Hedge Fund Performance Rebounds on the Road to COVID-19 Recovery (Preqin)
After recording substantial losses in March, hedge fund performance bounced back in April 2020. The Preqin All-Strategies Hedge Fund benchmark returned +5.82% in April, the highest monthly return since May 2009 (+6.56%). Performance was boosted by a substantial recovery in public markets as many countries began to ease lockdown restrictions brought on by the outbreak of COVID-19, signaling a potential economic recovery. The rebound in public markets was seen around the globe. In the US, despite GDP falling 4.8% in Q1 2020 – the largest decline since 2008 – the S&P 500 PR Index recorded its strongest rally in 30 years. Investors were encouraged by Federal Reserve intervention, the US government’s $2tn stimulus package, and the easing of some coronavirus-related restrictions.
Any Interest In A Literal Can’t Miss Hedge Fund? (Deal Breaker)
The COVID-19 pandemic hasn’t been great for hedge funds. But for one new Hong Kong hedge fund, it’s been great: Infini Capital Management soared 33% in March and another 25% in April, and it’s feeling cocky. How cocky? How about guaranteeing you’ll never lose a nickel if you invest with it cocky? Infini Capital Management Ltd. is gauging investor interest for full loss insurance on a new class of shares in a fund it launched last year…. “This offering is to hopefully get some investors over the edge who might still have some concerns about being an early investor in Infini,” Chief Operating Officer Michael Friedlander said in an interview. Not that Infini thinks it will ever have to make good on that promise.
Sarissa Capital Launching New Fund (Institutional Investor)
Sarissa Capital Management is raising money for a new fund. The Tiger Grandcub is launching Sarissa Capital Domestic Fund II LP and its offshore counterpart, according to regulatory filings. They are long-only funds that track the long portfolio of the existing hedge fund, according to a person familiar with the firm.
Wednesday 6/3 Insider Buying Report: AFG, HRZN (Nasdaq.com)
At American Financial Group, a filing with the SEC revealed that on Monday, Director Kenneth C. Ambrecht purchased 4,000 shares of AFG, for a cost of $59.88 each, for a total investment of $239,530. So far Ambrecht is in the green, up about 11.6% on their buy based on today’s trading high of $66.81. American Financial Group is trading up about 7% on the day Wednesday. This purchase marks the first one filed by Ambrecht in the past year. And on Tuesday, President Gerald A. Michaud bought $169,562 worth of Horizon Technology Finance, buying 14,900 shares at a cost of $11.38 a piece. Before this latest buy, Michaud made one other buy in the past twelve months, purchasing $42,000 shares at a cost of $12.00 a piece. Horizon Technology Finance is trading up about 3.9% on the day Wednesday. So far Michaud is in the green, up about 3.6% on their purchase based on today’s trading high of $11.79.
T. Rowe Price Group Inc (TROW) CEO and President William J Stromberg Sold $3.7 million of Shares (Guru Focus)
CEO and President of T. Rowe Price Group Inc., William J Stromberg, sold 30,000 shares of TROW on 06/02/2020 at an average price of $121.8 a share. The total sale was $3.7 million. T. Rowe Price Group Inc is a financial services holding company. It provides company sponsored U.S. mutual funds, other sponsored pooled investment vehicles, subadvisory services, separate account management, recordkeeping, and related services.
The CEO of United Parcel (NYSE: UPS) is Buying Shares (Analyst Ratings)
Yesterday, the CEO of United Parcel (UPS), Carol Tome, bought shares of UPS for $1M. This recent transaction increases Carol Tome’s holding in the company by 119.06% to a total of $1.84 million. Following Carol Tome’s last UPS Buy transaction on February 18, 2014, the stock climbed by 20.5%.
