Paul Tudor Jones-Backed Quant Manager Returns 20% Using Crowdsourced Ideas (Bloomberg)
A Paul Tudor Jones-backed hedge fund that harnesses the stock-picking skills of amateur quants has nabbed another $100 million of inflows after soaring 20% in last year’s market turmoil. San Francisco-based Numerai LLC invests based on the wisdom of crowds by collating trading ideas from the likes of freelance data wonks, engineers and scientists, who are then rewarded with its native cryptocurrency. The unconventional business model is riding a slew of Wall Street fads from democratized trading and crypto to artificial intelligence, but so far it’s working.
Brett Icahn Is Getting Excited (Deal Breaker)
Carl Icahn turned 87 two weeks ago, which means he’s allowed to keep working for another five years or so if he wants to and keeps breathing, under the terms of the deal he struck two-plus years ago with his son and heir, Brett. Since then, Icahn Enterprises has suffered two down years. Now, Uncle Carl’s own big bets last year were something of a mixed bag, so perhaps it’s time to hand the baton to a new generation. Or, you know, if that generation is responsible for the losses, ripping up that deal and trying to find a way to live forever.
GoldenTree Joins Hedge Fund Peers’ Expansion Drive to Dubai (GulfNews.com)
Dubai: GoldenTree Asset Management is opening an office in Dubai, the latest firm to expand operations to the region as the business hub seeks to attract dozens of hedge funds to the emirate. The New York-based credit trading specialist has hired Han Gurer, a former executive at Ares Management, to oversee its business development in the region, according to a company statement. He will report to GoldenTree’s CEO Kathy Sutherland.
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Man Group Shares Surge on Bumper Performance Fees (Reuters)
Hedge fund Man Group (EMG.L) raked in its highest performance fees last year since before the financial crisis as falling stocks and bond markets and a slew of central bank rate hikes boosted trading opportunities for its funds. Shares in the British company jumped as much as 10% in early Tuesday trading as investors cheered the 6% growth in fees to $779 million, which came in a quarter higher than analyst forecasts, and an 18% increase in full-year core pretax profit.
Stefan Wigstrand Joins Storebrand (Hedge Nordic)
Stockholm (HedgeNordic) – Portfolio manager Stefan Wigstrand will join Storebrand Asset Management’s Swedish fixed-income team after six years at Catella Fonder – later renamed Celina Fonder – that was acquired by Case Group. Wigstrand has been running fixed-income strategies and mandates at Catella Fonder, including the fixed-income strategy leg of multi-asset, multi-strategy fund Catella Hedgefond, now called Case Hedgefond.
Here’s What David Siegel’s Two Sigma Hedge Fund Loaded Up on to Close Out 2022 (247WallSt.com)
New York-based hedge fund Two Sigma, led by David Siegel, poured into Amazon.com (US:AMZN) and Paypal Holdings Inc (US:PYPL) in the quarter ending Dec. 31, according to the firm’s most recent SEC form 13F filing. The hedge fund reported 2,767 positions, up from 2,434 positions reported at the end of the preceding quarter.
Bain Capital Ventures Closes $1.9 Billion in Tech Investment Funds (Bloomberg)
Bain Capital Ventures, the venture arm of the namesake private equity giant, has raised $1.9 billion across two new venture funds targeting startups of all sizes. The funds, which set a new record for Bain Capital’s 20-year-old venture capital business, will target investments in fintech, infrastructure, apps and commerce technology, BCV said in a statement Tuesday. The raise eclipses the $1.3 billion BCV announced in May 2021 to invest in earlier-stage companies.
AIMA Launches Digital Assets Funds Due Diligence Questionnaires (Hedge Week)
The Alternative Investment Management Association (AIMA), together with digital asset investors and industry experts, has published a new set of due diligence questionnaires (DDQs) for digital asset investment managers and funds. The DDQs have been primarily designed for investors to evaluate the unique investment and operational risks that come with allocating to digital asset investment funds. They will also assist investment managers in the space to meet investor demands for transparency more efficiently by creating a comprehensive standard template for information sharing. There are versions for open-ended funds as well as closed-end fund vehicles so that these templates can be used by hedge funds, venture capital and hybrid funds.
Tuesday 2/28 Insider Buying Report: RILY, TWLO (Nasdaq.com)
On Friday, B. Riley Financial’s CEO B. Riley Securities, Andrew Moore, made a $367,774 buy of RILY, purchasing 10,000 shares at a cost of $36.78 a piece. So far Moore is in the green, up about 12.4% on their purchase based on today’s trading high of $41.35. B. Riley Financial is trading up about 6% on the day Tuesday. Before this latest buy, Moore bought RILY at 3 other times during the past year, for a total cost of $1.47M at an average of $42.14 per share. And at Twilio, there was insider buying on Friday, by Director Donna Dubinsky who bought 3,995 shares at a cost of $62.72 each, for a total investment of $250,558. This purchase marks the first one filed by Dubinsky in the past year. Twilio is trading up about 6.9% on the day Tuesday. Dubinsky was up about 10.4% on the buy at the high point of today’s trading session, with TWLO trading as high as $69.25 at last check today.
Over $17M Bet On This Energy Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Energy Transfer: The Trade: Energy Transfer LP (ET) Executive Chairman Kelcy Warren acquired a total of 1,339,398 shares an average price of $12.99. To acquire these shares, it cost around $17.4 million. IMPINJ: The Trade: IMPINJ Inc (PI) Director Steve Sanghi bought a total of 16,700 shares at an average price of $119.70. To acquire these shares, it cost around $2 million.
