Brevan Howard Back-to-Back Monthly Losses Cut Into Record Gain (Bloomberg)
Brevan Howard Asset Management’s flagship macro hedge fund lost 0.6% in June, suffering back-to-back monthly losses and giving up some of its record gains from March. The decline follows a 0.9% loss in the $3.8 billion Brevan Howard Master Fund in May, according to letters to investors seen by Bloomberg. Preliminary estimates from Eurekahedge show that macro hedge fund peers made money, on average, in both months.
Warren Buffett Is Back in the Game (The New York Times)
Behind Warren Buffett’s first post-pandemic deal: Berkshire Hathaway swooped in to buy Dominion Energy’s gas pipeline network in a $9.7 billion deal after Dominion and Duke Energy canceled plans to build the controversial Atlantic Coast Pipeline. Berkshire will pay $4 billion for Dominion’s gas network assets, including more than 7,700 miles of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage.
Elliott Pushes Crown Castle to Bolster Fiber Business (The Wall Street Journal)
Elliott Management Corp. is pressuring Crown Castle International Corp. to overhaul its approach to its fiber-cable business, which the hedge fund says has weighed on the company’s market value despite billions in investment in recent years. Elliott on Monday publicly released a letter it sent to the Crown board that criticized what it called disappointing returns tied to the $16 billion it has invested to build up the company’s fiber-cable business, including a $7.1 billion acquisition three years ago.
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Rothschild & Co to Transfer Its Hedge Fund Business to Candriam (Reuters)
LONDON (Reuters) – Rothschild & Co Asset Management Europe plans to transfer its entire hedge fund business worth 350 million euros (£315 million) to global asset manager Candriam, a spokeswoman representing both companies told Reuters on Monday. The transaction, which will include the alternative investment “fund of funds” and a micro-finance unit, will take Candriam’s hedge fund assets to 600 million euros, the spokeswoman said.
Hedge Funds Hire Technology Interns Too (eFinancialCareers.com)
If you’re thinking of applying for a technology internship in finance for 2022, you don’t have to apply to an investment bank. Major hedge funds hiring technology interns too – although their application deadlines tend to be a little later. We’ve listed some of the hedge funds that run graduate hiring programs here. Some, but not all are looking for technology interns in the mix. Hedge funds that recruit technology interns include DE Shaw, which is already looking for software development and systems technology interns for New York in 2021, plus software developer interns for London. Applications opened in June and DE Shaw says intern hiring is typically completed by late winter or early spring.
Multi-Manager Hedge Fund Brummer Continues Positive Run in 2020, as Equities, Credit and Macro Drive H1 Profits (Hedge Week)
Brummer & Partners, the Stockholm-based multi-strategy hedge fund firm, has generated positive returns for the first half of 2020, with US long/short equity, credit and macro strategies all driving performance in its flagship strategy in recent weeks. Despite a recent spike in market volatility, the Brummer Multi-Strategy multi-manager fund – which invests in a range of single-strategy hedge funds – gained 1.5 per cent in June, while the Brummer Multi-Strategy 2xL (BMS 2xL) added 2.8 per cent.
Tesla Taunts Short-Sellers by Selling ‘Short Shorts’ (Fox Business)
Tesla Inc. CEO Elon Musk took a swipe at short-sellers by listing “short shorts” on the company’s website. Musk has from time to time expressed dismay with investors who bet against his company. In 2018, he sent a box of short shorts to hedge fund manager David Einhorn and last November offered to send him more. The red satin shorts with gold trim, available for $69.42, feature a Tesla logo on the front left side and have “S3XY” written across the back. The 420 is a possible reference to the share price at which Musk said he had secured funding to take the company private, leading to a lawsuit from the U.S. Securities and Exchange Commission.
