Billionaire Hedge Fund Manager Paul Tudor Jones Joins Pledge to Give Away Half his Fortune (CNBC)
Hedge fund manager and legendary trader Paul Tudor Jones has joined Bill Gates and Warren Buffett’s pledge to give more than half of his wealth away to charity. Tudor Jones is among 19 philanthropists who have signed the Giving Pledge in the last year, a commitment created by Gates and Buffett to donate at least half of one’s fortune to philanthropic causes during their lifetime or after their death.
David Tepper Leaves a Void That’s Tougher to Fill (Bloomberg)
The hedge fund industry boasts some of the best money managers on the planet, but good luck investing with them. There are precious few, and it’s never clear who they are in the beginning. By the time their skills are apparent, they’ve already amassed a fortune and no longer need investors’ money. Investors were reminded of that quandary last week with the news that David Tepper, founder of hedge fund Appaloosa Management, plans to return money to outside investors and focus on managing his own fortune, which includes the Carolina Panthers football team he bought last year. Tepper founded Appaloosa with just $57 million in 1993 but soon closed the fund to new investors as his fame grew and money poured in. Those who weren’t invested with Tepper from the start, or close to it, never had the opportunity.
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Hedge Funds Managing Well as the Tech Sector Navigating Troubled Waters (Opalesque.com)
As the U.S. aims to deglobalize the tech industry and protect its national interests, the tech sector is navigating troubled waters. The L/S Equity managers at Lyxor have managed the sudden tech sector repricing so far. Communication and tech positions remain dominant in portfolios, but several warnings earlier this year led managers to reduce net exposures, Lyxor said in its weekly brief. Since the unexpected trade and tech war escalation in early May, they continued to trim their tech positions (especially the semi and hardware stocks) while adding to the defensive sectors. “At a fund level, EM and Chinese focused strategies suffered the most, but the drag on the other UCITS L/S equity strategies that we monitor was smoother,” Lyxor pointed out. Their higher correlation and limited returns dispersion suggest homogeneously cautious exposures to tech.
San Francisco Hedge Fund Firm Seeks Capital for VC Fund (Institutional Investor)
EcoR1, whose founder was named a Hedge Fund Rising Star in 2015, has produced strong performance in its main hedge fund for the past few years. EcoR1 Capital, an up-and-coming hedge fund firm focused on biotechnology, is raising a venture capital fund, according to a regulatory filing.The firm is seeking capital for the EcoR1 Venture Opportunity Offshore Fund, the filing shows. The minimum investment is $2 million. EcoR1, founded by Oleg Nodelman in 2012, invests in biotech companies…
Hedge-Fund Titan Sees Brazil in a ‘Gray Zone’ Even With Reform (Bloomberg)
Brazil’s plan to overhaul its pension system has become a make-or-break issue for markets, which rally on signs of the bill’s progress and sink on its setbacks. But for one of the nation’s most revered hedge-fund firms, the biggest concern lies in what comes next. “The government will probably deliver something acceptable in terms of pension reform, but I’m a little worried on what you’re going to get afterward,” said Leonardo Linhares, a partner at SPX Capital, Brazil’s biggest independent hedge-fund firm with almost 40 billion reais ($9.9 billion) under management. “I’m not optimistic about the next steps.”
Hedge Fund Guru Ray Dalio: Invest in Idea Meritocracy (Fast Company)
Paperboy. Snow shoveler. Golf caddy–including for Richard Nixon and the Duke of Windsor. Ray Dalio has had a lot of jobs. But the one he’s best known for is founder and current co-CIO and cochair of Bridgewater Investments, the most successful hedge fund in history and one of Fortune‘s five most important private American companies. He has been called the “Steve Jobs of investing” and named one of Time‘s Most Influential People. Dalio has also written the best seller Principles: Life and Work and, more recently, Principles for Navigating Big Debt Crises.
