Peltz’s Trian Seeks to Rally Disney Shareholders Against Board Director Froman (Reuters)
Activist investor Nelson Peltz‘s hedge fund Trian Fund Management wrote to Walt Disney Co (DIS.N) shareholders on Thursday to make the case for replacing the media and entertainment conglomerate’s board director Michael Froman. Trian, which owns a roughly $1 billion stake in the home of Mickey Mouse, has asked Disney shareholders to drop Froman — a former U.S. Trade Representative — from the company’s 12-member board and elect Peltz instead.
ExodusPoint, the Largest Hedge Fund Launch in History, Shed Assets and Employees Amid Mixed Performance Last Year (Business Insider)
As a chaotic year in the markets headed toward a close, some of the most revered hedge funds in the industry, such as Citadel and D.E. Shaw, cruised to the finish line with banner results. Others, like ExodusPoint, staggered. The firm, which holds claim to the largest hedge fund launch in history, returned in 2022 a modest 5.5% to 6%, depending on the share class, according to investor documents seen by Insider and people familiar with the matter.
Tiger Global Cuts Fundraising Target as Startup Market Cools (The Wall Street Journal)
Tiger Global Management is scaling back its plans for a large venture-capital fund, a reversal for the tech investor that epitomized the Silicon Valley startup mania. The New York-based manager told investors it is reducing the target size for its latest venture fund to $5 billion, down from a $6 billion target it set when it began fundraising last fall, according to people familiar with the matter. The $6 billion itself was well below Tiger’s early expectations that it would raise a roughly comparable fund to its last, which totaled $12.7 billion, some investors said.
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‘Big Short’ Michael Burry Bets on a Stock Market Crash (The Street)
The legendary investor deleted his Twitter account after urging investors to liquidate stocks. The message surprised more than one investor. It came in one word on Jan, 31. Its author is Michael Burry, the founder of the hedge fund Scion Asset Management. Burry is known for his bet on the collapse of the U.S. housing market, which led to the 2008 financial crisis. This financial debacle made Burry a legend. It made him an example to follow in defiance of standard practices in finance.
How Extreme Bets Fueled an $11.4 Billion Fortune (Bloomberg)
Michael Platt made his first billion charging hedge fund clients fees until ditching them seven years ago. Now, without the same constraints, he’s spun that bundle into one of the biggest fortunes in the world. But just how much Platt commands — and how much he deploys into markets — remains a source of intrigue across Wall Street. He stoked it a few years ago by sliding into the backseat of New York’s “cabbie to the stars” and boasting he was the highest-earning person in finance. Platt later dismissed the viral social-media interview as spoof.
Bridgewater Names Karniol-Tambour as Third Co-CIO (Reuters)
Bridgewater Associates, the hedge fund founded by billionaire Ray Dalio, is naming Karen Karniol-Tambour as its third co-chief investment officer. Karniol-Tambour joins Bob Prince and Greg Jensen as a full partner and will be responsible for the company’s investment strategy and outcomes, according to a company statement on Thursday. She joined as an investment associate on the fixed income team in 2006 and became Head of Investment Research seven years later during which time she worked closely with Dalio, Prince and Jensen.
SEC Employee Phone Probe Reportedly Snags Steve Cohen, Ken Griffin Firms (New York Post)
Securities and Exchange Commission has asked some major hedge funds to review certain employees’ personal mobile phones for evidence of business dealings on unapproved channels, Bloomberg News reported on Thursday. The hedge funds include Steve Cohen’s Point72 Asset Management and Ken Griffin’s Citadel, the report said, citing people familiar with the matter. The SEC and Point72 and did not immediately respond to Reuters request for comment, while Citadel said it had no immediate comment.
Brevan Howard Joins Hedge Fund Shift With 100-Person UAE Outpost (Bloomberg)
Firm plans to have about 100 people working in UAE, people say. UAE has already attracted Balyasny, Millennium, ExodusPoint. Brevan Howard Asset Management is opening an outpost in Abu Dhabi, joining a string of peers expanding in the Middle East region that’s fast becoming a major hub for hedge funds.
Singapore-Based Hedge Funds that Beat Asia Turmoil are Looking to China to Extend Winning Run in 2023 (SCMP.com)
Dymon Capital, Modular and Asia Genesis outline strategies to extend their winning run in 2023 after beating the Covid-induced turmoil in 2022. Going long on Hang Seng Index, betting against the Japanese yen and stocks are among favourite trades. For most Asian hedge funds, 2022 proved to be a year of pain as a gauge of regional fund returns finished the year with an 8.3 per cent loss. But some money managers beat the odds and turned a profit. In a volatile era where active trading should theoretically trump index investing, here’s how they did it and some of the opportunities they see in the year ahead.
Thursday 2/2 Insider Buying Report: CHTR, BLFY (Nasdaq.com)
On Tuesday, Charter Communications’ Director, Steven A. Miron, made a $960,875 buy of CHTR, purchasing 2,500 shares at a cost of $384.35 each. Miron was up about 5.4% on the purchase at the high point of today’s trading session, with CHTR trading as high as $405.04 at last check today. Charter Communications is trading up about 1.6% on the day Thursday. This buy marks the first one filed by Miron in the past twelve months. And on Monday, CRO Robert Rowe purchased $58,100 worth of Blue Foundry Bancorp, purchasing 5,000 shares at a cost of $11.62 a piece. Blue Foundry Bancorp is trading down about 0.6% on the day Thursday. Rowe was up about 2.4% on the buy at the high point of today’s trading session, with BLFY trading as high as $11.90 at last check today.
Insiders Selling SLB, Abercrombie & Fitch And This Consumer Cyclical Stock (Benzinga)
Abercrombie & Fitch: The Trade: Abercrombie & Fitch Co. (ANF) President-Global Brands Kristin Scott sold a total of 52,431 shares at an average price of $27.87. The insider received around $1.46 million from selling those shares. SLB: The Trade: SLB (SLB) Pres Digital & Integration Rajeev Sonthalia sold a total of 24,150 shares at an average price of $56.52. The insider received around $1.36 million as a result of the transaction.
