Tiger Global’s Hedge Fund Posts 15% Monthly Drop, Pushing Year’s Loss to 44% (Bloomberg)
Tiger Global Management’s performance problems are piling up. The firm’s hedge fund declined 15% in April, taking its loss in 2022 to 44%, according to people familiar with the matter. Tiger Global’s long-only fund was hit even worse, tumbling 25% last month and extending its drop for the year to 52%, said the people, who asked not to be named because the information isn’t public.
Paul Tudor Jones Says He Can’t Think of a Worse Financial Environment for Stocks or Bonds Right Now (CNBC)
Billionaire hedge fund manager Paul Tudor Jones said the environment for investors is worse than ever as the Federal Reserve is raising interest rates when financial conditions have already become increasingly tight. “You can’t think of a worse environment than where we are right now for financial assets,” Jones said Tuesday on CNBC’s “Squawk Box.” “Clearly you don’t want to own bonds and stocks.”
Activist Firm Elliott Pushes Western Digital to Split Its Businesses (Reuters)
(Reuters) – Elliott Management on Tuesday disclosed it held a stake of nearly $1 billion in Western Digital and pushed the company to conduct a strategic review and split off its flash-memory business. New York-based Elliott, one of the world’s most prominent activist investors, argued in a letter to the board that Western Digital’s acquisition of SanDisk is not working well and the company would be better off separating the flash and hard drives business. It owns roughly 6% of the company.
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Catalio Capital Amasses $381 Million for Third Biomedical Fund (The Wall Street Journal)
Biomedical specialist Catalio Capital Management, which spun out of Camden Partners in 2020, has raised $381 million for its second independent fund, outpacing a $300 million target. Catalio Nexus Fund III LP is more than three times as large as its predecessor, which closed on $100 million in 2020. The New York firm raised $15 million from…
Bridgewater’s Chief Diversity Officer Explains How the Hedge Fund is Using Its New Fellowship Program to Create a Pipeline of Diverse Talent in Finance (Business Insider)
Alan Bowser sees his latest career achievement as “a chance to pay it forward.” Bowser, the chief diversity officer at hedge fund Bridgewater Associates, told Insider he was able to build a successful career in financial services at least partly because of the mentorship and sponsorship he received. Now, Bowser is helping spearhead Bridgewater’s Rising Fellows program, a three-week virtual program geared toward first-year undergraduate students from backgrounds that are underrepresented in the financial-services industry, including LBGTQ+ individuals and people of color.
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.
