Global Hedge Fund Two Sigma Expands Into Insurance And Real Estate (Forbes)
Two Sigma, a New York-based hedge fund that uses sophisticated technology, is taking its analytical skills into insurance underwriting with Two Sigma Insurance Quantified. The company is scientifically driven in its approach, said Brian Modesitt, the insurance tech company’s CEO. It entered the insurance software space five years ago and developed a platform with AIG and Hamilton Insurance, which it sold last year to Coalition, an insurtech company with a focus on commercial cyber coverage.
Citadel, Other Hedge-Fund Winners in 2022 to Return Some Profits to Clients (The Wall Street Journal)
Citadel expects to return about $7 billion in profits to its clients on the back of what is expected to be its most profitable year ever, said people familiar with the firm, highlighting the banner year some hedge funds have had even as others nurse deep wounds. Citadel’s flagship fund gained about 32% for the year through November, benefiting from bets across the firm’s strategies, the people said. The firm plans to return some profits from all four of its funds in early January but still expects to start 2023 with more than $50 billion in assets under management, one of the people said.
Steve Cohen’s Mets Spending Spree Nears $500 Million With Correa (Bloomberg)
Steve Cohen’s late-breaking heist for the New York Mets shocked the sports world — and further cemented his status as baseball’s biggest spender. The billionaire investor, while reportedly on vacation in Hawaii, nabbed high-profile free agent Carlos Correa with a 12-year contract worth $315 million, sealing the deal while most Mets fans on the East Coast were asleep.
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Bridgewater Sets a Course for Net-Zero Investors (Pensions&Investments)
Bridgewater Associates, the world’s biggest hedge fund manager, is taking a swing at the issue of climate-conscious investing. In a new report titled “Pursuing Net-Zero Goals in Public Equities,” Bridgewater outlines ways of aligning stock portfolios with financial and sustainability goals. Last year, the firm introduced what it calls investment solutions aimed at doing just that.
Veteran $4,500,000,000 Crypto Hedge Fund Says ‘DeFi Is Superior’ – Here’s Why (The Daily Hodl)
A seasoned crypto hedge fund with $4.5 billion worth of assets under its management is asserting the superiority of decentralized finance (DeFi) ecosystems. In a new letter penned by CEO Dan Morehead and other executives, crypto hedge fund Pantera Capital says that the DeFi sector is head and shoulders above centralized finance (CeFi) due to its transparency and “rock-solid” foundations.
Hedge Fund Fir Tree Asks Grayscale For Details On Potential Tender Offer (The Wall Street Journal)
Fir Tree Partners is asking Grayscale Investments to “immediately provide details on the pricing, funding source and design” of a potential tender offer for the Grayscale Bitcoin Trust, according to a statement from the hedge fund shared with The Wall Street Journal. Grayscale Chief Executive Michael Sonnenshein said Monday that the firm would explore a tender offer for up to 20% of the trust’s outstanding shares if it fails to transform the $10.7 billion fund into an exchange-traded fund. The trust, known by its ticker symbol GBTC, was trading at a 48% discount relative to the price of the bitcoins it held on Tuesday, according to YCharts.
Pictet Asset Management Launches Total Return-Lotus Fund (Hedge Week)
Pictet Asset Management has expanded its $11 billion actively managed Total Return franchise with the launch of the Pictet Total Return-Lotus fund, an event-driven, special situations Asia equity fund. Pictet-TR Lotus aims to capture opportunities in Pan-Asian equities by focusing on short to medium-term corporate catalysts, as well as longer-term secular trends such as China’s restructuring, the growth of South East Asia and the improving corporate governance in Japan.
Wednesday 12/21 Insider Buying Report: ERAS, ITGR (Nasdaq.com)
On Tuesday, Erasca’s, Bihua Chen, made a $2M buy of ERAS, purchasing 307,692 shares at a cost of $6.50 each. Investors are able to grab ERAS even cheaper than Chen did, with shares trading as low as $4.06 in trading on Wednesday which is 37.5% below Chen’s purchase price. Erasca is trading off about 3.2% on the day Wednesday. This buy marks the first one filed by Chen in the past twelve months. And on Friday, CEO Joseph W. Dziedzic bought $247,790 worth of Integer Holdings, buying 4,000 shares at a cost of $61.95 a piece. This purchase marks the first one filed by Dziedzic in the past year. Integer Holdings is trading up about 0.2% on the day Wednesday. So far Dziedzic is in the green, up about 10.0% on their buy based on today’s trading high of $68.14.
Broadcom, NVIDIA And These 2 Other Stocks Insiders Are Selling (Benzinga)
Dell Technologies: The Trade: Dell Technologies Inc. (DELL) Pres., Glob. Sales & Cust. Ops William Scannell sold a total of 91,938 shares at an average price of $42.62. The insider received around $3.92 million from selling those shares. Broadcom: The Trade: Broadcom Inc. (AVGO) Director Raul J Fernandez sold a total of 1,170 shares at an average price of $575.00. The insider received around $672.75 thousand as a result of the transaction. NVIDIA: The Trade: NVIDIA Corporation (NVDA) Principal Accounting Officer Donald F. Robertson Jr. sold a total of 5,425 shares at an average price of $172.67. The insider received around $936.74 thousand from selling those shares.
Yacktman Asset Management Yacktman Fund’s Q3 2022 Investor Letter (Insider Monkey)
Yacktman Asset Management, an investment management firm, released its “Yacktman Fund” Q3 2022 investor letter. A copy of the same can be downloaded here. The fund returned -5.52% compared to a -5.62% return for its primary benchmark, the Russell 1000 Value Index, and -4.88% return for the S&P 500 Index. Inflationary pressures, interest rate hikes, corporate earnings reductions, and geopolitical tensions dragged the market in the quarter. In addition, check the fund’s top five holdings to know its best picks in 2022.
SEC Charges Former CEO of Biotech Company CytoDyn with Fraud, Insider Trading (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged Nader Pourhassan, the former CEO of CytoDyn Inc., with fraud and insider trading in connection with providing misleading information to shareholders about the progress of a clinical research treatment for COVID-19 and HIV. According to the SEC’s complaint, Pourhassan repeatedly issued press releases exaggerating CytoDyn’s progress with regard to leronlimab, an antibody that was administered to patients in clinical trials to treat various diseases.
