Archive for Hedge Funds
Where Some of the World’s Top Hedge Funds Will Invest in 2019
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Managers banking on volatility after years of poor returns
- Traders also like carbon allowances, emerging market credit
Macro managers, who have struggled for much of the last decade, are once again expecting a winning year. This time, they might be right.
The main reason for optimism is the increased volatility in markets that began in 2018 with rising interest rates in the U.S., trade wars with China and populist politics in Italy. The turbulence helped several old macro hands including Paul Tudor Jones and Alan Howard profit after posting losses or sub-par gains…
U.K. Lending Slows as Brexit Uncertainty Hangs Over Outlook
Posted by: | CommentsU.K. lenders approved the fewest home loans in eight months in December and demand for unsecured debt remained subdued, Bank of England figures published Wednesday show.
The slowdown reflects fears that Britain risks leaving the European Union without a deal, a scenario that could rock the property market and the economy. Consumer credit grew at its slowest annual pace in four years…
Gary Cohn Is Raising Money In Miami Right Now
Posted by: | CommentsGary Cohn is on stage at the Context Summit in Miami as we type, and according to a tipster in the room, The Big Grundle sounds like a man looking to feed a new fund.
Context is, of course, a who’s who of hedgies, and with all that money hunkered down poolside at the Fountainbleu as their colleagues and families freeze to death slowly back up here in NYC, Gary is making the best of the situation and letting all the asset managers in the auditorium know that he’s back and ready to trade their assets…
Ocasio-Cortez Says Billionaires Like Schultz Should Work Their Way Up
Posted by: | CommentsBillionaires who want to run for president should work their way up, perhaps by starting with city council, Democratic Representative Alexandria Ocasio-Cortez said in tweet referring to former Starbucks Corp. Chief Executive Officer Howard Schultz.
“Why don’t people ever tell billionaires who want to run for President that they need to ‘work their way up’ or that ‘maybe they should start with city council first’?” Ocasio-Cortez ’s tweet said…
Ocasio-Cortez Says Billionaires Like Schultz Should Work Their Way Up
If you can’t invest with them, you might as well set your money on fire and join the circus.
So Ray Dalio did pretty well for himself and his investors last year. Better, in fact, than anyone else. This means that the Svengali of Westport remains the greatest hedge fund manager of all time, as far as fund of hedge funds LCH Investments is concerned. The retired George Soros is still second, and Ken Griffin is still third—and making it count.
An Ex-Nomura Trader Starts Hedge Fund at Tencent-Backed Firm
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Desmond How’s long-short fund to focus on EM corporate debt
- How joined GaoTeng Global in 2017 as head of fixed income
An ex-Nomura Holdings Inc. trader has started a hedge fund focused on emerging-market corporate bonds at a money manager backed by Tencent Holdings Ltd.
Desmond How, who headed a proprietary trading desk covering credit products at Nomura, launched the long-short fund on Monday at GaoTeng Global Asset Management Ltd. How joined GaoTeng, the Hong Kong-based investment firm set up by Tencent and Hillhouse Capital Management Ltd., in 2017 as head of fixed income…
Bridgewater, RenTech Make $13 Billion in a Grim Hedge-Fund Year
Posted by: | CommentsRay Dalio’s Bridgewater Associates and Jim Simons’ Renaissance Technologies beat their rivals in a tough year for hedge funds in 2018, making a combined $13 billion for their investors.
The profits accounted for more than half the money generated by the top 20 managers last year, according to estimates by LCH Investments NV, a fund of hedge funds. Firms outside that top group lost more than $64 billion as stock declines and volatility took their toll…
Bridgewater Rentech Make $13 Billion in a Grim Hedge-Fund Year
There’s No Word For ‘Black Edge’ In Australian
Posted by: | CommentsWhich is why Steve Cohen & co. have set up shop by the beach in Sydney.
