Hedge Fund Investor Brummer Says Bodenholm Capital to Shut (Reuters)
LONDON, March 26 (Reuters) – Swedish hedge fund manager Bodenholm Capital, which manages 5.1 billion Swedish crowns ($511.2 million), is shutting down and returning capital to investors, a statement on the website of one of its core investors, Brummer & Partners, said on Thursday. The shuttering of Bodenholm is the latest in a string of closures as managers struggle to outperform, a feat made even harder by the coronavirus-induced crisis.
Paul Tudor Jones Says Stocks could Retest Lows as Virus Peaks But will be Higher in 3 to 5 Months (CNBC)
Hedge fund manager Paul Tudor Jones told CNBC on Thursday the market could be higher by June despite what he sees as a turbulent month ahead. “My guess is one of the reasons the market’s up right now is because of all the month-end rebalancing. The market’s front-running, it sees the fact that there are going to be a lot of equities to buy,” Jones told CNBC’s “Squawk Box.” “That’s one reason my guess is we’ll stay firm into month-end and then we’ll be challenged in April,” as the market digests a peak level of coronavirus cases.
How David Tepper Is Running The Carolina Panthers’ Football Hedge Fund (Medium.com)
After watching his newly-acquired NFL franchise finish with an 0–8 record, losing each of those games by an average margin of more than 16.8 points, owner David Tepper has gone out of his way during the 2020 NFL offseason to ensure that, whenever football turns to normalcy, we’ll see anything but your older brother’s Carolina Panthers. Even if the organization doesn’t make a single move between now and opening day, consider what Tepper and the Panthers have done in less than four months worth of time.
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Coronavirus Could Hit Hedge Fund Titans Who Earned More than $1B in 2019 (Fox Business)
Eight hedge fund managers earned more than $1 billion apiece in 2019, according to the Institutional Investor’s Rich List, but have likely seen a slice of that wealth destroyed as the coronavirus pandemic threatens to tip the U.S. into a recession that rivals the 2008 financial crisis. Christopher Hohn of TCI Fund Management was one of the highest individual earners last year, according to the list, raking in $1.8 billion on the back of a 40.6 percent return, the firm’s best year since 2013. Hohn tied with Jim Simons of Renaissance Technologies, who also earned $1.8 billion.
Bill Ackman: Shut Down the Economy for a Month (CNN Business)
New York (CNN Business) Hedge fund billionaire Bill Ackman has a solution to end the coronavirus threat and prevent the US economy from total collapse: shut down everything for a month. “The interests of the economy and the interests of the health care system are really identical here,” Ackman told CNN’s Christine Romans in a new episode of the CNN podcast series “Coronavirus: Fact vs Fiction.” “The economy will recover quickly if we can shut down the virus. And the way to shut down the virus is the ultimate in social distancing, i.e. a total country shutdown.”
Hedge Fund Manager to Lead Norway Sovereign Fund After $124 billion Loss (Reuters)
OSLO (Reuters) – Norway’s sovereign wealth fund, the world’s largest, named a London-based hedge fund manager as its new chief executive on Thursday and said it had lost $124 billion this year as stock markets tanked due to the coronavirus pandemic. Norwegian-born Nicolai Tangen, until now chief executive of AKO Capital, which he established in 2005, will take the helm in September, succeeding Yngve Slyngstad who announced his resignation last year.
Wuhan Hedge Funds Show Traders in Lockdown Can Still Make Money (Bloomberg)
As some of the world’s biggest hedge fund stars watch returns evaporate, managers in Hubei, the original epicenter of the coronavirus, are weathering the storm. Even though the central Chinese province has been under lockdown since late January, funds based there managed a 1.9% return on average in February, data compiled by consultancy Shenzhen PaiPaiWang Investment & Management Co. show. That’s almost on par with the average 2% for hedge funds nationwide in China and significantly better than the 3.2% slide in the benchmark Shanghai Stock Exchange Composite Index that month.
