How Coatue Shielded Itself from the Worst of the Bloodbath Crippling Tiger Global, Melvin Capital, and Other Tech Funds (Business Insider)
Like most so-called Tiger Cubs, the tech-focused hedge fund Coatue has lost significant money this year. But it has fared better than rivals, thanks in part to founder Philippe Laffont’s longstanding propensity to slash exposure and build up piles of cash during market turbulence, according to sources familiar with the fund and a recent investor presentation.
David Tepper’s NFL Training-Site Venture Files for Bankruptcy (The Wall Street Journal)
A real estate venture backed by David Tepper, the billionaire hedge-fund manager and owner of the Carolina Panthers, filed for bankruptcy after a deal with local authorities to build a new training facility for the football team fell apart. Mr. Tepper’s GT Real Estate Holdings LLC filed for chapter 11 protection on Wednesday to ensure that contractors’ claims “are processed as fairly and expeditiously as possible under a court-supervised process, and to achieve the project’s orderly and safe wind-down,” a spokesman said.
An ETF To Invest In Like Billionaire Fund Manager Ray Dalio (Investing.com)
Ray Dalio, founder and co-chief Investment Officer of Bridgewater Associates, is one of the most widely followed investors worldwide. His strategy mainly relies on big-picture long-term trades founded on his outstanding global macroeconomic view. He is also known for the “All Weather” concept, which relies on allocating risk rather than capital. As such, the billionaire investor has navigated numerous economic cycles over the decades, and his portfolio performed relatively smoothly in market downturns.
Hedge-Fund Trader Facing Danish Tax Fraud Charges Arrested in Dubai (Bloomberg)
Hedge-fund trader Sanjay Shah was arrested in Dubai this week for possible extradition to Denmark, where Shah faces charges in connection with a $1.9 billion cum-ex case, the government said. “We will push for an extradition as soon as possible,” Danish Foreign Minister Jeppe Kofod said in a tweet on Friday. The Danish broadcaster DR reported that a local judge will soon decide if Shah is to be handed over to Danish authorities.
Deerfield Raises $1.6bn for New Healthcare Oriented Private Investment Fund (Opalesque)
Deerfield Management, a venture capital firm based in New York, has launched Deerfield Private Design Fund III, an investment fund designed to provide flexible private financing to healthcare companies. According to a press note from the investment firm, the fund has approximately $1.6 billion in committed capital. “The mission of Deerfield Private Design III is to advance all aspects of medicine and human health. Like Deerfield’s two previous private funds, the new fund will invest in all segments of the healthcare market including biotechnology, pharmaceuticals, medical devices, healthcare services, and animal health,” said the release.
Despite Losses, Bill Ackman Sticks With His Stocks (Institutional Investor)
The stock market may have stabilized during the last week of May, but it did little to help Bill Ackman’s Pershing Square Holdings. The manager’s publicly traded hedge fund fell 9.5 percent for the month and is now down 18.2 percent year-to-date. On a recent investor call, Ackman admitted that Pershing Square could easily underperform the broader market at times – and this is definitely one of them. In contrast to Pershing Square, the S&P 500 was flat for the month and down about 13 percent through May.
A Top BlackRock Hedge Fund has Shifted Its Portfolio to Put More Bets on Falling Stock Prices (Business Insider)
Top hedge funds have stepped up bearish bets in their portfolios amid a sharp market sell-off in 2022, the Financial Times said. Despite hopes for a market bottom that would signal a green light for bullish bets on stocks, some fund managers remain cautious. Alister Hibbert, who runs BlackRock’s $9 billion Strategic Equity hedge fund, recently reshuffled its portfolio to put more bets on falling stock prices than rising prices, sources told the FT.
Friday 6/3 Insider Buying Report: DKS, NEXI (Nasdaq.com)
On Tuesday, Dick’s Sporting Goods’ Director, William J. Colombo, made a $404,950 buy of DKS, purchasing 5,000 shares at a cost of $80.99 each. Colombo was up about 2.6% on the purchase at the high point of today’s trading session, with DKS trading as high as $83.11 in trading on Friday. Dick’s Sporting Goods, is trading down about 1.5% on the day Friday. And on Thursday, Director Grant Verstandig purchased $297,561 worth of NexImmune, purchasing 133,124 shares at a cost of $2.24 each. NexImmune is trading up about 2.7% on the day Friday. Verstandig was up about 7.4% on the purchase at the high point of today’s trading session, with NEXI trading as high as $2.40 in trading on Friday.
Insiders Buy Around $10M Of 3 Stocks (Benzinga)
Iovance Biotherapeutics: The Trade: Iovance Biotherapeutics, Inc. (IOVA) Director Wayne P Rothbaum acquired a total of 1,000,000 shares at at an average price of $6.60. To acquire these shares, it cost around $6.6 million. NGM Biopharmaceuticals: The Trade: NGM Biopharmaceuticals, Inc. (NGM) Director David Goeddel V acquired a total of 153,806 shares at an average price of $13.46. To acquire these shares, it cost around $2.07 million.
United States: Former NFT Marketplace Employee Charged With Insider Trading (Mondaq.com)
The United States Attorney for the Southern District of New York and the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced today the unsealing of an Indictment charging Nathaniel Chastain with wire fraud and money laundering in connection with a scheme to commit insider trading in Non-Fungible Tokens, or “NFTs,” by using confidential information about what NFTs were going to be featured on [the marketplace] homepage for his personal financial gain. Chastain was arrested this morning in New York.