Everyone knows that many of Australia’s early white settlers were criminals. From 1787 until 1868, the British rid themselves of much riff-raff by putting the undesirables on boats and shipping them halfway round the world to Botany Bay, from which they went forth and multiplied and created the Australians we all know and love to see traveling abroad…
There’s No Word For ‘Black Edge’ In Australian
The $238 Million Penthouse, and the Hedge Fund Billionaire Who May Rarely Live There
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220 Central Park South, as seen from Columbus Circle in Manhattan.CreditCreditJeenah Moon for The New York Times
By Nikita Stewart and David Gelles
In Manhattan, where multimillion-dollar real estate sales are downright routine, a hedge fund tycoon has managed to set a new standard for conspicuous consumption by paying a fortune for an unfinished piece of property in the sky.
The billionaire, Kenneth C. Griffin, spent $238 million for a penthouse at 220 Central Park South that is still under construction, making it the most expensive residential sale in United States history…
The $238 Million Penthouse and the Hedge Fund Billionaire Who May Rarely Live There
Cantor, SC Lowy Eye India Soured Loans Amid Insolvency Delay
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Merger arbitrage trades are one area investors are considering
- State Bank of India has sought bids for Essar Steel loans
Many global funds have pushed for India to resolve its bankruptcy cases faster, but some investors are finding opportunities in the delays.
As Indian lenders seek to offload soured debt worth billions of dollars, overseas firms such as Cantor Fitzgerald and SC Lowy see the chance for investors to reap returns from delays in the bankruptcy process…
Cantor, SC Lowy Eye India Soured Loans Amid Insolvency Delay
Index Funds Are King, But Some Indexers Are Passive-Aggressive
Posted by: | CommentsInstead of picking stocks to beat the market, they’re picking sectors, styles, and parts of the world.
Vanguard Group founder John C. Bogle in 2014. PHOTOGRAPH: PETER FOLEY/BLOOMBERG
Vanguard Group founder Jack Bogle, who died on Jan. 16 at age 89, ushered in an era of low-cost investing for the many. He launched the first index mutual fund for individual investors at the end of 1975 for the purpose of passive investing: Skip the stockpicking, save on fees, and simply ride the ups and downs of the overall market. His fringe idea has become mainstream. Sometime this year, analysts at Morningstar Inc. say, assets in passively managed U.S. equity funds are likely to surpass assets in actively managed ones. By pushing down fees across the industry, Bogle may have saved American investors $1 trillion over his lifetime, calculates Bloomberg Intelligence analyst Eric Balchunas…
Chan Zuckerberg-Backed Fund Targets Bay Area Housing Crisis
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Partnership for the Bay’s Future seeks more than $500 million
- Group advocates promoting investment, local policy changes
The philanthropy started by Facebook Inc.’s Mark Zuckerberg and his wife Priscilla Chan is backing a fresh effort to address the housing shortage in the San Francisco Bay area, where an explosion of tech wealth has deepened inequality and contributed to an affordability crisis.
The Partnership for the Bay’s Future — which the Chan Zuckerberg Initiative is starting in conjunction with the San Francisco Foundation, the Ford Foundation and other groups — will seek to preserve and create affordable housing through a new $500 million investment fund. It’s also targeting a $40 million fund aimed at government policy changes, according to a statement Thursday. Facebook and Genentech are among the companies making contributions…
A Hedge Fund Got Sued by the SEC. The Shutdown Sent the Case Into Purgatory
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Agency alleged Statim’s Joseph Meyer lied about performance
- SEC case against him has been stalled by government’s closure
The SEC) headquarters in Washington. Photographer: Zach Gibson/Bloomberg
The day after Christmas, a hedge fund manager who made the remarkable promise that he would never lose investors’ money was accused of stealing from his clients by U.S. regulators.
But then the partial government shutdown hit and the Securities and Exchange Commission’s case went into purgatory, with all court proceedings put on hold…
A Hedge Fund Got Sued by the SEC. The Shutdown Sent the Case Into Purgatory
The 20%-a-Year Stock Picker Who Wishes His Edge Would Disappear
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David Webb quit his job at 33, got rich investing in Hong Kong
- His research, reform push could undermine his competitive edge
Most great stock pickers do all they can to preserve their competitive edge. David Webb is trying to make his disappear.
