Weiss Multi-Strategy Hedge Fund Spurs Retirement Plan Class Suit (Bloomberg Law)
Hedge fund manager GWA LLC and its founder George A. Weiss was hit with a proposed class action claiming the entirety of its retirement plan is invested in alternative, proprietary investments including its flagship Weiss Multi-Strategy Partners hedge fund. The lawsuit, filed Monday in the US District Court for the District of Connecticut, claims the entirety of the company’s $103 million retirement plan is invested in two proprietary investments: the Weiss Multi-Strategy Partners (Cayman) Ltd. hedge fund and a mutual fund that largely replicated the hedge fund’s strategy.
Hedge Fund Insights by PivotalPath – Focus Turns to the Fed (MacroHive)
Summary: The PivotalPath Composite Index returned 1.6% in June as the US debt ceiling was resolved early in the month and there was optimism around a soft landing and the end of the Fed hiking cycle. Meanwhile, the S&P 500 Index (S&P) and Nasdaq Index (Nasdaq) both rose 6.6%. Year-to-date, the PivotalPath Composite Index is up 3.5%, the S&P is +16.9% and the Nasdaq has climbed 31.75%. Strategy Highlights: All major hedge fund strategy Indices gained ground in June. They are now each positive in 2023 except for Global Macro, which performed well in June but remains -0.1% for the year. The Equity Sector Index continues to lead the pack up 7.4% YTD. In June, the Equity Quant Index gained the most, appreciating 3%.
Credit Suisse Sued for $100m by Hedge Fund Over Margin Call (Financial News)
Credit Suisse has been hit with a claim for more than $100m by South African hedge fund M1, which has accused the bank of making a wrongful margin call. The lawsuit against the Swiss bank adds to a pile of outstanding litigation and regulatory issues UBS has inherited from Credit Suisse after acquiring the bank in March in an emergency takeover.
Tuesday 7/25 Insider Buying Report: RMCF, TPL (Nasdaq.com)
At Rocky Mountain Chocolate Factory, a filing with the SEC revealed that on Thursday, Director Jeffrey Richart Geygan purchased 17,185 shares of RMCF, for a cost of $5.62 each, for a total investment of $96,663. Geygan was up about 4.7% on the purchase at the high point of today’s trading session, with RMCF trading as high as $5.89 in trading on Tuesday. Rocky Mountain Chocolate Factory Inc is trading flat on the day Tuesday. Before this latest buy, Geygan bought RMCF at 4 other times during the past year, for a total investment of $313,790 at an average of $6.10 per share. And at Texas Pacific Land, there was insider buying on Thursday, by Director Murray Stahl who purchased 20 shares at a cost of $1445.33 each, for a trade totaling $28,907.
ON Semiconductor, MongoDB And 2 Other Stocks Insiders Are Selling (Benzinga)
ON Semiconductor: The Trade: ON Semiconductor Corporation (ON) CEO & President Hassane Elkhoury sold a total of 20,000 shares at an average price of $105.00. The insider received around $2.1 million from selling those shares. Winnebago Industries: The Trade: Winnebago Industries, Inc. (WGO) PRESIDENT – GRAND DESIGN Jeff Donald Clark sold a total of 300,000 shares at an average price of $67.87. The insider received around $20.36 million from selling those shares.
