Impala Asset Management to Convert from Hedge Fund to Family Office After Strong Returns (HedgeWeek)
A run of strong returns over the past two years has prompted hedge fund boss Bob Bishop to close Impala Asset Management and covert to a family office, according to a report by Bloomberg. Impala has benefitted from recent bets on energy, industrials and materials, as well as shorting technology stocks this year. The Florida-based firm’s main hedge fund is up 11 per cent so far this year having posted gains of 64% since the start of 2020, according to a letter to investors.
Jana Partners Plans to Sue Zendesk Over Annual Meeting Date (Reuters)
June 8 (Reuters) – New York-based activist investment firm Jana Partners said on Wednesday it intends to sue software company Zendesk Inc after it failed to set a date for its 2022 annual meeting. The hedge fund said the “failure” was “inexcusable” and the company’s board had “inflicted significant damage” on its shareholders.
This Hedge Fund Manager Called Inflation Early. He Now Says Consumer Prices Will Finish 2022 at a Level That ‘Screams Failure by the Fed.’ (Barron’s)
Far from the bustle of Wall Street, inside his downtown Minneapolis office, Tim Magnusson got his first aching gut feeling about U.S. inflation in May of last year.That’s when U.S. government data showed a 10% increase in used car and truck prices during the prior month, April of 2021. Magnusson, then a senior portfolio manager at hedge fund firm Garda Capital Partners, sensed something was amiss from the report.
Hedge Funds Battle Against Volatile Markets in May to Consolidate 2022 Outperformance (Institutional Asset Manager)
Nick Evans writes that a challenging month in May produced mixed results for most hedge funds as volatility intensified across global financial markets, although several strategy areas are still showing strong gains for the year and substantial outperformance against major equity market indices. Analysis from research firm HFR shows that more than half of all hedge funds posted losses in a month of accelerating market upheavals and worsening economic and political concerns, with only around 40 per cent of the funds in HFR’s indexation universe making gains in May.
SoFi Insider Trading: CEO Buys SOFI Stock 3 Times in June. Here’s Why. (InvestorPlace)
CEO Anthony Noto has purchased 59,872 shares of SOFI stock this month. SoFi (SOFI) CEO Anthony Noto purchased 16,907 shares yesterday. Noto now owns a total of 3.38 million shares. Shares of SOFI stock have plummeted by over 55% year-to-date. Unsurprisingly, SoFi (NASDAQ:SOFI) CEO Anthony Noto has already purchased SOFI stock three times this month. Year-to-date (YTD), the CEO has now purchased shares of his own company on 14 separate occasions, with his first purchase falling on March 4. Shares of SoFi have fallen by over 30% since then.
Thursday 6/9 Insider Buying Report: CHWY, RKT (Nasdaq.com)
On Monday, Chewy’s Director, James A. Star, made a $5.00M buy of CHWY, purchasing 180,636 shares at a cost of $27.71 each. So far Star is in the green, up about 12.6% on their purchase based on today’s trading high of $31.19. Chewy is trading up about 6.7% on the day Thursday. Before this latest buy, Star made one other buy in the past twelve months, purchasing $1.79M shares for a cost of $55.58 a piece. And on Wednesday, Chief Executive Officer Jay Farner bought $599,240 worth of Rocket Companies, buying 69,900 shares at a cost of $8.57 each. Before this latest buy, Farner purchased RKT on 20 other occasions during the past twelve months, for a total investment of $8.84M at an average of $9.07 per share. Rocket Companies is trading down about 1.6% on the day Thursday.
