Big Short Bet Yet to Play Out (Hedge Nordic)
Stockholm (HedgeNordic) – Polar Multi Asset, an Oslo-based multi-strategy hedge fund that gained over 20 percent in March – its first month of operations, has turned bearish on equity markets. “At the moment, we are very negative on financial markets,” Kent Torbjørnsen, the CEO of Polar Asset Management, told HedgeNordic earlier this month. “But the bet hasn’t played our way, yet anyway.” Launched by Ole Christian Presterud and Kent Torbjørnsen at the beginning of March, Polar Multi Asset is a multi-strategy fund aiming to generate high uncorrelated returns by investing across several asset classes such as currencies, fixed income, commodities and equities. In managing the fund, the duo relies on a combination of technical analysis of individual securities, bottom-down fundamental analysis and extensive financial market experience accumulated at DNB Markets.
Billionaire Investor Paul Tudor Jones Famously Earned a 4-Year Streak of Triple-Digit Returns. Here are the 7 Trading Rules He Lives by After Suffering a Devastating Loss. (Business Insider)
“Don’t focus on making money; focus on protecting what you have.” That’s what Paul Tudor Jones, the billionaire investor and founder of Tudor Investment Corp., said in Jack D. Schwager’s “Market Wizards” when asked about the most important advice he could bestow upon a trader. “I always think about losing money as opposed to making money,” he said.
Former Millennium Executive Zaino Launches Keystone Capital, Eyes Biotech (Reuters)
BOSTON (Reuters) – Investor Fredric Zaino, who spent 15 years at hedge fund Millennium Management, has launched his own firm and plans to invest in micro-, small- and mid-cap public and private companies focusing on biotech, real estate and consumer products. Keystone Capital Partners has already made investments with biotechnolgy companies PolarityTE Inc and Vaccinex Inc and expects to make another seven to 10 investments this year, Zaino said.
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HK Hedge Fund Long Corridor Asset Management Selects Bare Cove Technology to Automate Operations (Hedge Week)
Hong Kong-based hedge fund Long Corridor Asset Management has selected Bare Cove Technology Limited (BCT) as its software development and IT automation partner. Over the past six months, BCT has developed and implemented several software solutions for Long Corridor to automate and enhance their daily reconciliations, reporting, and trading workflows. “We evaluated a number of providers and ultimately selected BCT based both on the team’s depth of industry experience, and their high level of service, engineering quality and professionalism,” says Ali Sheikh, Chief Operating Officer of Long Corridor Asset Management. “Bare Cove Technology’s products have hugely simplified our daily operations and trade workflows. It’s given us more time to focus on our investors and investment strategies.”
PE Daily: New Mountain Offers LP Perks in Quest for $9 Billion Fund Cap | LCN Capital Reaches Targets for Latest Sale-Leaseback Funds (The Wall Street Journal)
The dog days of summer are chugging along with 90 degree temperatures here in Massachusetts. However, the oppressive heat does not seem to have stopped the steady stream of investment firms out there pounding the virtual pavement in the quest for investor commitments. This morning, our own Preeti Singh has news of New Mountain Capital’s efforts to reach the $9 billion hard cap on its latest flagship fund, while Isaac Taylor has news of LCN Capital Partners’ progress on its latest pair of funds focused on sale leasebacks of…
The Mackenzie-Childs Saucepan Calls The Silver Renaissance Teapot Black (Deal Breaker)
For two long years, hedge fund Marble Ridge Capital has railed against Neiman Marcus’ spinoff of its e-commerce business, MyTheresa. That 2018 deal was certainly very good for Neiman’s owners, Ares Management and the Canadian Pension Plan Investment Board, but less so for Neiman’s creditors, including Marble Ridge, removing as it did one of the troubled luxury’s retailers only lucrative assets and leaving Neiman essentially worthless, a fact acknowledged by Ares and the CPPIB when they put the company into bankruptcy protection back in May.
Hedge Funds Continue Strong Run with Chinese Hedge Funds in the Lead (Opalesque.com)
Opalesque Industry Update – The Eurekahedge Hedge Fund Index was up 2.61%1 in July, bringing its year-to-date return to 1.73%, supported by the robust performance of underlying global equity markets as represented by the MSCI ACWI IMI (Local) which gained 3.67% over the month. The highlight of the month was the continued support for markets by global central banks, which once again pulled no surprises. While the debate around MMT (Modern Monetary Theory) continues to pick pace, in the presence of high unemployment and the absence of inflation, it appears that MMT proponents will have a walk over of sorts.