The former Barclays Plc banker isn’t opposed to making money per se. After earning about 20 percent a year from his personal investments in Hong Kong shares since 1995 –- more than double gains in the city’s benchmark index — he seems happy to have amassed a fortune of at least $170 million…
This Hedge Fund Turned 0% Yields Into Double Digit Returns
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Amulet Capital made double-digit returns trading JGB futures
- Japan bond market remains distorted despite volatility return
A small Japanese hedge fund has managed to clamber its way to double-digit annual returns despite focusing solely on the country’s zero-yielding government bond market.
Amulet Capital Management Co. enjoyed an average annual return of 22 percent over the past three years, according to chief executive officer Toshiharu Matsuda, a former derivatives trader with Nomura Holdings Inc. The fund employs a trend-following JGB futures trading strategy and has found itself on the right side of market reaction to policy changes from the Bank of Japan…
Hedge Fund Billionaire Griffin Buys $122 Million London Home
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The house is located about half a mile from Buckingham Palace
- Charles McDowell sees ‘real buying opportunities in London’
3 Carlton Gardens, London. Source: Google Maps
There are still buyers out there for top-end homes in London.
Citadel LLC founder Ken Griffin bought 3 Carlton Gardens, a 200-year-old home that overlooks London’s St. James’s Park about half a mile from Buckingham Palace. The billionaire hedge-fund manager paid about 95 million pounds ($122 million) for the property, a Citadel spokesman said…
Hedge Fund Billionaire Griffin Buys $122 Million London Home
Some People Don’t Think Eddie Lampert Is Motivated Entirely By Love
Posted by: | CommentsSears’ unsecured creditors file a “no ghouls” motion.
We’ve expressed a bit of skepticism about the wisdom of Eddie Lampert’s plan to buy Sears again. He finally had a chance to walk away from his biggest mistake ever, and instead he wants to repeat it. Why?
Sears’ unsecured creditors think they know why…
Some People Don’t Think Eddie Lampert Is Motivated Entirely By Love
Eddie Lampert Wins Sears Auction, Loses More Generally
Posted by: | CommentsHe realizes this means he still owns Sears, right?
For a while, we thought that there might be an actual method to Eddie Lampert’s Sears madness, a reason for persisting in a hopeless case beyond sheer love for the august retailer he’d spent most of this century starving and/or poisoning and/or bleeding to death. He’d already hived off all sorts of valuable bits of Sears, like its real estate, and had plans to take some more. And, of course, as long as he kept Sears afloat and technically solvent, he was earning a fat 8%-11% coupon on the loans he made to it to keep it afloat.
In spite of the unwashed masses and its leader’s errors, Bridgewater Associates did pretty well last year. And that means Ray Dalio, who delights in making mistakes like no other, did pretty well, too.
The 2018 return not only marked the strategy’s best performance since 2011: It also resulted in a mega-payday for Dalio, who personally netted a cool $2 billion, according to preliminary estimates from Institutional Investor…
The estimated $2 billion Dalio appears to have earned last year works out to about $5.5 million per day — or $228,310 per hour if he worked 24/7 without sleep…
Hedge Fund Can Give Olympus a Clearer Focus
Posted by: | CommentsGiven its history of controversy, the camera and medical-device maker’s embrace of ValueAct is encouraging.
Can you teach an old dog new tricks? Olympus Corp. investors appear willing to bet so.
Shares of the camera and medical-device maker, which was mired in a $1.7 billion accounting scandal in 2011, have surged to their highest in almost three years after the Japanese company announced a leadership and board shakeup in response to pressure from U.S. hedge fund ValueAct Capital Management LP.
Hedge Fund Can Give Olympus a Clearer Focus
Odey Hedge-Fund Partner Orlando Montagu Is Leaving to Run Sandwich Business
Posted by: | CommentsOrlando Montagu, a partner at Crispin Odey’s hedge-fund firm, is leaving to focus on his family’s famous invention, the sandwich.
