How Fund Managers Eye Turkey Trades as Election Runoff Looms (Reuters)
Investment managers, including some hedge funds, are looking for ways to cash in on the volatility in Turkey’s markets as the country heads towards a presidential election runoff on Sunday. Since long-time leader Tayyip Erdogan came out on top in the first round vote on May 14, the lira has tumbled to record lows and Turkey’s dollar bonds and equities have plunged, while the cost of insuring exposure to Turkish debt has spiked.
David Einhorn Doubles-Down on These 2 Energy Stocks – Here’s Why You Might Want to Follow in His Footsteps (TipRanks)
David Einhorn’s hedge fund, Greenlight Capital, enjoyed some big gains in 2022, being one of the few to benefit from last year’s bear market. The conditions suited the value investor’s style, and the fund had its best year in a decade. However, it has been a different story so far this year, as Greenlight has been underperforming the broad markets. Einhorn, however, is not about to bang his head against the wall and try to fit a square into a circle. In a recent letter to shareholders, he stated, “Many have commented that what worked in 2022 didn’t work in the beginning of 2023, and vice versa. That seems about right to us.”
Asos Raises Funds as it Seeks Turnaround After £291m Loss (The Guardian)
Asos is raising £80m from shareholders and borrowing £275m from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300m into the red. The online fashion specialist said it had raised the funds to give it the “financial headroom” to improve shoppers’ experience and return to profitability within a year by simplifying its processes, cutting costs and becoming more innovative. On Friday, the company said it had already secured £75m in new funding from institutional shareholders led by major investors – the Danish fashion entrepreneur Anders Povlsen’s Bestseller group and US hedge fund Camelot Capital Partners.
Friday 5/26 Insider Buying Report: AXON, CURO (Nasdaq.com)
At Axon Enterprise, a filing with the SEC revealed that on Thursday, Hadi Partovi bought 10,000 shares of AXON, for a cost of $190.75 each, for a total investment of $1.91M. Partovi was up about 3.6% on the purchase at the high point of today’s trading session, with AXON trading as high as $197.65 at last check today. Axon Enterprise is trading up about 1.3% on the day Friday. Before this latest buy, Partovi made one other buy in the past twelve months, purchasing $2.00M shares at a cost of $200.02 a piece. And at Curo Group Holdings, there was insider buying on Tuesday, by Chief Financial Officer Ismail Dawood who bought 200,000 shares for a cost of $1.09 each, for a total investment of $218,000. This buy marks the first one filed by Dawood in the past twelve months. Curo Group Holdings is trading up about 2.9% on the day Friday.
$9.6M Bet On Energy Transfer? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Akero Therapeutics: The Trade: Akero Therapeutics, Inc. (AKRO) Director Walmsley Graham acquired a total of 520,000 shares at an average price of 29.69. To acquire these shares, it cost around $15.44 million. Energy Transfer: The Trade: Energy Transfer LP (ET) Executive Chairman Kelcy Warren bought a total of 750,000 shares at an average price of $12.79. To acquire these shares, it cost around $9.59 million.
