5:15 Derails: Bond Hedge Fund To Close (Finalternatives)
A bond hedge fund led by three Brevan Howard Capital Management veterans will close its doors after suffering redemptions. 5:15 Capital Management has seen its assets under management fall from $1 billion early last year to just $370 million at the beginning of the month, co-founders E.G. Fisher and Rob Wahl wrote to clients yesterday. The Greenwich, Conn.-based firm invested in sovereign debt. Fisher and Wahl wrote that the fund will wind down and return capital to clients. The two blamed “sector rotation” and “weakness in the fund of fund industry” for the redemptions, and concluded that 5:15 could not continue at its reduced size.
What Wall Street’s Gossips Are Saying About George Soros Shorting Gold (BusinessInsider)
Before I relay this, let me first make sure you understand that I am simply discussing a rumor here – I have no way of knowing whether or not it is true and have no opinion as to whether anyone should or should not act on it. Thank you for being an adult OK. So hedge fund guys are like washwomen, every bit as susceptible to gossiping and rumor-mongering, every bit as inclined toward the salacious and the juicy. Especially as it pertains to the portfolios, victories and defeats of their contemporaries. This is why we have things like “Hedge Fund Hotel” stocks such as Apple Inc. (NASDAQ:AAPL) last summer and AIG right now. This is why so many hedge funds – especially of the value or the activist variety – sometimes seem as though they are merely variations of each other.
Lehman Hedge Fund Customers Set To Get Money Back (Finalternatives)
Lehman Brothers’ hedge fund clients are poised to be repaid more than four years after the investment bank collapsed. A federal bankruptcy court yesterday approved trustee James Giddens’ plans to repay banks and hedge funds more than $15 billion. The move will “set the stage” for customers to get all of their money back, Giddens said. That money has been frozen since Lehman declared bankruptcy in 2008.
Qatar plans to buy hedge fund managers as part of expansion strategy (International-Adviser)
The Qatar Financial Centre has plans in place to buy hedge funds as part of a strategy to bolster the asset management industry based in the country. In an interview given to a local media outlet, Yousuf Al-Jaida, chief strategic development officer said the QFC is currently implementing a four-stage process to build the local asset management presence in Doha and that the strategy of buying hedge funds is part of “Wave 2”. Al-Jaida told MENA Fund Manager that the QFC is currently implementing “Wave 1” of its strategy which centres on incentivising global asset managers to set up shop in Qatar by offering to seed new funds, with capital supplied by Qatar’s Sovereign Wealth Fund. However, he said the QFC will be moving on to Wave 2 which largely involves setting up back and middle office support services but will also involve “buying hedge funds”.
Robert Karr Buys Baidu, Micron Technology, Yelp, Sells Yum Brands, New Oriental Education, Facebook (Nasdaq)
Robert Karr is the founder of hedge fund Joho Capital. He is one of the Tiger Cubs, the hedge fund managers who learned from the legendary Julian Robertson . Robert Karr tends to hold very concentrated positions in the area of new technologies. His stock picks performed the best among our gurus, according to the Scoreboard of Gurus. Robert Karr buys Baidu.com, Inc. (NASDAQ:BIDU), Micron Technology, Inc. (NASDAQ:MU), Yelp Inc (NYSE:YELP), Google Inc (NASDAQ:GOOG), Hexcel Corporation (NYSE:HXL), sells Yum! Brands, Inc. (NYSE:YUM), New Oriental Education & Tech Grp (NYSE:EDU), Facebook Inc (NASDAQ:FB), SINA Corp (NASDAQ:SINA) during the 3-months ended 03/31/2013, according to the most recent filings of his investment company, Joho Capital. As of 03/31/2013, Joho Capital owns 14 stocks with a total value of $902 million. These are the details of the buys and sells.