Montagu is a direct descendant of the 4th Earl of Sandwich, who was credited with inventing the snack in the 18th century. He will leave Odey Asset Management at the end of March after more than 16 years at the firm. He’ll work at his family’s mostly U.S.-based business, also known as Earl of Sandwich, which has plans to open in London…
Odey Hedge-Fund Partner Orlando Montagu Is Leaving to Run Sandwich Business
Hedge Fund Called ‘Destroyer of Newspapers’ Bids for USA Today Owner Gannett
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Gannett owns USA Today, The Detroit Free Press and other publications.CreditCreditJacquelyn Martin/Associated Press
By Edmund Lee and Tiffany Hsu
A New York hedge fund known for gutting newsrooms is backing a hostile takeover bid for Gannett, the publisher of USA Today and 100 other newspapers. The unsolicited offer, worth over $1.3 billion, would create the largest newspaper company in the United States and further consolidate a struggling industry.
In an open letter to the Gannett board, MNG Enterprises, which is owned by the hedge fund Alden Global Capital, offered on Monday to pay $12 cash per Gannett share, a 23 percent premium on the company’s closing price on Friday. Gannett shares were trading about 19 percent higher around midday…
For Hedge Fund Stars, Being Right in 2008 Proved to Be a Curse
Posted by: | CommentsEinhorn, Paulson, and Howard made their names in the crisis, but they faded in the decade that followed.
It was the spring of 2008, and David Einhorn gave the most memorable speech of his career. At a conference in Manhattan, the hedge fund manager took to the stage at the standing-room-only concert hall and delivered a scathing attack on Lehman Brothers. The U.S. investment bank, he said, hadn’t disclosed before that year billions of dollars of assets tied to loans and had incorrectly valued some its mortgage-related assets…
For Hedge Fund Stars, Being Right in 2008 Proved to Be a Curse
Barclays Plants $1.1 Billion Into U.K. Government Housing Fund
Posted by: | CommentsBarclays Plc, one of the world’s biggest investment banks, will invest about 875 million pounds ($1.1 billion) in a U.K. property fund that will lend to home builders.
The fund will make “competitively priced” loans to developers ranging from 5 million pounds to 100 million pounds in a bid to increase the pace and volume of housing provision, the London-based bank said in a statement. The U.K. government’s housing agency will invest 125 million pounds in the venture…
Barclays Plants $1.1 Billion Into U.K. Government Housing Fund
The Incredible Shrinking Hedge Fund
Posted by: | CommentsYou’d be forgiven for thinking the hedge fund industry might be starting to rebound. Industry assets are at a record $3.2 trillion this year, and a brand-new ?rm just brought in an unprecedented $8 billion.
But the reality isn’t so rosy. In?ows into funds, on the whole, are non-existent and the number of startups has slowed to levels not seen for nearly two decades…
The Incredible Shrinking Hedge Fund
JPMorgan Bolsters Hedge Fund Team in Asset Management With Hires
Posted by: | CommentsJPMorgan Chase & Co. is broadening its team that offers hedge fund investments in a bet that volatility will help spur more allocations to the industry.
The bank’s asset management unit hired Lynnette Ferguson to lead hedge fund solutions for its investment specialist team in the Americas and promoted London-based Karim Leguel to be international head of the team, according to a statement Monday. Both will report to Jamie Kramer, head of JPMorgan’s alternative solutions group…
JPMorgan Bolsters Hedge Fund Team in Asset Management With Hires
BlueOrchard Fund Now Has the Only Money Making Strategy in EMs
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Firm has only large EM fund with positive returns this year
- Manager Sebastian Juhen has eked out a 2.5 percent return
Sebastien Juhen’s simple investment strategy, inspired by a two-year bike ride across the Americas, is paying dividends for investors at a time when almost everything else in emerging markets is in freefall.
