BlueMountain Shareholder AMG Weighs Hedge Fund Firm Exit (Bloomberg)
Affiliated Managers Group Inc. is exploring a sale of its majority stake in BlueMountain Capital Management, according to people familiar with the matter, after the firm took a first-quarter writedown as the hedge fund’s value fell. AMG has been working with advisers on a potential sale, said the people, who asked not to be identified as the discussions are private. AMG and BlueMountain are looking for a buyer that would invest new capital to help grow the business, they said.
An Outside Hedge Fund Is Driving Steve Cohen’s Gains (The Wall Street Journal)
Billionaire Steven A. Cohen’s hedge fund is up about 10% this year. But a significant part of that return has come from a money manager who doesn’t work at Mr. Cohen’s fund. Mr. Cohen is widely viewed on Wall Street as one of the best traders of all time. From 1993 through 2011, his firm trailed the S&P 500 only once, according to a Wall Street Journal calculation. Mr. Cohen’s former firm, SAC Capital Advisors, used to make more than 60% in some years, a client document shows.
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Barings Hires Former Hedge Fund Manager to Head New Institutional Unit (Institutional Investor)
Barings, an asset manager owned by Massachusetts Mutual Life Insurance Co., has hired a former hedge fund manager to lead a new unit focused on institutional investors. Stewart Russell, who previously worked at Louis Bacon’s Moore Capital Management, has joined the firm as head of institutional solutions, according to a statement Monday from Barings. Russell will be based in Charlotte, North Carolina and report to global markets head Michael Freno.
Kyle Bass Talks Market Sell-off, Bitcoin Rally & Hong Kong Outlook as Trade War Fears Mount (Yahoo Finance)
Stocks see worst day of 2019 as U.S.-China trade war concerns escalate. Yahoo Finance’s Zack Guzman, Brian Cheung & Julia LaRoche, along with NY Post Hedge Fund reporter Carleton English discuss with Hayman Capital Management Founder & Chief Investment Officer Kyle Bass.
Column: Hedge Funds were Divided on Oil, Until Trump Tweeted (Reuters)
LONDON (Reuters) – Hedge fund managers were deeply divided over the future direction for oil prices, until the United States announced fresh tariffs on China and sent prices plunging late last week. Hedge funds and other money managers increased their net long position in the six major petroleum futures and options contracts by 20 million barrels over the seven days ending on July 30.
$2 billion Hedge Fund Start-up Starts Trading (Business Report)
INTERNATIONAL – The biggest hedge fund start-up so far this year is debuting with $2 billion (R29.57bn) in investor commitments and former Citadel traders Michael Rockefeller and Karl Kroeker at the helm. Their firm, Woodline Partners, began trading on Thursday after the duo decided to cap the size of their fund, according to people familiar with the matter. They’ll be among a small group of well-pedigreed managers expected to open with at least $1bn in 2019. While last year saw the mega-launches of ExodusPoint Capital and D1 Capital Partners, enterprising managers are facing an uphill battle with investors who have grown disillusioned with the $3.25 trillion industry’s lofty fees and mediocre performance.
ESG-Themed Hedge Funds Close Down Too (Hedge Nordic)
Stockholm (HedgeNordic) – Handelsbanken Fonder is closing down its sustainability-themed hedge fund, Handelsbanken Hållbarhet Hedge Criteria. In a letter to investors announcing the closure, Handelsbanken said the fund is closing its doors as a result of low investor demand. Handelsbanken Hållbarhet Hedge Criteria was launched in early February of 2018 and has been managed by Viking Kjellström since September 17 last year. Kjellström took over the day-to-day management of the fund in September as the previous portfolio manager left Handelsbanken. The fund has been investing in companies with a particular focus on sustainability, whose business models were deemed to benefit from the broader fundamental shift towards a more sustainable living and environment.
