After Woodford Fund Suspension, Focus Turns to its Stewards (Reuters)
LONDON (Reuters) – The suspension of Neil Woodford’s flagship fund has put the focus on a little known firm tasked with ensuring his investors were being looked after properly. While Woodford, one of Britain’s highest profile money managers, picked the companies in which the LF Woodford Equity Income Fund invested, the fund’s governance was overseen by a company with a much lower profile — Link Fund Solutions.
Alma Capital to Acquire DWS Global Hedge Fund UCITS Business (Hedge Week)
Alma Capital Investment Management is to acquire DWS’s Hedge Fund UCITS business, which provides investors with access to liquid alternative investment strategies in regulated UCITS funds through the DB Platinum fund range. The DWS Hedge Fund UCITS business selects third party hedge fund managers to build regulated UCITS funds which it distributes to an institutional client base. The platform has EUR2 billion in AuM (as of 31 March 2019) across six hedge fund UCITS using a broad range of strategies including alternative credit, event driven, managed futures and global macro.
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Hedge Funds Redemptions Down but Outflows Rule in April Fueled by Global Economy, Brexit Worries According to Backstop BarclayHedge (PRWeb.com)
The pace of hedge fund redemptions slowed in April but continued for a second straight month with $9.4 billion in net outflows worldwide, down from $11.0 billion in March. Despite the outflows, industry assets under management increased to more than $3.09 trillion due to $33.6 billion of trading profits for the month. April redemptions represented 0.3% of hedge fund industry assets, according to the Barclay Fund Flow Indicator, published by BarclayHedge, a division of Backstop Solutions. Recession fears stoked by an inverted yield curve, threats of escalation in the U.S.-China trade dispute and ongoing uncertainty over the U.K.’s Brexit outcome and its subsequent fallout all contributed to April’s redemptions.
Billionaire Investor: “Gold Has Everything Going For It” (Forbes)
Billionaire investor Paul Tudor Jones, founder of and hedge fund manager at Tudor Investment Corp., said in a Bloomberg interview last week that geopolitical disruptions have made gold his favorite trade in the next 12 to 24 months. The yellow metal “has everything going for it,” he said, adding that if it can reach $1,400 an ounce, it will push to $1,700 “rather quickly.” The biggest catalyst for such a move, Jones believes, is the ongoing U.S.-China trade war and the broader implication of shrinking global trade. After 75 years of globalization and free trade, we’re seeing a return to the use of tariffs and other protectionist policies.
Bounce Raises $72 mn led by B Capital Group, Falcon Edge Capital (LiveMint.com)
BENGALURU: Two-wheeler rental startup Bounce raised $72 million in its series C funding round led by global technology fund B Capital Group and Falcon Edge Capital, a New York-based hedge fund. Accel Partners India, Accel Partners USA, Chiratae Ventures, Maverick Ventures, Omidyar Network India, Sequoia Capital India and Qualcomm Ventures, the investment arm of Qualcomm Inc, also participated in the round.
Opalesque Roundup: Nearly All Hedge Fund Categories Outperformed the S&P 500 in May: Hedge Fund News, Week 22 (Opalesque.com)
In the week ending June 14th 2019, a report said that hedge fund returns fell last month after four straight months of positive results to start the year, but managed to outperform the broader U.S. stock market – posting much slimmer losses. Nearly all hedge fund categories outperformed the S&P 500 in May, said eVestment. Equity strategies had the worst performance among primary markets hedge funds, but still outpaced the S&P by more than 400 basis points, with quantitative directional strategies delivering overall positive returns for clients during the month.
COLUMN-Hedge Funds Sell More Oil, But Balance of Risks is Shifting (Reuters)
LONDON, June 17 (Reuters) – Hedge fund managers sold yet more oil last week as a weaker outlook for the global economy and expectations of a hit to consumption more than offset concerns about sanctions on Iran and Venezuela and other production problems. Hedge funds and other money managers were net sellers of another 96 million barrels of petroleum-related futures and options contracts in the week to June 11, exchange and regulatory data shows.