Eschewing the derivatives favored by others, the money manager who runs BlueOrchard’s $1.6 billion Microfinance Fund has eked out a 2.5 percent return this year. That makes it the only one out of 251 emerging-market funds bigger than $1 billion to have gained at all, according to data compiled by Bloomberg…
Hedge Funds Face a New Threat From Richest Families in Asia
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More rich families start funds as strategy catches on in Asia
- Tolaram to court outside money after Millennium, Goldman hires
They’ve already come for the talent, poaching traders from the likes of Millennium Management LLC. Now Asia’s family offices are going after the hedge fund industry’s clients, too.
Take Tolaram Group, which runs a $500 million family office in Singapore. After hiring former Millennium and Goldman Sachs Group Inc. staffers to manage $100 million of its own cash, Tolaram plans to convert the portfolio into a hedge fund and accept outside money next year. It’s the first foray into asset management for a family that made its fortune in textiles, consumer goods, and other mostly non-financial businesses…
JPMorgan Is Liquidating $1 Billion Credit Hedge Fund Led by Fahad Roumani
Posted by: | CommentsJPMorgan Asset Management is liquidating a $1 billion credit hedge fund led by Fahad Roumani after abandoning a plan to spin it off, according to a letter to investors seen by Bloomberg News.
The Palm Lane Credit Opportunities Fund, which started with initial capital from JPMorgan Chase & Co., earlier this year reversed a decision to transfer the management contract to a separate company, according to the letter dated June 13. JPMorgan didn’t give a reason for the decision and a spokeswoman for the fund declined to comment…
JPMorgan Is Liquidating $1 Billion Credit Hedge Fund Led by Fahad Roumani
Yacht-Owners Think More People Likely To Become Mobile Home-Owners
Posted by: | CommentsWhen my grandfather retired, he and my grandmother bought a mobile home. They took one trip to Las Vegas in it, realized the folly of their ways, and upon returning to their trailer park in upstate New York promptly removed the wheels and built a deck off the side of it, to ensure something like it could never happen again. That story, and the years spent visiting them in their no-longer-mobile-home, has cured me of the desire to hit the open road in a rolling one-bedroom apartment, even without doing the math and realizing just how little you save doing it when there are perfectly good three-star hotels strewn along every interstate in the country. Still, I recognize that I live in New York City and am therefore completely detached from the Real America, and in the Real America people eschew the Holiday Inn Express for an eight-foot-wide aluminum can on top of a septic tank containing their own waste…
Paul Singer Thinks Michael Dell Was Right Five Years Ago
Posted by: | CommentsIn 2013, much to Carl Icahn’s delightand then resigned chagrin, Dell the publicly-traded company engineered its sale to Michael Dell the person(and a private-equity fund). In retrospect, this taking the battered computer-maker private seems like an excellent idea to Paul Singer and Elliott Management, or at least an absolutely smashing and fantastic idea compared to Dell’s new plan to go publiconce more…
Paul Singer Thinks Michael Dell Was Right Five Years Ago
China’s Wilting Consumer Lenders Need Some Relief
Posted by: | CommentsThe government’s clampdown may have gone too far.
China’s consumer finance industry is sagging under an intensifying campaign of regulation. That could be a problem for an economy that’s relying on domestic demand to sustain growth amid the trade war with the U.S.
The government has started a fresh round of checks on thousands of peer-to-peer lending sites, Bloomberg News reported last week. Meanwhile, shares of U.S.-listed cash-loan provider Qudian Inc. fell 12 percent on Friday after a separate Bloomberg report that it would lose access to customers through Ant Financial’s Alipay app. While a commercial matter rather than a regulatory action, Qudian’s slump underlines the travails of an industry that’s increasingly out of favor with authorities…
The Big Hedge-Fund Strategy That Isn’t Working
Posted by: | CommentsDespite terrible returns, so-called trend-following funds have attracted $300 billion in assets
At Hedge Funds, Where Are the Women?
Posted by: | CommentsWomen run only two of the top 50 funds; instead they cluster in positions away from the money
Oil Hedge Fund Manager Andurand Lost 15% in July
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Andurand Capital Management is down 5 percent January to July
- Oil investors were wrong-footed after Saudis hiked production
Pierre Andurand, one of the most bullish oil investors, lost 15.2 percent in July after markets sold-off, bringing his eponymous hedge fund into the red for the year, according to people familiar with the matter.
