Bridgewater Names First Female Co-CIO (Hedge Week)
Bridgewater Associates, the world’s largest hedge fund firm founded by billionaire Ray Dalio, has named Karen Karniol-Tambour as its third co-chief investment officer and the first woman to hold the position at the firm, according to a company statement. The 37-year-old has been made a full partner at the firm and will now work alongside Bob Prince and Greg Jensen in leading the firm’s Investment Committee and holding ultimate responsibility for its investment strategy and outcomes.
A Prominent UK Cybersecurity Stock is Under Attack from Short Sellers. Here’s What You Need to Know (CNBC)
Cybersecurity company Darktrace, one of the U.K.’s most prominent tech names, has found itself under attack from short sellers. The company, whose tools allow firms to combat cyberthreats with artificial intelligence, was last week targeted in a report by New York-based asset manager Quintessential Capital Management. QCM, whose stated aim is “exposing fraud and criminal conduct in public companies around the world,” claims it has had a 100% success rate in its activist campaigns. The company told Reuters it holds a short position of 1.3% in Darktrace shares. London-based hedge fund Marshall Wace also shorted Darktrace, according to data site Breakout Point.
Opalesque Roundup: Global Hedge Funds Fell in 2022 But Strongly Outperform Equities and Bonds: Hedge Fund News, Week 05 (Opalesque.com)
In the week ending February 1st 2023, Preqin reported that global hedge fund returns fell by 6.5% in 2022, marking the biggest decline since 2008, when returns plummeted 13%. For comparison, the MSCI World Index, a broad global equity index that tracks the performance of large and mid-cap equities across 23 developed countries, fell by 18.7%. In contrast, the ICE BofA U.S. Treasury index lost almost 12%. The S&P 500 closed the year nearly 20% lower. Funds administered by the Citco group of companies recorded a weighted-average return of 4.11% for the fourth quarter. The median return of 2.44% indicates that larger hedge funds broadly outperformed smaller ones by sizable percentages.
Activist Hedge Fund that Targeted Insurer Aviva Slashes Its Holding After Campaign to Return More Cash to Shareholders Pays Off (ThisisMoney.co.uk)
An activist hedge fund that targeted insurer Aviva has slashed its holding after its campaign to return more cash to shareholders paid off. The move by Cevian, which has cut its stake to less than 5 per cent, is likely to be seen by the FTSE 100 giant as a vote of confidence in its strategy under chief executive Amanda Blanc. Cevian – a Swedish outfit led by Christer Gardell, known by some as ‘The Butcher’ – revealed in 2021 that it had taken a 5 per cent stake.
Monday 2/6 Insider Buying Report: PSX, ADES (Nasdaq.com)
On Thursday, Phillips 66’s Director, Gregory Hayes, made a $1.00M purchase of PSX, buying 10,250 shares at a cost of $97.75 each. Phillips 66 is trading off about 1.8% on the day Monday. And at Advanced Emissions Solutions, there was insider buying on Wednesday, by Director Richard Campbell-breeden who purchased 52,742 shares at a cost of $4.00 each, for a total investment of $210,968. This buy marks the first one filed by Campbell-breeden in the past year. Advanced Emissions Solutions is trading up about 6.9% on the day Monday. Bargain hunters are able to buy ADES at a price even lower than Campbell-breeden did, with the stock changing hands as low as $3.05 in trading on Monday which is 23.8% under Campbell-breeden’s purchase price.
$20 Million Bet On Precigen? Check Out These 4 Penny Stocks Insiders Are Buying (Nasdaq.com)
Precigen: The Trade: Precigen, Inc. (PGEN) Director Randal J Kirk bought a total of 11,428,571 shares at an average price of $1.75. To acquire these shares, it cost around $20 million . GeneDx Holdings: The Trade: GeneDx Holdings Corp. (WGS) 10% owner Opko Health Inc acquired a total of 14,285,714 shares at an average price of $0.35. To acquire these shares, it cost around $5 million.
