Fund Managers’ Research Firepower is Now Key to Generating Portfolio Alpha, Study Shows (Hedge Week)
The quality of research skills among hedge funds and other investment managers is closely tied to their ability to generate alpha in portfolios, a new deep-dive industry study has found. Inalytics, a UK-based research outfit that aims to identify and benchmark investment skills for institutional investors, probed the connection between research capability and alpha generation using its database of 370 active equity portfolios and 26 fixed income credit portfolios. The study split the portfolios into two groups: those with positive and those with negative alpha. It tracked opening buys – the first time a manager adds a new stock to the portfolio – to measure the effectiveness of the research process, since they are the “purest way” to evaluate managers’ research processes, according to Inalytics.
LLR Partners Closes New $1.8bn Fund (Opalesque.com)
Center City private equity firm LLR Partners closed a new $1.8 billion fund, aimed at investing in health care and tech companies. Through the fund – LLR Equity Partners VI (LLR 6) – LLR Partners invests between $20 million and $100 million in each technology and health-care company in its portfolio, according to a news release from the lower middle market PE company. Its previous fund, LLR Equity Partners V, closed at $1.2 billion in June 2018. The amount was $250 million more than LLR 4, which closed in March 2014 at $950 million. The new fund, LLR 6, will be used to make both minority and majority investments in the company’s targeted focus area – lower middle-market growth companies.
Glenveagh Attracts Growing Hedge-Fund Interest (The Irish Times)
Swiss activist hedge fund Teleios Capital Partners has been quietly – but aggressively – building up a stake in Glenveagh Properties since global markets tanked in early March. Glenveagh said on Monday that Teleios had increased its holding in the company to just above 11 per cent seven days earlier, cementing its position as the Dublin-listed housebuilder’s biggest shareholder on the eve of Budget 2021 being unveiled. (It first announced its arrival on the Glenveagh’s shareholder register in early March as its stake breached the 3 per cent level).
Puerto Rico Creditors Denied Urgent Insider Trading Probe (Bloomberg)
A federal magistrate judge quickly shot down an expedited bid by Puerto Rico’s creditors to investigate possible insider trading by hedge funds that participated in the island’s confidential debt negotiations. The unsecured creditors committee failed to justify its emergency request to lead an investigation into the bond trading, Magistrate Judge Judith Dein said in a court order Monday, concurring with groups of opposing bondholders.
Quest Diagnostics Inc (DGX) Chairman, CEO and President Stephen H Rusckowski Sold $35 million of Shares (Guru Focus)
Chairman, CEO and President of Quest Diagnostics Inc., Stephen H Rusckowski, sold 291,997 shares of DGX on 10/16/2020 at an average price of $120 a share. The total sale was $35 million. Quest Diagnostics Inc provides diagnostic testing, information, and services, providing insights that enable patients and physicians to make healthcare decisions. It provides diagnostics for insurers and healthcare information technology businesses.
The President & Chief Executive Officer of Kelt Exploration (Other OTC: KELTF) is Buying Shares (Analyst Ratings)
Today, the President & Chief Executive Officer of Kelt Exploration (KELTF), David John Wilson., bought shares of KELTF for $274K. In addition to David John Wilson., 2 other KELTF executives reported Buy trades in the last month. This recent transaction increases David John Wilson.’s holding in the company by 1% to a total of $29.42 million. Currently, Kelt Exploration has an average volume of 93.30K. The company has a one-year high of $3.75 and a one-year low of $0.54.
Paychex Inc (PAYX) Sr. Vice President, CFO Efrain Rivera Sold $18.2 million of Shares (Guru Focus)
Sr. Vice President, CFO of Paychex Inc., Efrain Rivera, sold 216,818 shares of PAYX on 10/16/2020 at an average price of $83.72 a share. The total sale was $18.2 million. Paychex Inc operates in payroll outsourcing industry. The company provides integrated payroll, human resource, insurance, and benefits outsourcing solutions for small and medium-sized businesses in the United States.