After the July loss, the oil-focused Andurand Capital Management LLP fund was down 5 percent through the first seven months of the year, the same people said, asking not to be named discussing private data. The losses came as global oil benchmarks suffered their biggest monthly drop since 2016…
Larger Tesla Stake by Giant Saudi Fund Faces Hurdles
Posted by: | CommentsPIF is already on the hook to contribute to initiatives including Neom, the $500 billion futuristic megacity
Spotify’s $8 Billion Rally Is Attracting Loads of Hedge Funds
Posted by: | CommentsSpotify Technology SA, the music-streaming company that’s gained 47 percent since its April debut, attracted a number of prominent hedge funds in the second quarter.
Philippe Laffont’s Coatue Management, George Soros’s Soros Fund Management and Louis Bacon’s Moore Capital Management were among funds that held the stock as of June 30, according to filings released Tuesday. Tiger Global Management, an investor in Spotify before its direct listing, also counted the stock as its biggest investment in the second quarter with a 7.2 percent stake valued at $2.15 billion as of the filing date…
Spotify’s $8 Billion Rally Is Attracting Loads of Hedge Funds
Hedge Fund Giant Splits With Morgan Stanley on Dollar Peak Call
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Man Group sees rally in U.S. currency continuing for now
- Greenback expected to gain especially against euro on trade
Don’t bet on the U.S. dollar rally ending any time soon, says the world’s largest publicly traded hedge fund.
While investment titans such as Morgan Stanley and State Street Corp. wager the greenback’s rally this year is just about finished, Man Group Plc reckons it may have further to go. The escalating trade war between the U.S. and China may only fuel the dollar’s strength, not stymie it, according to Guillermo Osses, head of emerging markets debt strategies at Man Group GLG, a unit of the fund…
Hedge Fund Backed by Industry Leaders Closes Its Doors
Posted by: | CommentsBacked by Jamie Dinan and Dan Loeb, Cerrano Capital was launched less than a year ago
Investor Appetite for Hedge Funds Is Soaring—But Define ‘Hedge Fund’
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Net demand is highest in at least three years, survey finds
- Customized solutions such as separate accounts gain favor
Investors are back to loving hedge funds, if you can still call them that.
Net demand for allocating to hedge funds is the highest in at least three years at 28 percent, compared with 12 percent a year prior, according to a Credit Suisse Group AG survey released Tuesday. That ranks them only 1 percentage point behind private equity among the top alternative asset classes…
Investor Appetite for Hedge Funds Is Soaring—But Define ‘Hedge Fund’
Hedge Funds Play Polo in Hamptons for Anti-Poverty Charity
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Water Mill event raises $500,000 for Robin Hood Foundation
- Winning pony Margerita was star of match for kids attending
It was a result everyone could live with as a polo match gave way to an Argentine asado: The blue team beat the red team, 8-5, at the Equuleus Polo Club in Water Mill raising about $500,000 for the Robin Hood Foundation, the anti-poverty group based in New York.
Hedge fund manager Joe DiMenna had the home court advantage Sunday — he’s the owner of Equuleus — and Nacho Figueras as a teammate, who was fresh from a playing a match in England for Prince Harry’s charity Sentebale. Their NetJets-sponsored team was the winner…
Mall Bear Doubles Down on Bet, Even as Shopping Centers Show Some Life
Posted by: | CommentsEric Yip has been buying a credit default swap index that tracks the values of mortgages backed by commercial property
A hedge-fund manager known for wagering on the demise of the weakest American malls is raising the stakes, betting some of the hardest-hit shopping centers are in a death spiral.