Businessman Eike Batista Is Fined US$133 Million for Insider Trading (UOL)
RIO DE JANEIRO: Brazil’s Securities Commission (CVM) condemned businessman Like Batista on Monday (27) and fined him R$536 million (US$133 million) for “insider trading.” Eike used privileged information when he traded shares of OGX petroleum. He also cannot act as an administrator of a publicly-held company for seven years nor serve on a publicly-held company’s board. The decision was unanimous and will be sent to the Federal Public Ministry. His defense can contest the ‘fine’s amount and the length of the penalty.
SEC Awards $4.5 Million to Whistleblower (HedgeCo.Net)
(HedgeCo.Net) The Securities and Exchange Commission has awarded more than $4.5 million to a whistleblower whose tip triggered the company to review the allegations as part of an internal investigation and subsequently report the whistleblower’s allegations to the SEC and another agency. The whistleblower sent an anonymous tip to the company alleging significant wrongdoing and submitted the same information to the SEC within 120 days of reporting it to the company. This information prompted the company to review the whistleblower’s allegations of misconduct and led the company to report the allegations to the SEC and the other agency.
The Corp. VP of Broadridge Financial Solutions Llc (NYSE: BR) is Selling Shares (Analyst Ratings)
Today, the Corp. VP of Broadridge Financial Solutions Llc (BR), Douglas Richard Deschutter, sold shares of BR for $2.99M. Following Douglas Richard Deschutter’s last BR Sell transaction on May 14, 2018, the stock climbed by 9.7%. In addition to Douglas Richard Deschutter, 2 other BR executives reported Sell trades in the last month. Based on Broadridge Financial Solutions Llc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.25 billion and quarterly net profit of $172 million. In comparison, last year the company earned revenue of $1.09 billion and had a net profit of $109 million. BR’s market cap is $14.35B and the company has a P/E ratio of 29.28. Currently, Broadridge Financial Solutions Llc has an average volume of 297.3K.
Tuesday 5/28 Insider Buying Report: CTL, MAC (Nasdaq.com)
On Thursday, CenturyLink’s CEO, Jeffrey K. Storey, made a $491,480 purchase of CTL, buying 50,000 shares at a cost of $9.83 a piece. So far Storey is in the green, up about 4.9% on their buy based on today’s trading high of $10.31. CenturyLink is trading up about 1.5% on the day Tuesday. Before this latest buy, Storey made one other purchase in the past year, buying $991,261 shares at a cost of $11.94 each. And at Macerich, there was insider buying on Thursday, by Chief Executive Officer Thomas E. O’Hern who purchased 5,000 shares for a cost of $39.69 each, for a trade totaling $198,450. Before this latest buy, O’Hern made one other purchase in the past twelve months, buying $409,850 shares at a cost of $40.98 a piece.
A Director at Iberiabank (NASDAQ: IBKC) is Selling Shares (Analyst Ratings)
Today, a Director at Iberiabank (IBKC), Harry Barton, sold shares of IBKC for $507.2K. Following Harry Barton’s last IBKC Sell transaction on November 17, 2014, the stock climbed by 14.3%. Based on Iberiabank’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $375 million and quarterly net profit of $99.2 million. In comparison, last year the company earned revenue of $311 million and had a net profit of $62.98 million. IBKC’s market cap is $4.14B and the company has a P/E ratio of 10.68. Currently, Iberiabank has an average volume of 355.3K.
Cosmos Holdings Inc (COSM) CEO Grigorios Siokas Bought $500,002 of Shares (Guru Focus)
CEO of Cosmos Holdings Inc (COSM) Grigorios Siokas bought 66,667 shares of COSM on 05/28/2019 at an average price of $7.5 a share. The total cost of this purchase was $500,002. Cosmos Holdings Inc is a specialty pharmaceutical company. The company through its subsidiary is engaged in the development, marketing and sales of branded and generic pharmaceutical products and medicines across the European Union member states. Cosmos Holdings Inc has a market cap of $45.150 million; its shares were traded at around $3.45 with and P/S ratio of 1.33.