Why Hedge Fund Manager Ray Dalio Is Wrong on Capitalism (MarketOracle.co.uk)
Ray Dalio is the thoughtful, somewhat controversial founder of the world’s largest hedge fund, Bridgewater Associates, which he started in 1975. While much of his writing is private, I (and many others) peruse every word we can of his and the Bridgewater team’s thinking. I find it to be some of the most interesting market commentary I read. Lately, Ray has been far more open with his thinking, posting books and essays. He posted on LinkedIn rather controversial stories: Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 and a follow-up piece titled It’s Time to Look More Carefully at ‘Monetary Policy 3 (MP3)’ and “Modern Monetary Theory”. On first reading those, I will admit to thinking, “Ray Dalio is kinda, sorta wrong.” I agreed with much of Part 1, with a few quibbles. Ditto for Part 2. But when I read the third piece I found myself thinking, “Ray Dalio is really, really wrong.”
Monday 6/17 Insider Buying Report: ITCI, CNR (Nasdaq.com)
At Intra-Cellular Therapies (ITCI), a filing with the SEC revealed that on Wednesday, Director Christopher D. Alafi purchased 170,000 shares of ITCI, for a cost of $11.73 each, for a total investment of $1.99M. Alafi was up about 18.9% on the buy at the high point of today’s trading session, with ITCI trading as high as $13.95 in trading on Monday. Intra-Cellular Therapies is trading up about 10.8% on the day Monday. Before this latest buy, Alafi made one other purchase in the past year, buying $1.26M shares for a cost of $12.56 a piece. And at Cornerstone Building Brands (CNR), there was insider buying on Thursday, by CEO James S. Metcalf who purchased 100,000 shares at a cost of $4.45 each, for a total investment of $444,580. This buy marks the first one filed by Metcalf in the past year. Cornerstone Building Brands is trading up about 6.5% on the day Monday. So far Metcalf is in the green, up about 16.1% on their buy based on today’s trading high of $5.16.
The E.V.P. Market Develop. of Ormat Technologies Inc is Exercising Options (Analyst Ratings)
Today it was reported that the E.V.P. Market Develop. of Ormat Technologies Inc (ORA), Nir Wolf, exercised options to sell 1,999 ORA shares at $42.87 a share, for a total transaction value of $125.9K. Following Nir Wolf’s last ORA Sell transaction on June 12, 2019, the stock climbed by 0.8%. In addition to Nir Wolf, one other ORA executive reported Sell trades in the last month.
Asian Idea Generator Weekly: School Operator Sees Significant Insider Buys, John Neff Screen And A Cheap Golfing Proxy (Seeking Alpha)
China Maple Leaf Educational Systems Limited (OTC:CMLLF) (HK:1317), a Hong Kong-listed Chinese education company, was one of the most active company in terms of insider purchases in recent months. Between April 29, 2019 and June 6, 2019, Chairman and CEO Mr. Sherman Jen increased his equity interest in the company from 50.34% to 50.94% by buying 18 million shares at prices ranging from HK$2.94 to HK$3.87 apiece for a total consideration of approximately HK$60 million (or over $7 million).
Daily Insider Ratings Round Up 6/14/19 (Seeking Alpha)
On Today’s Tables: Insider trades were rated Significant at: Entercom Communications (ETM); Cornerstone Building Brands (CNR), and; Chemical Financial (CHFC). Insider trades were rated Nearly Significant at: Guess (GES). Insider trades were considered Insignificant at: NGM Biopharmaceuticals (NGM); Intra-Cellular Therapies (ITCI); VMware (VMW); Take-Two Interactive (TTWO); Smartsheet (SMAR); Ralph Lauren (RL); Elastic (ESTC); Walt Disney (DIS); Berry Petroleum (BRY); Alteryx (AYX); AGCO (AGCO), and; Arcosa (ACA).
The EVP of Radnet Inc (NASDAQ: RDNT) is Selling Shares (Analyst Ratings)
Yesterday, the EVP of Radnet Inc (RDNT), Michael Murdock, sold shares of RDNT for $286.7K. In addition to Michael Murdock, one other RDNT executive reported Sell trades in the last month. Based on Radnet Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $272 million and GAAP net loss of $3.73 million. In comparison, last year the company earned revenue of $231 million and had a GAAP net loss of $7.34 million. RDNT’s market cap is $660.1M and the company has a P/E ratio of 18.06. Currently, Radnet Inc has an average volume of 177.8K.
