Paul Tudor Jones, Hedge Fund Billionaire, Wants to Do Away with ‘ESG’ (CNBC)
ESG has become one of the most polarizing topics for companies and across Wall Street. But billionaire hedge fund manager Paul Tudor Jones says that a lot of the pushback simply comes down to how it is framed by critics. “ESG is incorrectly characterized,” Tudor Jones said on “Squawk Box” on Tuesday. “Certainly, by what the American public tells us, it should be SGE.” The specific component of “S” that Tudor Jones says should be the focus is workers and job creation.
Factbox: Activist Investor Bluebell’s Offensive Against European Giants Heats Up (Reuters)
Jan 11 (Reuters) – Activist hedge fund Bluebell Capital Partners shows no sign of halting its run of challenging the policies and executives of some of the world’s biggest companies. The group has taken on the likes of GSK Plc (GSK.L), Glencore Plc (GLEN.L), Vivendi SE (VIV.PA) and Danone SA (DANO.PA) while owning minor stakes, as well as attempting to oust BlackRock Inc (BLK.N) boss Larry Fink. It is now pushing for a break-up of the German pharmaceutical and agriculture firm Bayer (BAYGn.DE), a person familiar with the matter told Reuters.
$17 Billion Hedge Fund Balyasny has Promoted 7 New Partners, Further Sharing Power in an Industry Known for Larger-Than-Life Founders with Total Authority (Business Insider)
Balyasny Asset Management is expanding its partnership ranks for only the third time in the hedge fund’s history, announcing on Wednesday seven new partners, according to an internal memo seen by Insider. While partnership announcements are a common fixture at some investment banks and law firms, they’re less common in a hedge fund industry known for larger-than-life founders who cultivate a mystique of investment brilliance. Billionaires names like Ken Griffin, Izzy Englander, and Steve Cohen are often synonymous with the funds they founded: Citadel, Millennium Management, and Point72 Asset Management, respectively.
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CARN Co-Founder Leaves (Hedge Nordic)
Stockholm (HedgeNordic) – Christer Bjørndal has left his role as portfolio manager at the Oslo-based asset management boutique he co-founded with Andreas Bomann-Larsen in 2015. Bomann-Larsen will remain the sole portfolio manager of CARN Capital’s long/short equity fund CARN Latitude and long-only equity fund CARN Longitude. “Christer Bjørndal left the company at the end of the year. We are thankful for his contributions to the company, and we wish him all the best in his next chapter of his career,” says a monthly letter penned by Andreas Bomann-Larsen. “Christer will remain a central owner in the management company and stay significantly invested in our funds,” according to Bomann-Larsen.
Polar’s $5.6 Billion Fund Posts Small Gain in Gruelling Year for Markets (Bloomberg)
Polar Asset Management Partners Inc.’s largest hedge fund delivered its smallest annual return since 2011, but still managed to make money despite the sharp correction in global equities and bonds. The Canadian firm’s flagship fund gained 1.4% last year, marking its 11th straight year of gains. The fund, managed by Chief Investment Officer Paul Sabourin, follows several strategies, including convertible arbitrage, equity long-short trades and structured credit, according to its website.
Three Arrows Capital Creditors Express Frustration with Bankruptcy Process During Call (Coin Telegraph)
3AC co-founder Kyle Davies announced regular meetings with creditors, noting that all involved parties are welcome to attend. Kyle Davies, the co-founder of bankrupt hedge fund Three Arrows Capital (3AC), disclosed via a Twitter thread on Jan. 11 the creation of a 3AC creditors group amid complaints from creditors over bankruptcy costs. According to Davies, creditors continue to express frustration with the ongoing costs and handling of assets during the bankruptcy process, suggesting that “intercreditor disputes are delaying the process, and the estate value is not being maximized.”
Millennium Taps JP Morgan Quant Leader for Credit Role (Hedge Week)
Millennium has recruited Jack Tang as a senior credit strategist based in New York, according to a report by eFinancialCareers. Tang joins from JPMorgan where he spent over a decade and was an MD and head of several quantitative research teams including credit trading and public finance. Proper to JPMorgan, Yang was at Goldman Sachs for over six years. At Millennium Tang will be reportedly be working in a central capacity developing tools for Millennium’s portfolio managers.
Shoreline Equity Partners Nabs $450m for Sophomore Private Equity Fund (Opalesque.com)
American alternative asset manager Shoreline Equity Partners closed its second private equity fund, Shoreline Equity Partners Fund II, at $450m. According to a press release from the purpose-driven lower middle market private equity firm, it began fundraising in October with an initial target of $400 million of limited partner commitments and received significant support from its existing investor base. “With increased support from existing investors, significant commitments from the Firm’s executive network, and strong interest from new investors, SEP II was oversubscribed and quickly reached its limited partner hard cap of $450 million. In addition, the professionals at Shoreline provided a meaningful incremental capital commitment to support the fund,” said the release.
Pierre Andurand’s Hedge Fund Slumps 19% in a Week as Oil Prices Retreat (Bloomberg)
It has been a rocky start to the year for famed oil trader Pierre Andurand. His main Andurand Commodities Discretionary Enhanced hedge fund slumped 19% last week, according to an investor letter seen by Bloomberg. It was one of the best performing hedge funds in the world last year.
Ray Dalio’s Bridgewater has Doubled its Fund Assets in China to $2.93 Billion Over the Past Year, Report Says (Business Insider)
Bridgewater Associates doubled its fund assets in China over the past year to more than 2o billion yuan, equivalent to $2.93 billion, further securing Ray Dalio‘s fund as the largest foreign hedge fund in Beijing, according to Reuters. The jump in fund assets is thanks in part to a December product launch that saw an inflow of 2.7 billion yuan, sources told Reuters.
Agecroft Partners Predicts Top Hedge Fund Industry Trends for 2023 (AI-CIO.com)
Don Steinbrugge, the founder and CEO of Agecroft Partners, LLC, this week released his list of top expected trends for the hedge fund industry in 2023, touching on the opportunity afforded the sector by heightened market volatility in 2022 (expected to persist into 2023), the effects that higher interest rates have on the vertical and how small managers will outperform in the space. This year’s predictions mark the 13th annual set released by Agecroft Partners, and Steinbrugge said he anticipates an increase in expected returns for a diversified hedge fund portfolio, citing the effects of a higher risk-free rate.
Wednesday 1/11 Insider Buying Report: PDO, NREF (Nasdaq.com)
On Friday, PIMCO Dynamic Income Opportunities Fund’s , Gregory Weston Hall, made a $269,754 buy of PDO, purchasing 20,000 shares at a cost of $13.49 a piece. So far Hall is in the green, up about 2.8% on their buy based on today’s trading high of $13.87. PIMCO Dynamic Income Opportunities Fund is trading up about 0.5% on the day Wednesday. This buy marks the first one filed by Hall in the past year. And on Monday, Matt McGraner bought $84,050 worth of NexPoint Real Estate Finance, buying 5,000 shares at a cost of $16.81 each. Before this latest buy, McGraner purchased NREF at 2 other times during the past year, for a total cost of $305,900 at an average of $15.29 per share. NexPoint Real Estate Finance is trading up about 1.9% on the day Wednesday.
Tesla, Moderna And These 2 Stocks Insiders Are Selling (Benzinga)
Moderna: The Trade: Moderna, Inc. (MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $182.15. The insider received around $1.82 million from selling those shares. Tesla: The Trade: Tesla, Inc. (TSLA) Chief Financial Officer Zachary Kirkhorn sold a total of 3,752.25 shares at an average price of $109.31. The insider received around $410.16 thousand from selling those shares.