Hedge Fund Titans Simons, Griffin, Cohen and Tepper Earned $1 billion in 2019 Before Virus Outbreak (CNBC)
Renaissance Technologies’s James Simons, Citadel’s Ken Griffin, Points72′s Steven Cohen and Appaloosa Management’s David Tepper were among the biggest hedge fund earners in 2019 with each man raking in over $1 billion, according to Institutional Investor’s Rich List. No. 1 on the list was Christopher Hohn of TCI Fund Management, who earned in $1.8 billion last year, according to Institutional Investor.
Ackman Has Big Win on Bearish Market Bet (The Wall Street Journal)
William Ackman just scored big on a bearish bet that enabled him to sidestep steep market losses. About a month ago, Mr. Ackman laid out $27 million to protect his portfolio against a precipitous drop he anticipated in U.S. markets as a result of the coronavirus outbreak. Those so-called hedges came in the form of credit protection on global investment-grade and high-yield bond indexes that becomes more valuable as the likelihood of corporate defaults rises.
From Trainee to Thriving Money Manager (Hedge Nordic)
Stockholm (HedgeNordic) – Started by a 23-year-old out of the region of Aalborg in Denmark, long/short equity fund Symmetry Invest reached its seventh anniversary on March 8. The fund founded and managed by Andreas Aaen had also just reached DKK 100 million in assets under management, a “milestone I could have only dreamed of when I started this investment fund as a part-time project seven years ago.” In early 2013, Aaen decided to start his own investment fund to build a “public” track record by managing his own money and capital from friends and family.
Hollywood Police Officers Puts $5 million in Hedge Fund (Pensions&Investments)
Hollywood (Fla.) Police Officers’ Retirement System invested $5 million in Blue Ocean Onshore Fund, a hedge fund that deploys debt capital to shipowners, managed by EnTrust Partners. The $347 million pension fund’s board also approved liquidating the $32 million fixed-income portion of a balanced portfolio managed by Inverness Counsel, confirmed John McCann, senior consultant at AndCo Consulting, the pension fund’s investment consultant. Part of the portfolio will be used to fund the hedge fund investment, while the rest will be reallocated to the fund’s other two fixed-income managers: $20 million to core manager Tocqueville Asset Management, giving it about $35 million, and $7 million to core manager Garcia Hamilton & Associates, giving it about $41 million.
Thursday 3/26 Insider Buying Report: HPP, GMS (Nasdaq.com)
At Hudson Pacific Properties, a filing with the SEC revealed that on Monday, Director Jonathan M. Glaser bought 75,500 shares of HPP, at a cost of $16.67 each, for a total investment of $1.26M. Glaser was up about 37.4% on the purchase at the high point of today’s trading session, with HPP trading as high as $22.90 at last check today. Hudson Pacific Properties is trading up about 2.7% on the day Thursday. Before this latest buy, Glaser purchased HPP on 3 other occasions during the past year, for a total investment of $365,920 at an average of $26.14 per share. And on Tuesday, Director Ronald R. Ross bought $1.21M worth of GMS, buying 108,602 shares at a cost of $11.17 each. This purchase marks the first one filed by Ross in the past year. GMS Inc is trading up about 8.8% on the day Thursday. So far Ross is in the green, up about 53.5% on their buy based on today’s trading high of $17.14.
A Director at Healthcare (NYSE: HTA) is Buying Shares (Analyst Ratings)
Today, a Director at Healthcare (HTA), Bradley Blair, bought shares of HTA for $42.76K. Following this transaction Bradley Blair’s holding in the company was increased by 200% to a total of $1.55 million. In addition to Bradley Blair, one other HTA executive reported Buy trades in the last month.
Are Insider Trading Laws Driven by Envy? (Fee.org)
Four US senators swear they didn’t use insider knowledge when they sold off stocks ahead of the coronavirus-induced record market crash. Americans are outraged, but what if so-called insider trading is a mere gimmick of the greater political establishment? This is the age of the outsider. In politics, we have President Trump and Rep. Alexandria Ocasio-Cortez. In the economy, we have Uber and Airbnb. More than ever, being an insider carries a negative connotation.
