Wagamama’s Food Fight With Hedge Fund Is Delicious (Bloomberg)
If you’re a British company selling Asian noodles and investors from Hong Kong tell you you’re doing it wrong, maybe it’s worth lending them an ear — particularly if your shares have lost almost three-quarters of their value since you got into the business. Wagamama owner Restaurant Group Plc hasn’t exactly welcomed Oasis Management Co. with open arms, rebuffing the hedge fund’s request for a board seat and rejecting its demand for an independent strategic review. Their testy exchange suggests this is a food fight worth watching.
Activist Hedge Fund Coliseum Capital Bets Against Lazydays Bears With a Cool $16 Million Share Top Up (247WallSt.com)
Activist hedge fund Coliseum Capital boosted its stake in American RV maker Lazydays Holdings (US:LAZY) this week, according to a Form 4 filed after Thursday’s market close. The fund topped up its position in LAZY after shares slumped around 8% as bearish investors showed their disappointment with weak fourth quarter results last week. The filing was initially spotted on Fintel’s insider trading tracker on Thursday evening.
Bridgewater Overhaul Explains New Hedge Fund Reality (The Washington Post)
In October I wrote that the retirement of Ray Dalio, who founded Bridgewater Associates and ran it for almost half a century, signaled the end of an important era in the hedge fund industry. Dalio was the last of the great investors who started their funds in the 1970s, of whom many hedge fund stereotypes are still based. Now Bridgewater’s new managers are reshaping the firm to make it more similar to the new generation of hedge funds.
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Hedge Funds Hemorrhaged Cash Last Year (The Wall Street Journal)
Last year was rough for investors. It was no different for hedge funds. Globally, the hedge fund industry suffered nearly $46 billion of net redemptions in December, according to Backstop-BarclayHedge. That built on 10 consecutive months of net outflows for a loss of $323 billion in 2022. Hedge funds didn’t just lose cash from clients: the industry also bled $70 billion from trading in December, bringing 2022’s net trading losses to $468 billion. Hedge fund industry assets fell 6.7% to $4.84 trillion as of the end of last year, Backstop-BarclayHedge data show. Fixed-income funds took a particularly bruising beating. Fed up with the one of the worst bond markets on record, clients redeemed $129 billion, or nearly 13% of assets, from such funds.
Performance for Top Hedge Funds Including Citadel, Millennium, Point72 Just Dropped. An Unlikely Winner is at the Top of the Pile. (Business Insider)
February performance figures show a mixed-bag at the top multi-strategy hedge funds. Citadel, continuing its winning streak, is up 2.8% so far, while Millennium is up just 0.5%. ExodusPoint, up 2.9%, is an unlikely winner, rebounding from a challenging 2022. Some of the largest multi-strategy hedge funds had killer years in 2022 while much of the industry struggled. So how are they faring two months into 2023? It’s a mixed bag.
Activist Investor Dan Loeb Builds Passive Stake in AMD (Reuters)
Billionaire investor Daniel Loeb on Thursday told investors in his hedge fund Third Point the firm has invested in chip designer Advanced Micro Devices (AMD.O), a source familiar with the matter said. Third Point, which occasionally pursues an activist strategy and pushes for changes at companies, is not planning to press for changes at AMD and the investment can be considered a passive stake, the person familiar with the fund said.
Crypto Hedge Fund Looks to Swiss Banks After Silvergate Exodus (Bloomberg)
A crypto fund manager overseeing $400 million is looking to Swiss banks to help plug the gap created by the unraveling of a key payments network operated by ailing US lender Silvergate Capital Corp. Digital Asset Capital Management used Silvergate’s round-the-clock, real-time network to move funds to and from Coinbase Global Inc.’s platform. But Coinbase, Crypto.com and Gemini are among the exchanges that will no longer accept or initiate payments through Silvergate.
From Hedge Fund Founder to CFO: Mint House’s Samantha Greenberg (CFO.com)
Few CFOs have the investor pedigree of Samantha Greenberg: early associate at private equity firm Francisco Partners; partner at Paulson & Co; portfolio manager at Citadel; and a vice president in the special situations group at Goldman Sachs. She also founded Margate Capital Management and grew it to the third-largest woman-run hedge fund. Over the years, Greenberg, especially when launching Margate and guiding it through SEC registration, developed a “career-abiding love for seeing businesses built and scaled,” and “being an operator as well as investor,” she said. The ability to actually drive value creation and affect outcomes is what made a CFO seat so attractive.
Friday 3/3 Insider Buying Report: GSHD, WSC (Nasdaq.com)
At Goosehead Insurance, a filing with the SEC revealed that on Wednesday, Director Thomas McConnon bought 5,788 shares of GSHD, for a cost of $47.45 each, for a total investment of $274,641. McConnon was up about 6.2% on the purchase at the high point of today’s trading session, with GSHD trading as high as $50.40 in trading on Friday. Goosehead Insurance is trading up about 1.9% on the day Friday. Before this latest buy, McConnon made one other purchase in the past year, buying $6.95M shares at a cost of $45.27 each. And on Monday, Director Erika T. Davis bought $149,418 worth of WillScot Mobile Mini Holdings, buying 2,950 shares at a cost of $50.65 each. WillScot Mobile Mini Holdings is trading down about 0.1% on the day Friday. Davis was up about 5.5% on the buy at the high point of today’s trading session, with WSC trading as high as $53.46 in trading on Friday.
$4M Bet On MDxHealth? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
MDxHealth: The Trade: MDxHealth SA (MDXH) 10% owner MVM Partners, LLC acquired a total of 1,000,000 shares at an average price of $4.00. The insider spent $4 million to buy those shares. Dakota Gold: The Trade: Dakota Gold Corp. (DC) Chief Operating Officer Gerald Michael Aberle acquired a total 10,615 shares at an average price of $2.85. The insider spent around $30.26 thousand to buy those shares.
