The Founder of a $300 Million Hedge Fund Returning 24% This Year Shares What He’s Eyeing in the Battered Biotech Sector (Business Insider)
Activist hedge fund founder James Rasteh is finally using his degree in genetics to dive into the biotech space. Rasteh’s $300 million firm Coast Capital had focused its concentrated portfolio on European industrial companies like FirstGroup, a transport firm based in Scotland, and HomeServe, a British multinational home repairs business that is set to be acquired by Brookfield Asset Management.
Private Equity’s Record on Returns Faces Unprecedented Test (Preqin)
Since the Global Financial Crisis, private equity has shown it can provide investors with strong performance and less volatility – but today’s market conditions present a fresh challenge. Private equity’s (PE) strong performance and low volatility have helped the industry to secure huge sums of institutional capital. Over the past decade and more, the industry has shown it can insulate portfolios from public equity downturns. Privately held businesses aren’t required to report their performance publicly each quarter, shielding them from the large swings in valuation that listed companies face.
ESG Investment Cools as the Sector’s Notoriety Grows (Advisor Perspectives)
Since the start of 2019, investors have plowed more than $300 billion into environmental, social and governance (ESG)-themed exchange traded funds. Monthly investment has ebbed and flowed, but the annual trend has been on a consistent upward trajectory: $30 billion in 2019, $94 billion in 2020, and $159 billion in 2021.
BlackRock to Launch an Infrastructure Fund Focused on the Energy Transition (Opalesque)
American multinational investment management corporation BlackRock is launching an infrastructure investment strategy focused on energy security and helping polluting companies to become greener as the world’s largest money manager adjusts to new demands on climate change. BlackRock’s perpetual infrastructure strategy will target institutional investors and seek investments in both energy transition and energy securities, along with digital and community infrastructure and sustainable mobility said a press release. Over half of the strategy will initially be allocated to Europe, although BlackRock has asserted it will be “becoming increasingly global” moving forward.
Friday 6/17 Insider Buying Report: MP, STER (Nasdaq.com)
On Thursday, MP Materials’ Director, Randall J. Weisenburger, made a $997,500 purchase of MP, buying 30,000 shares at a cost of $33.25 each. MP Materials is trading up about 3.4% on the day Friday. Before this latest buy, Weisenburger bought MP on 2 other occasions during the past twelve months, for a total cost of $4.64M at an average of $39.66 per share. And on Wednesday, Director L. Frederick Sutherland purchased $657,984 worth of Sterling Check, purchasing 43,296 shares at a cost of $15.20 a piece. Sterling Check is trading up about 3.8% on the day Friday. So far Sutherland is in the green, up about 10.4% on their purchase based on today’s trading high of $16.78.
Insiders Buy More Than $20M Of 3 Stocks (Benzinga)
HireRight Holdings: The Trade: HireRight Holdings Corporation (HRT) 10% owner Stone Point GP Ltd acquired a total of 824,156 shares at at an average price of $14.83. To acquire these shares, it cost around $12.22 million. Ares Capital: The Trade: Ares Capital Corporation (ARCC) Executive Vice President Michael Arougheti acquired a total of 300,000 shares at an average price of $17.75. To acquire these shares, it cost around $5.33 million.
Carvana Insiders Including The CEO’s Billionaire Father Are Buying Up Shares As Stock Hits Lows (Forbes)
It’s been a rough couple of months for Carvana. In April the embattled used car retailer reported its first-ever decrease in quarterly sales. On May 10, the company laid off 2,500 employees, or 12% of its workforce. The company is battling a class action lawsuit and angry state regulators over its failure to provide customers with vehicle titles. All of this has sent Carvana’s stock crashing. Some insiders see a buying opportunity. Ernest Garcia II, the company’s largest individual shareholder and father of its CEO, spent $42 million buying up shares between last Friday and Monday, according to a new filing. Carvana was trading around $21 per share, its lowest price in over four years and down 94% from its pandemic peak in August 2021.
