Bridgewater Expands China Assets With 22% Annual Return (Bloomberg)
Ray Dalio’s Bridgewater Associates is doing far better in China than in the rest of the world. The $148 billion money manager raised about 900 million yuan ($136 million) for its second China fund in September, doubling assets, according to people familiar with the matter. Investors were partly drawn to its All Weather China strategy fund that boasted an annualized return of about 22% for the 22 months from inception to the end of July they said, declining to be identified discussing private matters.
Billionaire Hedge Fund Manager Fancies Bitcoin Chances of Topping Gold (Inside Bitcoins)
Bitcoin’s recent price rally has left many investors and analysts in awe. With the prospects of more gains coming, many have begun comparing the top digital asset to gold once more. The latest in line with Bitcoin bulls is American billionaire and hedge fund manager Stanley Druckenmiller. Market Rally Erases Doubt: Speaking with CNBC earlier this week, Druckenmiller praised Bitcoin for its resilience, adding that the asset was on the fast track to dethroning gold as the top alternative asset. The hedge fund billionaire pointed out that he had recently purchased a considerable amount of Bitcoin, although he still had more gold in his portfolio than the top digital asset.
Othania’s 2-Year-Old Tiger Cub (Hedge Nordic)
Stockholm (HedgeNordic) – Most young funds’ early journeys are chock-full of firsts and each milestone is marked by a moment of pride and celebration. Investin Othania Etisk Formuevækst, one of the two vehicles of Danish asset manager Othania, has just reached two years of operations, long surpassing DKK 200 million in assets under management after starting with only DKK 2 million. “The first two years for Investin Othania Etisk Formuevækst have already passed,” with the fund currently having about DKK 230 million under management. Launched in late October of 2018, Investin Othania Etisk Formuevækst gained 1.3 percent in the rough fourth quarter of that year, then advanced an additional 17.6 percent in 2019.
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Why Agecroft Partners won the Hedge Fund Third Party Marketing Firm of the Year at the Hedgeweek US Awards 2020 (Hedge Week)
Covid-19 put an abrupt stop to the road shows and in-person meetings that drove the traditional capital raising process. As the world locked down, most firms turned inward and put a pause on the capital raising process. Hedge fund consulting firm Agecroft Partners quickly shifted its business model to develop new strategies to raise capital for their hedge fund clients and enhance their reputation with large institutional investors globally. Agecroft’s decision to quickly adapt contributed to its winning 72 per cent of the votes for Hedge Fund Third Marketing Firm of the Year at the Hedgeweek US Awards 2020. This is the ninth time in 10 years Agecroft Partners has won the award.
Penumbra Falls as Much as 8% After Short Activist Hedge Fund Manager Gabriel Grego Says Sell the Stock (Business Insider)
Activist short investor Gabriel Grego claims US healthcare company Penumbra is “selling a device that is killing and injuring patients,” according to a release. Penumbra shares fell by as much as 8% before recovering some losses. The company was not immediately available to comment. Grego’s successful campaigns have led to de-listings for previous targets.
Future of Alternatives 2025: Hedge Funds: Embrace, Adapt, Prosper (Preqin)
As ESG and digital technologies transform the hedge fund industry, Tom Kehoe of AIMA says it’s only by tackling these issues head on that managers will earn a bigger slice of the allocation pie. What does the future hold for the hedge fund industry, given its history of innovation? What kind of products will funds deliver to their investors? How will they reconcile profits with social responsibility? Will hedge funds as we know them even exist, or will they be replaced by machines? The recent disruption has shown the industry to be highly adaptable and resilient in the face of massive market disruption. We are in the middle of an evolution where hedge funds that innovate and are flexible will become asset managers that succeed and grow. Looking out over the next five years, two significant thematic trends will dominate the outlook for the industry.
Bill Ackman Is Here To Help Trump See The Light, Save America (Deak Breaker)
Perhaps the most enervating aspect of the Trump era has been the endless feed of endlessly credulous reports that this president most invulnerable to change had managed to do so and escape his impossibly base instincts, had finally grown up, become “presidential” or whatever, had turned the corner on the pettiness and name-calling and temper-tantrums and serial unseriousness to conform to a set of behaviors more befitting of his high office, only to be disabused of the notion within minutes or hours—never any longer when Twitter was open on the commander-in-chief’s phone and Fox News was goading him to resume his petulance at the earliest possible opportunity.
