Hedge Fund That Shorted The Pound Now Bets Against UK Stocks (Bloomberg)
Edouard de Langlade, founder of macro hedge fund EDL Capital, says the Bank of England will be forced to act to stabilize the UK’s currency and bond markets, which have cratered in response to the country’s tax cuts and fiscal policies. The hedge fund manager, known for his aggressive trades, had been betting on a fall in pound and took profits overnight as the currency weakened. He said he has retained a fifth of his wagers against the currency and is betting against UK stocks in expectation of higher interest rates, which he believes could eventually hit more than 10%.
Jana’s Latest Target (Institutional Investor)
The activist hedge fund has already enjoyed several wins this year. Jana Partners has launched another activist campaign. The hedge fund headed by Barry Rosenstein disclosed late Thursday that it owned nearly 10 percent of the shares of pet food company Freshpet. The stock dropped slightly on Friday, a day in which the wider market suffered a sharp selloff.
Unilever’s Soap Opera: M&A, Nelson Peltz, CEO to Retire (Reuters)
Sept 26 (Reuters) – Unilever (ULVR.L) CEO Alan Jope plans to retire at the end of 2023 roughly two months after activist investor Nelson Peltz joined the board of the consumer goods company. The maker of Dove soap and Magnum ice cream has had a bumpy few years, with shares falling about a quarter from highs seen in late 2019 and CEO Alan Jope’s plans facing scrutiny. Here are key developments around Unilever in the past year.
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Team Ress Grows with Junior PM (Hedge Nordic)
Stockholm (HedgeNordic) – The Stockholm-based portfolio management team picking and buying U.S. life insurance policies for Ress Capital’s alternative investment fund, Ress Life Investments, has expanded with the hiring of Amanda Gustafsson as Junior Portfolio Manager. The now four-member portfolio management team also includes Head of Portfolio Management Anton Pozine, as well as Portfolio Managers Fredrik Thor and Markus Biamont.
Billionaire Izzy Englander’s Millennium Just Tapped a Goldman Sachs Alum to Build Out a New Hub in Miami as Its Tech Hiring Spree Continues (Business Insider)
Millennium Management has tapped Olga Naumovich to lead its technology team in Miami. The multi-strategy hedge fund is currently hiring for 25 tech roles to boost its new hub. The war for local investing and tech talent is heating up as more hedge funds move South. Izzy Englander‘s $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund’s plans told Insider.
John Paulson on Frothy US Housing Market: This Time Is Different (Bloomberg)
John Paulson became a billionaire after his hedge fund effectively shorted more than $25 billion of mortgage securities at the dawn of the global financial crisis. As he sizes up yet another frothy housing market some 15 years later, the founder of Paulson & Co. says another downturn in US home prices may be in the cards — but the banking system is in a much better condition to handle it.
Hedge Fund Caxton is No Longer Paying £700k a Year in London (eFinancialCareers.com)
Hedge fund Caxton is no longer paying £700k a year in London. Macro hedge fund Caxton has been around a long time. Founded in 1983 by U.S. investor Bruce Kovner, it’s one of the granddaddies of the hedge fund world. It has seen ups and it has seen downs. Compared to 2020, 2021 looks a lot like a down. The fund just published results for its UK entities – Caxton Europe LLP (the partnership) and Caxton Europe Asset Management Ltd. Both confirm that 2021 wasn’t nearly as good as 2020.
SS&C GlobeOp Forward Redemption Indicator at 2.67% for September (Hedge Week)
The SS&C GlobeOp Forward Redemption Indicator for September 2022 measured 2.67%, up from 2.35% in August. “SS&C GlobeOp’s Forward Redemption Indicator for September 2022 of 2.67% reflects a favourable level of redemption notices compared to historical norms for September, though slightly higher than the 2.45% reported for the same period a year ago,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “In recent months, redemption notices have continued to run near all-time low levels as investors largely maintain their allocations to hedge funds in the face of strong financial market headwinds.”
Monday 9/26 Insider Buying Report: ALLK, CRK (Nasdaq.com)
On Wednesday, Allakos (ALLK)’s Director, Paul Edward Walker, made a $20M buy of ALLK, purchasing 3,984,000 shares at a cost of $5.02 a piece. So far Walker is in the green, up about 23.1% on their buy based on today’s trading high of $6.18. Allakos is trading up about 15.4% on the day Monday. And on Friday, Morris E. Foster bought $306,040 worth of Comstock Resources (CRK), buying 18,000 shares at a cost of $17.00 each. Before this latest buy, Foster purchased CRK on 2 other occasions during the past year, for a total investment of $497,650 at an average of $17.77 per share. Comstock Resources is trading up about 2.4% on the day Monday. Bargain hunters are able to grab CRK at a price even lower than Foster did, with shares changing hands as low as $16.11 at last check today — that’s 5.2% below Foster’s purchase price.
Scholastic EVP Makes $299K Stock Purchase (Benzinga)
Rose Else-Mitchell, EVP at Scholastic (SCHL), reported a large insider buy on September 22, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Else-Mitchell purchased 7,095 shares of Scholastic. The total transaction amounted to $299,976.
Insider Trading: September 26, 2022 (BIV.com)
Insider Alessandro Bitelli, director. Company: Filo Mining Corp. (TSX:FIL). Shares owned: 127,200. Trade date: Sept. 9, 12, 13. Trade total: $171,306. Trade: Sale of 10,000 shares at prices from $17 to $17.43 per share. Insider Roger Hardy, 10% owner. Company: Kits Eyecare Ltd. (TSX:KITS). Shares owned: 1,787,464. Trade date: Sept. 9. Trade total: $97,929. Trade: Acquisition of 35,100 shares at a price of $2.79 per share.
