Aravt Global Shutting Down as Hedge Funds Get Hit by Unraveling of ‘Growth Trade’ (The Wall Street Journal)
New York hedge-fund firm Aravt Global LLC is shutting down after sustaining significant losses recently, a sign of the severe pain the selloff in growth stocks is inflicting. Aravt’s hedge fund lost 8.5% in 2021 and was down by double digits this year through February – in line with the tech-laden Nasdaq Composite’s 12% loss including dividends for the period, said people familiar with the firm. Founded by former Ziff Brothers Investments principal Yen Liow, Aravt focused on what he called “horses,” companies that would reliably post above-average growth.
How Activist Investors are Wielding ESG to Push Their Agendas (Business Insider)
By now, investors know the tale well. A small startup hedge fund went toe-to-toe with one of the world’s largest oil and gas companies, and with the support of giant asset managers, it walked away triumphant with three seats on the board. Wall Street now considers Engine No. 1‘s unlikely victory against Exxon last summer a milestone in activist investing.
Lee’s Slate of Directors Elected, Alden Global Capital Takeover Attempt Blocked for Now (Poynter.org)
As expected, Lee Enterprises had its slate of three directors approved for three-year terms Thursday at its annual meeting. That closes at least a chapter in hedge fund Alden Global Capital’s hostile bid to take over the company. Alden had offered an unsolicited bid in late November at $24 a share. Lee quickly said no, arguing that the bid undervalued the company, which it claims is in the midst of a successful digital transition. Soon after, Lee stock quickly rose to the mid $30s.
James Simons (Institutional Investor)
Jim Simons is back on top. For the fifth time in seven years, the 83-year-old founder of quant specialist Renaissance Technologies leads Institutional Investor’s Rich List, the definitive ranking of the highest-earning hedge fund managers. Simons retook the throne after earning $3.4 billion in 2021, supplanting last year’s leader, Israel “Izzy” Englander. The Millennium Management founder had to settle for second place after he made “only” $3.1 billion in 2021.
GoldenTree Appoints Head of New Digital Assets Subsidiary (Hedge Week)
Avi Felman has been appointed as a general partner of GoldenChain, a new wholly owned subsidiary of GoldenTree Asset Management which will manage the firm’s digital assets funds, accoding to a report by AlternativesWatch. Felman, who reports to partner and executive committee member Joe Naggar, will also be a principal at the USD47 billion firm.
Oaktree Acquires Majority Stake in Private Credit Firm 17Capital (Opalesque)
Oaktree Capital Management, an American global asset management firm specializing in alternative investment strategies, acquired a majority stake in London-based private credit firm 17Capital. 17Capital specializes in providing non-dilutive capital to high-quality private equity management companies, funds, and institutional investors that are seeking to finance value creation and portfolio management initiatives. Oaktree, with $166 billion in assets under management, is a leader among global investment managers specializing in alternative investments, including credit, private equity, real assets, and listed equities.
Billionaire American Investor and Hedge Fund Manager Bill Ackman: Net Worth & Career (Publicist Library)
Activist investor William Albert Ackman (better known as Bill Ackman), a hedge fund manager, a film producer, an investor, and a philanthropist, is an American. At Pershing Square, he is most known as the CEO of Pershing Square Capital Management and for shorting MBIA bonds during the financial crisis of 2008. As of now, he has said that Pershing Square’s loss on Herbalife will be limited to 3 percent.
Ray Dalio Sued Over ‘Enormous Addition’ to SoHo Penthouse Rooftop (Bloomberg)
Bridgewater Associates founder Ray Dalio was accused of damaging his neighbor’s penthouse in the process of building an “enormous addition” to the rooftop of their SoHo building. Federico Pignatelli sued the billionaire hedge fund mogul in New York state court last week, claiming he was given no notice of Dalio’s plans to add a bulkhead and “huge terrace” with decking and trellis on the roof of 468 West Broadway.
Thursday 3/10 Insider Buying Report: VBTX, TBI (Nasdaq.com)
At Veritex Holdings, a filing with the SEC revealed that on Tuesday, Director Pat S. Bolin bought 13,158 shares of VBTX, at a cost of $38.00 each, for a total investment of $500,004. Veritex Holdings is trading up about 4.6% on the day Thursday. This purchase marks the first one filed by Bolin in the past twelve months. And at TrueBlue, there was insider buying on Tuesday, by CFO Derrek Lane Gafford who purchased 15,000 shares at a cost of $25.21 each, for a total investment of $378,150. This purchase marks the first one filed by Gafford in the past year. TrueBlue is trading up about 2% on the day Thursday. So far Gafford is in the green, up about 7.9% on their buy based on today’s trading high of $27.19.
Executives Sell Over $50M Of 5 Stocks (Benzinga)
Alphabet: The Trade: Alphabet Inc. (NASDAQ: GOOG) Director Sergey Brin disposed a total of around 8,510 shares at an average price of $2,553.36. The insider received around $21.73 million as a result of the transaction. Bunge: The Trade: Bunge Limited (NYSE: BG) Director Continental Grain Co sold a total of 90,000 shares at an average price of $109.56. The insider received around $9.86 million from selling those shares.
