Activist Fund Trian Reorders Top Ranks as CIO Garden Retires – Filing (Reuters)
Billionaire investor Nelson Peltz’s activist hedge fund Trian Fund Management has overhauled its top ranks and promoted two veterans to co-chief investment officers, replacing a co-founder who is retiring, according to a regulatory filing. Trian, founded in 2005, oversees some $7 billion in assets and ranks among the world’s most powerful firms that push corporations to make changes ranging from overhauling executive teams to putting the company up for sale.
Millennium Taps Polar Capital’s Head of Trading (Hedge Week)
Multi-strategy giant Millennium has added Alex Jenkins, the head of trading at boutique hedge fund Polar Capital, to its team, according to a report by The Trade. Jenkins’ new role and title with her new employer have not yet been confirmed. Jenkins served as Polar Capital’s head of trading for over three-and-a-half years having first joined the firm in December 2019.
Inside Eisler Capital: The Ambitious Hedge Fund Where You May Not Last (eFinancialCareers.com)
It’s a trope of the post-pandemic hiring landscape that the big multistrategy hedge funds are the new aggressive recruiters. Funds like Citadel, Millennium, Balyasny, Point72 and ExodusPoint have been paying very, very handsomely to pull traders from banks. And they’ve recently been joined by another generous hand at the table: Eisler Capital, the hedge fund transforming itself into a multistrat.
Photo by Austin Distel on Unsplash
A Brazilian Billionaire Amps Up His Hedge Fund Bet (Bloomberg)
Peninsula Participacoes Ltda., the investment firm managing assets for the billionaire Abilio Diniz and his family, is expanding its push into Brazil’s hedge fund industry. O3 Gestão de Recursos Ltda., the fund manager created by Peninsula, plans to launch four products open to investors outside the family in addition to its existing flagship global hedge fund, O3 Retorno Global Qualificado, according to Daniel Mathias Alves Pinto, a partner and chief investment officer at O3 Capital.
Goldman’s Hedge Fund ETF Is Crushing the S&P 500 With AI Bets (Advisor Perspectives)
The artificial intelligence boom is handing a big win to hedge funds angling for an edge. The $127 million Goldman Sachs Hedge Industry VIP exchange-traded fund (ticker GVIP), which scans 13F filings to build a portfolio of popular hedge fund picks, has rallied more than 16% so far in 2023, Bloomberg data show. That compares to a nearly 10% climb for the S&P 500. GVIP’s 2023 outperformance is largely thanks to its three largest holdings: AI-darlings Nvidia Corp., Broadcom Inc., and Advanced Micro Devices Inc. Paced by Nvidia, the chipmakers have surged over the past month as hype builds around the technology, which was a hot topic in the latest round of corporate earnings.
UBS Sees Notable Rise in Hedge Fund Allocations Among Family Offices in 2022 (Opalesque)
According to Swiss bank UBS’ 2023 Global Family Office Report, allocations to hedge funds have increased in line with a greater emphasis on active management, and family offices are planning to further diversify their private market allocations. Within family offices’ allocation refocus, there was a notable rise in hedge fund allocations, from 4% in 2021 to 7% in 2022 globally. The breakdown is 10% in the US, 7% in Latin America, 4% in Switzerland, 8% in Europe and 11% in Asia-Pacific. Half of all the family offices surveyed invested in hedge funds in 2022, up from 43% the year before.
Hedge Fund Veteran Deepak Narula Says Agency MBS Offer Rare Opportunities Now (Bloomberg)
Deepak Narula says wide spreads in the agency mortgage-backed security market offer opportunities approaching those that surfaced in the wake of the global financial crisis. The founder and chief investment officer of Metacapital Management LP should know. Born in New Delhi, Narula earned a Ph.D. in management science at Columbia Business School before joining Lehman Brothers Holdings Inc. as a research analyst in 1989. There, he rose to become head of mortgage strategy, then to lead Lehman’s agency MBS and derivatives trading desks.
AQR Founder Backs New Niche Hedge Fund (Hedge Week)
Cliff Asness, the founder of quantitative investment firm AQR Capital, is backing a new ‘niche’ multistrategy hedge fund launched by former employee Brian Hurst and Goldman Sachs Group alumnus Elisha Wiesel, according to a report by Bloomberg. Hurst who spent 21 years with AQR, and Wiesel, a 25-year Goldman Sachs veteran, began trading with Niche Plus – multi-manager platform ClearAlpha Technologies’ first fund – on Thursday with commitments of several hundred million dollars from Asness, Stable Asset Management and other institutional investors.
Friday 6/2 Insider Buying Report: GO, OSUR (Nasdaq.com)
At Grocery Outlet Holding, a filing with the SEC revealed that on Thursday, Director Erik D. Ragatz bought 70,000 shares of GO, for a cost of $28.50 each, for a total investment of $1.99M. Grocery Outlet Holding is trading up about 4.3% on the day Friday. Before this latest buy, Ragatz bought GO at 2 other times during the past year, for a total investment of $3.06M at an average of $27.27 per share. And at OraSure Technologies, there was insider buying on Tuesday, by Chief Financial Officer Kenneth J. McGrath who bought 100,000 shares at a cost of $4.93 each, for a total investment of $492,810. This buy marks the first one filed by McGrath in the past twelve months. OraSure Technologies is trading up about 1.7% on the day Friday. McGrath was up about 14.6% on the purchase at the high point of today’s trading session, with OSUR trading as high as $5.65 at last check today.
$273M Bet On Occidental Petroleum? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Masimo: The Trade: Masimo Corporation (MASI) Director, CEO and Chairman of the Board Joe Kiani acquired a total of 6,365 shares an average price of $157.16. To acquire these shares, it cost around $1 million. Occidental Petroleum: The Trade: Occidental Petroleum Corporation (OXY) 10% owner Warren E Buffett acquired a total of 4,660,809 shares at an average price of $58.57. To acquire these shares, it cost around $273 million.
