The Wavebreaker (Hedge Nordic)
Stockholm (HedgeNordic) – Trend-following CTAs have become commonplace in many institutional-grade portfolios as an insurance policy against extended downturns, with their popularity – and the likelihood of success – often increasing in times of turmoil. To improve the performance of trend-following strategies in environments with abrupt changes in market momentum, some managers have begun to incorporate a dose of “macro” investing.
Sovereign Wealth Funds’ Appetite for Alt-Meat (Preqin)
Newly foaled unicorn Upside Foods gets funding from SWFs such as Temasek and Abu Dhabi Growth Fund as their focus on sustainability grows. The world’s biggest sovereign wealth funds (SWFs) are increasingly investing in the alt-meat sector as their focus on sustainable investments grows. In mid-April, two SWFs – Singapore’s Temasek and the UAE’s Abu Dhabi Growth Fund – led the $400mn series C funding round for Upside Foods, a Berkeley-based artificial meat producer. Temasek, a returning investor, and Abu Dhabi co-led a group of fifteen that included both previous and new investors.
Millennium Hires Former Bitstamp Exec Merghart as COO of Digital Assets (Coin Desk)
Hedge fund Millennium Management has hired former Bitstamp executive Hunter Merghart to lead its digital asset infrastructure strategy, according to a source with knowledge of the matter. Merghart will join Millennium as its chief operating officer of digital assets to build out crypto infrastructure, the source said. Hiring a crypto industry veteran such as Merghart suggests that Millennium is looking to give its crypto plans fresh impetus.
Melvin Capital Down 23.3% Year to Date as Founder Considers Winding Down Fund (New York Post)
Embattled hedge fund Melvin Capital reported another down month — just weeks after founder Gabe Plotkin said he was considering winding down the fund. Melvin — still struggling to recover after a massive short squeeze on meme stock GameStop crushed his fund in January 2021 — lost another 3.3% in April, taking the fund’s year to date drop to 23.3%, according to a letter to investors reviewed by The Post.
Tuesday 5/3 Insider Buying Report: GE, GM (Nasdaq.com)
On Monday, General Electric’s CEO, H. Lawrence Culp Jr., made a $4.84M buy of GE, purchasing 65,000 shares at a cost of $74.53 each. Culp Jr. was up about 4.0% on the buy at the high point of today’s trading session, with GE trading as high as $77.49 at last check today. General Electric is trading up about 2.2% on the day Tuesday. And at General Motors, there was insider buying on Thursday, by CFO Paul A. Jacobson who bought 35,000 shares at a cost of $38.79 each, for a trade totaling $1.36M. This buy marks the first one filed by Jacobson in the past year. General Motors is trading up about 2.2% on the day Tuesday. So far Jacobson is in the green, up about 2.1% on their buy based on today’s trading high of $39.60.
Executives Buy More Than $90M Of 4 Stocks (Benzinga)
Blue Apron: The Trade: Blue Apron Holdings, Inc. (APRN) 10% owner RJB Partners LLC acquired a total of 3,333,333 shares at at an average price of $12.00. To acquire these shares, it cost around $40 million. iHeartMedia: The Trade: iHeartMedia, Inc. (IHRT) 10% owner Tabor Michael acquired a total of 2,679,693 shares at an average price of $16.41. To acquire these shares, it cost around $43.96 million.
