Inside the Rise and Fall of Three Arrows Capital (Bloomberg)
The rise and fall of Three Arrows Capital parallels the transformation of crypto itself. It started with speculation on a few well-known coins like Bitcoin and Ether, and became an interdependent industry of tokens linked to other tokens, crypto companies acting like banks offering depositors double-digit yields, and lots of borrowing by traders looking to juice their returns.
Atlas Responsible Investors Launches a New Long/Short Equity Impact Fund (Opalesque.com)
Opalesque Industry Update – Atlas Responsible Investors (Atlas), a French independent investment management firm, announced the launch of a UCITS version for its Long/Short impact equity strategy. Atlas has been running this strategy for three years for family offices; under UCITS format, the fund will give a wider access to this unique fusion of authentic responsible investing and traditional equity long/short virtues. Both sustainability and absolute returns are the very core of one of the first SFDR9 absolute returns strategies. Atlas was established in 2019 by Quentin Dumortier, with a mission to align capital with purpose.
Vailshire Partners Hedge Fund Client Memo – 3Q 2022 (Seeking Alpha)
In June of 2022, Vailshire Partners LP holdings returned +2.16% (see table below), compared with a -8.25% total return for the S&P 500. The past decade of seemingly unending quantitative easing and stock market gains has come to a painful end and has brought serious consequences with it. The current economic conditions and Federal Reserve’s actions bode poorly for most risk assets over the coming months.
Wednesday 7/13 Insider Buying Report: SFIX, MRUS (Nasdaq.com)
On Friday, Stitch Fix’s Director, J. William Gurley, made a $5.43M purchase of SFIX, buying 1,000,000 shares at a cost of $5.43 each. Stitch Fix is trading up about 18.1% on the day Wednesday. This buy marks the first one filed by Gurley in the past twelve months. And on Tuesday, President, CEO & PFO Sven Ante Lundberg purchased $99,685 worth of Merus, purchasing 4,340 shares at a cost of $22.97 each. Merus is trading up about 3.9% on the day Wednesday.
Robinhood And 3 Other Stocks Insiders Are Selling (Benzinga)
BJ’s Wholesale Club Holdings: The Trade: BJ’s Wholesale Club Holdings, Inc. (BJ) EVP, Chief Operations Officer Jeff Desroches sold a total of 15,000 shares at an average price of $66.58. The insider received around $1 million from selling those shares. Paychex: The Trade: Paychex, Inc. (PAYX) Chairman and CEO Martin Mucci sold a total of 21,631 shares at an average price of $116.80. The insider received around $2.53 million as a result of the transaction.
Blackstone’s King of Hedge Funds Shakes Up Its Lagging Business (Bloomberg)
When Blackstone Inc. recruited Ivy League endowment manager Joe Dowling to make its lumbering hedge fund division more competitive last year, it took pains to minimize any appearance of drama. Within a year, Dowling’s co-head atop the unit left. So, too, have other senior staff, by choice or pushed out, as Dowling made big hires. Clients including pensions noticed all the turnover, and some have raised questions.
