Boaz Weinstein’s Saba Scored Record Profits on Market Plunge: Letter (Reuters)
NEW YORK (Reuters) – Boaz Weinstein’s main Saba Capital Management LP hedge fund reported a 33% gain in March through Friday amid coronavirus-led market turmoil, bringing its year to date gain to 67%, according to a note sent to clients seen by Reuters. Saba’s Tail Fund, which promises doomsday market insurance through bets that perform when markets spiral, did even better: a 99% rise in March and a 175% gain for the year through Friday, the letter said.
Credit Hedge Fund Chenavari Eyes “Agile and Opportunistic” Positions Amid Further Dislocation (Hedge Week)
Chenavari Investment Managers, the London-based credit-focused hedge fund, is building “agile and opportunistic” positions for yet further dislocation in global markets, going long in synthetic instruments – such as synthetic bonds and credit default swaps – and shorting cash assets, predominantly cash bonds. In a letter to investors on Monday morning, Chenavari observed how value is reconstituting following last week’s market turmoil, with credit spreads in the iTraxx Crossover 5 year CDS index having gapped out some 300 basis points since the start of the year. Meanwhile, technicals will be “king” in the short-term, the manager said.
Aurora Founder, Former CEO Terry Booth To Sell 12.16M Shares (Benzinga)
Aurora Cannabis Inc. (ACB) announced Monday that founder and former CEO Terry Booth has disclosed the sale of around 12.16 million shares of the company. The sale of Aurora’s shares is linked with Booth’s resignation from the position of CEO last month, the cannabis company said. “The board and management remain focused on the plan we laid out in February and we are progressing as planned toward appropriate capital allocation, balance sheet strength, and profitability. We look forward to updating the markets on our next quarterly earnings call,” Executive Chairman and Interim CEO Michael Singer said in a statement.
Chimerix Inc (CMRX) CEO Michael A. Sherman Bought $105,843 of Shares (Guru Focus)
CEO of Chimerix Inc., Michael A. Sherman, bought 72,995 shares of CMRX on 03/12/2020 at an average price of $1.45 a share. The total cost of this purchase was $105,843. Chimerix Inc is a biopharmaceutical company which focuses on the discovery, development, and commercialization of novel, oral antivirals in areas of unmet medical needs. Chimerix Inc has a market cap of $89.520 million; its shares were traded at around $1.45 with and P/S ratio of 6.68.
The Vice Chairman of Raymond James Financial (NYSE: RJF) is Buying Shares (Analyst Ratings)
Today, the Vice Chairman of Raymond James Financial (RJF), Francis Godbold, bought shares of RJF for $768.5K. This recent transaction increases Francis Godbold’s holding in the company by 8.4% to a total of $11.66 million. Following Francis Godbold’s last RJF Buy transaction on March 11, 2020, the stock climbed by 4.9%. Based on Raymond James Financial’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $2.07 billion and quarterly net profit of $267 million.