A Billionaire Investment Chief at the World’s Biggest Hedge Fund Lays Out 3 Reasons Why Near-Zero Interest Rates have Created a ‘Problematic Scenario’ for Portfolios (Business Insider)
Bob Prince told Bloomberg on Friday that low interest rates in the western world have created a “very problematic scenario for any traditional investment strategy.” The Bridgewater Associates CO-CIO laid out three of the largest impacts near-zero interest rates have on the equity market and a traditional investment portfolio. Prince first detailed that near-zero interest rates have “taken the floor away on an equity decline.” In a poor economy, company earnings can tank and cause a decline in share prices. If bond yields are also down, this lowers the discount rate. “If you can’t lower the discount rate on those earnings the downside is bigger,” he said.
Four Consecutive Months of Gains (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic equity hedge funds gained an average of 1.7 percent in July (95 percent reported), the fourth consecutive month of positive returns, to push the year-to-date gain to about two percent. Four in every five equity funds from the Nordic Hedge Index posted gains for July, with half of the 56 Nordic equity hedge funds now in positive territory for the year. Global equity markets fell by 0.3 percent in Euro terms last month. The advance of the Euro against the U.S. dollar during the month reduced the strong return of U.S. equities for euro investors. North American equities were up 0.5 percent in Euro terms last month to trim the year-to-date decline to 2.3 percent.
A Hedge Fund Bets on a Biotech Startup to Bring New Drugs to China (BioPharmaDive.com)
A firm best known for investing in biotechs, not creating them, has seeded its first startup with plans to bring a slate of new medicines to China and other Asian countries. Perceptive Advisors, a hedge fund that spent years backing publicly traded companies, on Tuesday launched LianBio, which emerges with partial rights to multiple drugs for heart disease and cancer, including one close to a Food and Drug Administration review.
The EVP & President, Tools&Storage of Stanley Black & Decker (NYSE: SWK) is Selling Shares (Analyst Ratings)
Yesterday, the EVP & President, Tools&Storage of Stanley Black & Decker (SWK), Jaime Ramirez, sold shares of SWK for $3.52M. Following Jaime Ramirez’s last SWK Sell transaction on November 26, 2019, the stock climbed by 3.4%. In addition to Jaime Ramirez, 2 other SWK executives reported Sell trades in the last month.
Tuesday 8/11 Insider Buying Report: EXPE, SRE (Nasdaq.com)
At Expedia Group, a filing with the SEC revealed that on Friday, Director A. George Battle bought 12,300 shares of EXPE, for a cost of $81.38 each, for a total investment of $1.00M. So far Battle is in the green, up about 11.4% on their purchase based on today’s trading high of $90.69. Expedia Group is trading up about 3.9% on the day Tuesday. And at Sempra Energy, there was insider buying on Friday, by Director Andres Conesa who purchased 2,700 shares at a cost of $129.44 each, for a total investment of $349,488. Before this latest buy, Conesa made one other purchase in the past year, buying $294,520 shares for a cost of $147.26 each. Sempra Energy is trading up about 0.1% on the day Tuesday. So far Conesa is in the green, up about 4.3% on their buy based on today’s trading high of $134.98.
Blakeney LLP Sells UAC Shares Amid Fall in Price (InvestorsKing.com)
UAC of Nigeria Plc has disclosed that one of its substantial shareholders, Blakeney LLP, has sold part of its shares in the company. In a statement signed by Godwin A. Samuel, Company Secretary and Legal Adviser, UACN, Blakeney LLP sold 80,000,000 shares of UAC Nigeria on August 5th, 2020. According to the company, Blakeney sells a unit share at N5.75 at the Nigerian Stock Exchange trading floor in Lagos. It would be recalled that Investors King reported that Blakeney LLP sold 40 million shares at N7 per share on June 17, 2020.
The SVP Legal, Gen Counsel & Sec of Insperity (NYSE: NSP) is Selling Shares (Analyst Ratings)
Yesterday, the SVP Legal, Gen Counsel & Sec of Insperity (NSP), Daniel Herink, sold shares of NSP for $434.2K. In addition to Daniel Herink, 2 other NSP executives reported Sell trades in the last month. The company has a one-year high of $107.69 and a one-year low of $22.59. NSP’s market cap is $2.67 billion and the company has a P/E ratio of 17.20. The Company has a Price to Book ratio of 60.68.
