Hedge Funds Hold Fairly Steady Amid The May Market Turmoil (Forbes)
Hedge funds continued to show their worth in May, with those administered by Citco recording a small positive return as the markets continued to plummet. Hedge fund performance improved slightly month over month, although not enough to shift the asset class into the green on a year-to-date basis. Hedge fund performance in May: According to Citco’s monthly report on hedge fund performance, the funds it administered recorded a total weighted average return of 1.1%, compared to the -2.9% return recorded in April. The firm said performance by strategy and size was again mixed.
Nordic Quant Funds Win Awards (Hedge Nordic)
Stockholm (HedgeNordic) – Two members of the Nordic Hedge Index running systematic strategies, Othania Invest and Mandatum Managed Futures Fund, have received recognition at the Hedge Fund Journal’s CTA and Discretionary Trader Awards 2022. Othania Invest, the inaugural fund of Danish systematic asset manager Othania, was named the best performing fund in 2021 and over the previous three and four years in the category “Systematic Fundamental Macro.” The fund relies on a quant-based risk-assessment model to allocate capital either into equity or bond exchange-traded funds (ETFs) every month.
Transcript: Jim Chanos on Why Some of the Worst Hit Parts of the Market Still Have More Pain Ahead (Bloomberg)
Legendary short seller Jim Chanos says that despite the plunge in stocks, there are numerous swathes of the equity market with plenty of downside risk. On this episode, the Chanos & Co. fund manager, argues that the market overall has simply not internalized what sustained higher rates will mean to business models and valuations across a variety of sectors, including real estate, utilities and consumer packaged goods. He walks through the various excesses that we’ve seen over the last several years, and why investors are all paying the price for them now.
Thursday 6/16 Insider Buying Report: VST (Nasdaq.com)
At Vistra, there was insider buying on Tuesday, by CFO James A. Burke who bought 32,000 shares for a cost of $23.30 each, for a total investment of $745,568. Before this latest buy, Burke made one other purchase in the past twelve months, buying $299,993 shares at a cost of $23.19 a piece. Vistra is trading off about 2.5% on the day Thursday.
SEC Looks at Insider Trading on Crypto Exchanges (The Street)
On Wednesday, the U.S. Securities and Exchange Commission (SEC) initiated a probe into the way crypto exchanges are handling the growing problem of insider trading. According to Fox Business, multiple crypto exchanges have received a letter from the SEC investigating how virtual asset exchanges are grappling with insider trading, an illegal practice of using confidential information for one’s own economic advantage.
Insiders Buy More Than $57M Of 2 Stocks (Benzinga)
NortonLifeLock: The Trade: NortonLifeLock Inc. NLOK Director Peter A Feld acquired a total of 2,500,000 shares at at an average price of $22.22. To acquire these shares, it cost around $55.56 million. United Airlines: The Trade: United Airlines Holdings, Inc. UAL Director Edward Shapiro acquired a total of 50,000 shares at an average price of $37.69. To acquire these shares, it cost around $1.88 million.