Thriving on COVID-19 Challenges (Hedge Nordic)
Stockholm (HedgeNordic) – Digitalization has certainly mitigated the impact of COVID-19 on businesses, economies and personal lives. After all, digitalization offers the vital infrastructure for many of us to continue working from home and see our families, friends and colleagues even during lockdown. To a certain extent, we can count ourselves lucky that COVID-19 has struck us in a digitalized world. “COVID-19 has acted as a catalyst for digitalization, both in people’s daily lives and at work,” says Pasi Havia, the fund manager of highly concentrated long-only hedge fund HCP Focus. To see the long-term picture through the short-term fog of uncertainty stemming from COVID-19 is difficult. But one thing is certain. “We will not return to the world before COVID-19,” reckons Havia. “A lockdown is not the same as pressing a pause button and later pressing play again,” he adds. “Some things change for good.”
Monday 7/6 Insider Buying Report: NOVA, FLXS (Nasdaq.com)
At Sunnova Energy International, a filing with the SEC revealed that on Monday, Robert Lawrence Lane purchased 3,000 shares of NOVA, for a cost of $16.50 each, for a total investment of $49,500. So far Lane is in the green, up about 16.8% on their buy based on today’s trading high of $19.27. Sunnova Energy International is trading up about 7.9% on the day Monday. Before this latest buy, Lane purchased NOVA at 2 other times during the past year, for a total cost of $160,000 at an average of $10.67 per share. And at Flexsteel Industries, there was insider buying on Wednesday, by CEO Jerald K. Dittmer who purchased 1,000 shares for a cost of $12.72 each, for a total investment of $12,720. Before this latest buy, Dittmer purchased FLXS on 8 other occasions during the past twelve months, for a total cost of $291,319 at an average of $14.94 per share. Flexsteel Industries is trading up about 5.6% on the day Monday. So far Dittmer is in the green, up about 7.9% on their purchase based on today’s trading high of $13.73.
Insider Trading: July 6, 2020 (BIV.com)
Insider James A. Pattison, 10% owner. Company: Terminals Investment Corp. (TSX:WTE). Shares owned: 3,122,433. Trade date: June 26. Trade total: $2,181,816. Trade: Acquisition of 133,200 shares at a price of $16.38 per share.. Insider James Anderson, director. Company: Orestone Mining Corp. (TSX:ORS). Shares owned: 100,000. Trade date: June 30. Trade total: $18,000. Trade: Sale of 100,000 shares at a price of $0.18 per share.
Marvell Technology Group (MRVL) EVP, CALO Mitchell Gaynor Sold $562,326 of Shares (Guru Focus)
EVP, CALO of Marvell Technology Group, Mitchell Gaynor, sold 16,007 shares of MRVL on 07/02/2020 at an average price of $35.13 a share. The total sale was $562,326. Marvell Technology Group Ltd and its subsidiaries is a fabless semiconductor provider of application-specific standard products. The company’s product portfolio includes devices for storage, networking and connectivity.
SEBI Orders To Disgorge Rs 2.3 Crore In Insider Trading Case (Bloomberg Quint)
Markets regulator SEBI on Monday asked Fourth Dimension Solutions Managing Director Amalendu Mukherjee to disgorge an amount worth over Rs 2.3 crore for insider trading in the scrip of Ricoh India Ltd. The amount has to be paid along with 12% interest within 45 days, the regulator said in its final order. In addition, Mukherjee has been restrained from accessing securities markets for a period of seven years, SEBI said in its order.
Notable Insider Buys: Novartis, T-Mobile And More (Benzinga)
Insiders continued to add shares despite overall market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases reported in the past week. Continental Resources: Continental Resources, Inc. (CLR) saw its founder and executive chair Harold Hamm return and purchase more than 3.13 million additional shares. At per-share prices between $15.18 and $17.92, that totaled more than $52.37 million. His stake is up to 9.61 million shares. The total float is about 74.5 million shares. T-Mobile: Softbank Executive Chair Ron Fisher, a recently resigned T-Mobile Us Inc (TMUS) director, also stepped up to the buy window last week. He indirectly picked up 350,000 shares of this wireless services provider for $103 each. That cost him $36.05 million.
