Hedge Fund Ides Ask Monro to Pressure Shareholder Preventing Company Sale (Reuters)
July 14 (Reuters) – Hedge fund Ides Capital on Thursday asked U.S. car service and tire center operator Monro Inc (MNRO.O) to pressure its controlling shareholder to drop a veto to a sale of the company. In a letter to Monro seen by Reuters, Dianne McKeever, Ides co-founder and chief investment officer, said she was “aware” that potential buyers of the company had been rebuffed. She did not disclose the source of this information in the letter.
Investors Yank Billions from UK Funds Brooks Macdonald, Polar Capital, Ashmore as ‘Bear Market Sell-Off’ Takes Hold (Financial News)
Polar Capital said the drop in assets was driven by ‘the bear market sell-off, net outflows, fund closures and fund performance’. As listed managers begin to issue their financial figures for the quarter ended June, the impact of the market rout earlier this year is starting to show in asset and inflow readings, with concerns being raised over macroeconomic headwinds such as inflation, war in Ukraine, and political uncertainty. Wealth manager Brooks Macdonald said on 13 July that declining global markets had contributed to a 5.9% drop in funds under management to £15.7bn. Investment performance for the quarter delivered a reduction in funds under management…
Dalio, Making the Case for Pessimism, Has Thrived This Year by Selling Short (AI-CIO.com)
Ray Dalio, the billionaire hedge fund impresario and lately a public philosopher, has some advice for investors, both pros and amateurs: Don’t be too optimistic. Sometimes, in a struggling economy, it pays to be a pessimist, wrote the founder and co-CIO of the world’s largest hedge fund firm, Bridgewater Associates, in a LinkedIn post. He ought to know. Bridgewater’s flagship fund, Pure Alpha II, clocked a 32.2% gain in this year’s first half, according to a source familiar with the firm. A chunk of that return appears to be from the fund’s shorting stocks in Europe, where equities are under pressure due to energy shortages and other fallout from the Russia-Ukraine war.
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Stefan Skrimsjö Back to Take the Reins (Hedge Nordic)
Stockholm (HedgeNordic) – Stefan Skrimsjö has been appointed as the new manager of Kreditfonden’s Scandinavian Credit Fund I and Nordic Factoring Fund to replace founder and CIO Fredrik Sjöstrand, who will switch to working full time at Kreditfonden’s sister company Riddargatan Förvaltning. This sister company operates as an owner company of the loans where the two lending funds have realized pledged assets.
Hedge Fund Losses Widen As Less Than 30 Percent Of Reporting Funds Were Positive In June (Forbes)
Hedge funds struggled in June, with their losses widening month over month. Hedge funds are in the red again for another straight month: Overall, funds administered by Citco declined 2.4% in June, adding to May’s loss of 1.1%. Hedge funds recorded negative results in April as well, declining 2.9%. The overall weighted average return was -2.4%, while the median return was -2.1%, a small dispersion which shows that larger hedge funds struggled more than smaller ones.