Hedge Fund Blocks Nigeria in $10 Billion P&ID Dispute (Bloomberg)
VR Capital Group Ltd. won a U.S. ruling to block Nigeria from accessing its internal documents as part of the African nation’s attempt to stop a company VR partly owns from collecting a $10 billion arbitration award. U.S. District Judge Paul Engelmayer in New York granted the hedge fund’s motion, overturning a ruling from May and quashing subpoenas issued by Nigeria. Nigeria sought the information to aid a corruption probe into Process & Industrial Developments Ltd., a company in which VR Capital acquired a 25% interest in 2018.
Moody’s Corporation (MCO) President and CEO Raymond W Mcdaniel Sold $12.4 million of Shares (Guru Focus)
President and CEO of Moody’s Corporation, Raymond W Mcdaniel, sold 42,662 shares of MCO on 11/06/2020 at an average price of $290.21 a share. The total sale was $12.4 million. Moody’s Corporation publishes credit ratings, and research reports on fixed-income securities, issuers of securities, and other credit obligations. The company primarily provides opinions and reports to investors and institutions.
Mets’ Steve Cohen, Sandy Alderson Press Conference: New Owner Talks Free Agency, Trades, More | LIVE UPDATES (NJ.com)
There’s a new king of Queens, and his name is Steve Cohen. The billionaire hedge fund manager is meeting with the media Tuesday for his first press conference since buying the New York Mets. Joining him during the availability will be Sandy Alderson, the former general manager who Cohen installed as team president.
Elliott Management Prods Evergy to Resume NextEra Merger Talks (The Street)
Elliott Management, the hedge fund run by Paul Singer, called upon power utility Evergy (EVRG) – to “immediately reengage” with NextEra Energy (NEE) – one day after reportedly rejecting a $15 billion acquisition offer. Shares of the Kansas City-based Evergy were up slightly to $58.03, while Juno Beach, Fla.-based NextEra Energy was up nearly 1% to $76.02 at last check.
Highflying New York Hedge Fund Sets Up Outpost in Dallas’ Crescent (Dallas News)
A high-profile New York hedge fund investment firm is headed to Dallas for a new office location. Schonfeld Strategic Advisors is leasing office space in Uptown’s Crescent complex for a new Dallas operation. Founded by billionaire Steven Schonfeld, the Manhattan-based financial firm has other offices in Hong Kong, London and Singapore. The company employs almost 1,000 people. Schonfeld is taking almost 3,000 square feet in the Crescent at Pearl Street and Cedar Springs Road. The new office is set to open in January.
Ex-CFO of Port Company Pleads Guilty to Insider Trading (The Island Now)
A former executive at a Port Washington-based pharmaceutical company has pleaded guilty to charges of securities fraud for insider trading. Douglas Roth of East Northport was serving as CFO of Aceto Corp., a company engaged in the development, marketing, sale and distribution of what court documents call “generic pharmaceuticals and chemicals,” when prosecutors say he attempted to avoid company losses by selling stock prior to announcing a $100 million writedown.
The CTO of Zillow Group Class C (NASDAQ: Z) is Selling Shares (Analyst Ratings)
Yesterday, the CTO of Zillow Group Class C (Z), David Beitel, sold shares of Z for $9.2M. Based on Zillow Group Class C’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $768 million and GAAP net loss of -$84,448,000. In comparison, last year the company earned revenue of $600 million and had a GAAP net loss of $71.98 million. The company has a one-year high of $119.47 and a one-year low of $20.04. The Company has a Price to Book ratio of 12.21.
Idex Corp (IEX) Chairman and CEO Andrew K Silvernail Sold $28.9 million of Shares (Guru Focus)
Chairman and CEO of Idex Corp., Andrew K Silvernail, sold 152,450 shares of IEX on 11/09/2020 at an average price of $189.66 a share. The total sale was $28.9 million. IDEX Corp produces and distributes flow meters, injectors, and other fluid-handling pump modules. Its business segments are Fluid and Metering Technologies, Health and Science Technologies and Fire and Safety/Diversified Products.