Meritage Homes Corp (MTH) CEO Steven J Hilton Sold $36.5 million of Shares (Guru Focus)
CEO of Meritage Homes Corp, Steven J Hilton, sold 579,026 shares of MTH on 08/01/2019 at an average price of $63 a share. The total sale was $36.5 million. Meritage Homes Corp is a designer and builder of single-family homes. The company offer homes that are designed to appeal to a wide range of homebuyers primarily focused on first-time and first move-up buyers. Its operations are spread across USA. Meritage Homes Corp has a market cap of $2.41 billion; its shares were traded at around $62.86 with a P/E ratio of 12.09 and P/S ratio of 0.71.
Monday 8/5 Insider Buying Report: ETRN, FIX (Nasdaq.com)
At Equitrans Midstream Corp (ETRN), a filing with the SEC revealed that on Friday, CEO Thomas F. Karam bought 100,000 shares of ETRN, for a cost of $16.39 each, for a total investment of $1.64M. Investors are able to snag ETRN even cheaper than Karam did, with the stock trading as low as $15.62 at last check today which is 4.7% below Karam’s purchase price. Equitrans Midstream Corp is trading off about 3.9% on the day Monday. Before this latest buy, Karam bought ETRN at 2 other times during the past year, for a total investment of $6.73M at an average of $19.22 per share. And at Comfort Systems USA (FIX), there was insider buying on Thursday, by Director Franklin Myers who bought 5,500 shares for a cost of $41.89 each, for a trade totaling $230,400. Before this latest buy, Myers bought FIX on 6 other occasions during the past twelve months, for a total cost of $1.01M at an average of $52.37 per share.
What Did This CEO Just Do with Personal Shares of J & J Snack Foods (NASDAQ: JJSF)? (Analyst Ratings)
Today, the President & CEO of J&J Snack Foods (JJSF), Gerald Shreiber, sold shares of JJSF for $4.54M. Following Gerald Shreiber’s last JJSF Sell transaction on November 30, 2018, the stock climbed by 26.2%. Based on J & J Snack Foods’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $327 million and quarterly net profit of $30.87 million. In comparison, last year the company earned revenue of $306 million and had a net profit of $26.13 million. JJSF’s market cap is $3.43B and the company has a P/E ratio of 37.37. Currently, J & J Snack Foods has an average volume of 23.75K.
Notable Insider Buys: AbbVie, Bristol-Myers And More (Benzinga)
Below is a look at a few notable insider purchases reported in the past week, but note that there were also some smaller insider purchases at Mastercard Inc (MA) 5.18% and Tesla Inc (TSLA) 2.59%. Trinity Industries: A director at Trinity Industries Inc (TRN) 3.28% indirectly purchased almost 659,000 shares of this Dallas-based company to end July. At prices ranging from $18.81 to $19.84 per share, that cost the director more than $12.68 million. Note also that an executive sold more than 2,000 shares back in May.
CannTrust To Miss Q2 Filing Deadline, Announces Insider Trading Blackout (Grizzle.com)
Still reeling from a Health Canada review after it was discovered the company had been growing in unlicensed rooms, the beleaguered CannTrust Holdings Inc. (TSX: TRST; NYSE: CTST) just announced a blackout on company insider trading. That blackout is expected to remain in effect until after the company releases Q2 financial reporting, which will be delayed due to the ongoing Health Canada review and internal company investigation.
Hamilton Beach Brands Holding Co (HBB) Director, President and CEO Gregory H Trepp Bought $70,600 of Shares (Guru Focus)
Director, President and CEO of Hamilton Beach Brands Holding Co, Gregory H Trepp, bought 5,000 shares of HBB on 08/02/2019 at an average price of $14.12 a share. The total cost of this purchase was $70,600. Hamilton Beach Brands Holding Co, through its subsidiaries, is engaged in consumer, commercial and specialty small appliances and specialty retail. The company earns maximum revenue from the sale of appliances. Hamilton Beach Brands Holding Co has a market cap of $182.478 million; its shares were traded at around $13.34 with a P/E ratio of 9.01 and P/S ratio of 0.25. The dividend yield of Hamilton Beach Brands Holding Co stocks is 2.59%.
