixed-income universe with CIO Torben Pedersen in February 2019.
Melvin Capital to Shut After Heavy Losses on Meme Stocks, Market Slump (Reuters)
May 18 (Reuters) – Melvin Capital, once one of Wall Street’s most successful hedge funds which then lost billions in the meme stock saga, will shut down after it was hit again by this year’s market slump. Gabe Plotkin, widely regarded as one of the industry’s best traders after posting years of double digit returns, told investors that the last 17 months have been “an incredibly trying time.”
How Michael Burry Could Be Right About Apple Stock (The Street)
“The Big Short” celebrity investor Michael Burry recently disclosed that he is short Apple stock. Could he be right about AAPL dipping even further from here? Famous hedge fund manager Michael Burry, the real-life character in “The Big Short”, became famous for his short position on subprime CDOs ahead of the 2008 crash. This time, he is shorting Apple stock. The bombshell news has come recently via a 13F filing released by Burry’s hedge fund.
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Caravel Capital Founding Partner to Speak at Hedge Fund Seminar (Hedge Week)
Jeff Banfield, a founding partner of Caravel Capital Investments Inc, will be the featured speaker at Secure Spectrum’s Hedge Fund Seminar in Copenhagen, Denmark, on 2 June 2022. With over 30 years of experience in the alternative investment industry, Banfield will valuable insights and his recipe for navigating the current global financial markets. Titled, The Alchemy of Risk, Opportunity, and Experience, Banfield’s talk will address the perfect storm the markets find themselves in and what history has taught him to navigate.
This Contrarian Macro Hedge Fund is Ready for a Massive Price Correction (Opalesque)
If you believe there is going to be a massive price correction and that now is the time for investors to have a hedge to beta exposure, then this contrarian macro fund is well positioned for you. Eagle’s View’s Contrarian Macro Fund Ltd seeks to capitalise on the manager’s view that asset prices have just begun a multi-year process of re-rating downward, due to global central bank regime change toward a more restrictive liquidity environment. The core strategy actively sells short securities that the CIO believes have been heavily influenced and distorted by global central bank monetary policy.
Stellus Capital Raises $950 Million for New Funds (The Wall Street Journal)
Stellus Capital Management has about $1.8 billion available to deploy following the closing of a new fund and the launch of a new private business-development company, the Houston-based direct lender said Thursday. Stellus raised about $725 million in equity for Stellus Credit Fund III LP and its related vehicles, the firm said. It also raised an anchor investment of $225 million for its first private BDC, a lender called Stellus Private Credit BDC.
Crypto Billionaire Novogratz Breaks Silence, Calls Luna ‘Big Idea That Failed’ (Bloomberg)
Mike Novogratz broke his silence on the TerraUSD meltdown, calling it a “big idea that failed” and warning that the tough environment for cryptocurrencies will continue. The founder of Galaxy Digital Holdings Ltd. and big backer of Terraform Labs, the company behind Terra and Luna, had gone silent for a week. Novogratz spent the time reflecting on the economy and his firm’s role in the crypto industry, he said in a statement on Wednesday.
Clearlake Capital Wraps Up Its Seventh Flagship Fund with $14.1bn (Opalesque)
Clearlake Capital Group, an investment firm that focuses on technology, industrials, and consumer industries, closed its seventh flagship private equity fund, Clearlake Capital Partners VII, at its hard cap of more than $14.1 billion, outpacing a $10 billion target. Clearlake’s latest fund is about twice as large as its predecessor, Clearlake Capital Partners VI, which closed in 2020 with more than $7 billion, said a press release from the investment firm focused on private equity and special situation transactions.
How Pantera Escaped UST Doom: Hedge Fund Sold 80% LUNA Holdings Before Terra Crash (International Business Times)
Pantera Capital, an American hedge fund that specializes in cryptocurrencies said it has not suffered losses in its investment in Terra. The firm sold 80% of its LUNA holdings before the devastating LUNA-UST crash last week and overall, made substantial gains from its investment. Pantera had invested in Terra at least two times in the past. The first time was in January 2021 when the largest crypto hedge fund in the world by assets under management (AUM) participated in a $25 million funding round, followed by its participation in a $150 million ecosystem funding round in July 2021.
Wednesday 5/18 Insider Buying Report: RILY, FTCI (Nasdaq.com)
At B. Riley Financial, a filing with the SEC revealed that on Friday, Chairman and Co-CEO Bryant R. Riley purchased 50,000 shares of RILY, for a cost of $48.30 each, for a total investment of $2.41M. So far Riley is in the green, up about 8.0% on their buy based on today’s trading high of $52.16. B. Riley Financial is trading down about 3.5% on the day Wednesday. Before this latest buy, Riley bought RILY at 14 other times during the past year, for a total cost of $37.33M at an average of $54.99 per share. And on Tuesday, Director Thurman J. Rodgers bought $1.23M worth of FTC Solar, buying 375,000 shares at a cost of $3.27 a piece. FTC Solar is trading up about 10% on the day Wednesday. So far Rodgers is in the green, up about 26.5% on their buy based on today’s trading high of $4.14.
Executives Buy Around $9M Of 4 Penny Stocks (Benzinga)
Lannett Company: The Trade: Lannett Company, Inc. (LCI) Director Patrick Lepore acquired a total of 50,000 shares at an average price of $0.54. To acquire these shares, it cost $27 thousand. Compass Therapeutics: The Trade: Compass Therapeutics, Inc. (CMPX) CEO Thomas J Schuetz acquired a total of 20,215 shares at an average price of $2.47. The insider spent around $49.93 thousand to buy those shares.
