Coatue’s Shopping List: The Hedge Fund Shares 13 Tech Stocks It Thinks are Unfairly Beaten-Down — and the Right Time to Buy Them (Business Insider)
Tech-focused hedge fund Coatue Management is sitting on a giant pile of cash, and it’s devising ways to deploy it as it waits for signals that the market is stabilizing. As Insider previously reported, founder Philippe Laffont is fond of slashing exposure during times of market stress, and the recent stock slump has been no different: The fund told investors in mid-May it had liquidated most of its holdings and was siting on more than 80% cash.
Hedge Fund D1 Borrowed Billions for a Hot Bet That Now Faces Reckoning (Bloomberg)
Hedge funds were tallying gains on their hottest bet in years when Dan Sundheim reached an unusual deal with JPMorgan Chase & Co. to go even further. With the bank’s help in August 2020, Sundheim’s D1 Capital Partners used its stakes in private companies as collateral for borrowing $2 billion that the firm could put toward yet more of those stakes, among other things. Last year that focus on private companies looked brilliant, as D1 updated its valuations and posted a whopping 70% gain in that part of its portfolio.
Ex-Citadel Analyst Gets Over 4 Years in Prison for Hedge Fund Covid Scam (The Business Times)
A FORMER analyst at Citadel LLC was ordered to spend more than 4 years in federal prison for scamming US$4.6 million in Covid relief loans for his startup hedge fund, most of which he lost in the market. Gregory Blotnick, 35, was sentenced on Tuesday (Jun 7) to 51 months behind bars by a federal judge in Newark, New Jersey, and ordered to pay US$4.6 million in restitution. He pleaded guilty in October to submitting 21 fraudulent loan applications to 13 lenders under the Paycheck Protection Program of the March 2020 Covid stimulus bill.
London Metal Exchange Hit with Complaint from $2.6tn Hedge Fund Group Over Nickel Fiasco (Financial News)
A formal complaint has been made by the Managed Fund Association against the London Metal Exchange over its cancellation of nearly $4bn in nickel trades on 8 March. In an 8 June letter to the LME, the hedge fund group – representing 150 hedge funds managing nearly $2.6tn in assets – said that “the LME has undermined confidence in its ability to oversee markets by failing to perform its regulatory obligations to maintain an orderly market, manage conflicts of interest and protect investors in the nickel market”.
Tuesday 6/7 Insider Buying Report: HRT, CYH (Nasdaq.com)
At Hireright Holdings, a filing with the SEC revealed that on Friday, Director Mark F. Dzialga bought 20,767 shares of HRT, for a cost of $14.96 each, for a total investment of $310,674. Hireright Holdings is trading off about 1.1% on the day Tuesday. And at Community Health Systems, there was insider buying on Thursday, by Director James S. Ely III who purchased 50,000 shares for a cost of $5.08 each, for a trade totaling $253,810. This buy marks the first one filed by Ely III in the past year. Community Health Systems is trading off about 1.8% on the day Tuesday. So far Ely III is in the green, up about 4.3% on their buy based on today’s trading high of $5.29.
Executives Sell More Than $61M Of 4 Stocks (Benzinga)
Arista Networks: The Trade: Arista Networks, Inc. (ANET) Director, Chief Development Officer Andreas Bechtolsheim sold a total of 200,000 shares at an average price of $103.68. The insider received around $20.74 million from selling those shares. Flywire: The Trade: Flywire Corporation (FLYW) 10% owner Ajay Agarwal sold a total of 1,240,490 shares at an average price of $19.60. The insider received around $24.31 million as a result of the transaction.
