Hedge Funds Rebound in July, as First-Half Performance Dispersion Narrows (Hedge Week)
Performance dispersion among hedge funds has narrowed in recent weeks, as almost 60% of managers generated profits in July – with long/short equity, event driven and relative value strategies all making gains, according to new industry data. Last month’s rise – which averages some 1.65% across all hedge fund sub-strategies, according to performance metrics published by Hedge Fund Research – comes as the industry looks to bounce back from a tricky first half of 2022.
Three Fundraising Challenges for Private Equity Fund Managers and How to Overcome Them (Preqin)
With $1.2tn of dry powder available to private equity managers at the end of 2021 (26.3% of total private equity AUM), and the impact of inflation delaying LPs’ allocations to the asset class while they re-balance their portfolios, we see a tougher environment for GPs to operate in. Below, we look at the top three challenges managers face in today’s fundraising market and provide key solutions to overcome them.
Here’s How Hedge Funds Did When Stocks Surged in July (Institutional Investor)
With equity markets recovering sharply in July after the worst calendar-year first half in more than 50 years, hedge funds also saw gains. According to Hedge Fund Research data, equity hedge funds, which use long-short strategies, posted solid numbers in July. HFR’s investable HFRI 500 Equity Hedge Index increased 3.25 percent and its HFRI Equity Hedge Total Index gained 2.9 percent.
Over $390 Million Bet On Occidental Petroleum? 4 Stocks Insiders Are Buying (Benzinga)
WESCO International: The Trade: WESCO International, Inc. (WCC) 10% owner GEI Capital VII, LLC acquired a total 600,000 shares at an average price of $131.08. To acquire these shares, it cost around $78.65 million. Occidental Petroleum: The Trade: Occidental Petroleum Corporation (OXY) 10% owner Warren E Buffett acquired a total of 6,681,669 shares at an average price of $58.48. To acquire these shares, it cost around $390.72 million.
Rumor China Is Probing Fund Managers for OTC Insider Trading Is Bogus, Sources Say (Yicai Global)
Industry sources have denied an online rumor that China has opened an investigation into fund managers for insider trading using over-the-counter market options. “The rumor said it involves over 300 fund managers, which is crazy,” a mutual fund expert told Yicai Global. A derivatives specialist also dismissed the hearsay, which went viral on social media yesterday, saying “these things are reported by netizens, and there is currently no evidence.” No asset management firm has publicly responded to the rumor yet.
Insider Buying: Gannett Co., Inc. (NYSE:GCI) CEO Acquires 500,000 Shares of Stock (ETF Daily News)
Gannett Co., Inc. (NYSE:GCI) CEO Michael Reed purchased 500,000 shares of Gannett stock in a transaction dated Monday, August 8th. The shares were acquired at an average cost of $2.44 per share, with a total value of $1,220,000.00. Following the transaction, the chief executive officer now directly owns 1,836,335 shares in the company, valued at $4,480,657.40.