This more aggressive stance is an example of how some bearish investors are becoming bolder in these risky bets against shopping malls, defying a recent pick up among certain brick-and-mortar retailers and shares of mall owners…
Mall Bear Doubles Down on Bet, Even as Shopping Centers Show Some Life
The hedge fund industry has reputation for secrecy. To some extent, this is an artifact of a since-abolished ban on anything that could possibly be construed as marketing. To another extent, it’s a useful term to be bandied about political extremists and anti-Semites of all stripes to decry the unseen, malevolent Illuminati Masters of the Universe surreptitiously controlling all of the world’s governments and the global economy. To still another extent, it’s an accurate description of any business, especially privately-held ones, few if any of which practice the wide and free dissemination of their finances, models, plans, etc.
China Reminds Hedge Funds That the Yuan Is a Dangerous Short
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PBOC move on Friday echoed efforts to squeeze bears in 2016
- Few managers have been willing to build large short positions
It’s exactly the kind of shock that many hedge fund managers feared as they mulled whether to bet big against China’s currency.
In a surprise statement on Friday night, the People’s Bank of China announced a rule tweak that will make bearish yuan trades much more expensive. The move, which sparked a sharp rally in the currency, echoed efforts to deter short sellers almost three years ago. It also underscored why hedge funds have largely avoided wagers against the yuan in recent months, missing out on one of the world’s most profitable currency trades…
The Hidden Reason Why Hedge-Fund Returns Are at Risk
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Volatility among top three contributors to performance: Robeco
- Managers likely better off to avoid bold bets, Blitz says
Smart money is blindsided by a flaw of its own making hiding in plain sight — an investing maxim quants have known for an age.
Blame bets on volatility…
Ken Griffin Putting Down Roots In Palm Beach
Posted by: | CommentsThree years after successfully defending his title as the richest man in Illinois from his now ex-wife, is Ken Griffin considering its voluntary surrender? Probably not anytime soon: He’s pretty deeply enmeshed in Chicago’s civic life, and after convincing the courts that his three young children should have to stay there and not move to New York with their mother, it’d be pretty awkward to ask them to sign off on a different East Coast relocation.
On the other hand, the Windy City does not really feature suitable accommodation for the likes of Ken Griffin. Things aren’t looking good for his buddies the mayor and governor, and the Citadel chief has some pretty strong feelings about what’s likely to happen to Illinois if those men are not re-hired by the voters…
David Einhorn: The Market ‘Is Telling Us We Are Wrong, Wrong, Wrong’
Posted by: | CommentsAfter another loss in the second quarter, Greenlight Capital’s funds are down 18.3% this year
Hedge-fund manager David Einhorn told clients Tuesday his funds declined again in the second quarter and attributed the firm’s recent struggles to larger market forces harming investors who avoid expensive shares.
In a letter to clients, the billionaire who runs Greenlight Capital Inc. said his funds are down 18.3% this year, through June, after a 5.3% loss in the second quarter…
David Einhorn: The Market ‘Is Telling Us We Are Wrong, Wrong, Wrong’
David Einhorn Pens The “Flowers For Algernon” Of Investor Letters
Posted by: | CommentsWe’ve read a few hedge fund investor letters in our time, and we’d like to think that we have a feel for the tone and meter of how hedge fund managers convey their innate undeniable brilliance despite what the performance of their actual fund might indicate.
Up, down, or sideways, the true legends of the game always keep it 100 when it comes to their confidence in themselves. Investors need to know that those losses are fixable because this master of the universe has this situation on lock. It’s almost a comfort to read that these guys are still able to put an ego flourish on a letter admitting to objectively shameful performance…
Hedge Funds’ Big Short Could Be Fool’s Gold
Posted by: | CommentsInvestors haven’t been this bearish for years. Are they wrong?
Investors have never been so down on gold.
Managed money funds’ position in Comex gold futures and options last week crashed to a net short of 27,156 contracts. That amount — equivalent to 2.7 million troy ounces, or 14 million-odd wedding bands — represents the most bearish position for hedge fund investors in data going back to 2006, outstripping even the major wobble at the end of 2015 as the U.S. Federal Reserve started edging away from its zero-interest-rate policy…
Hedge Funds’ Big Short Could Be Fool’s Gold
Nintendo Slides After U.S. Hedge Fund Bets on Share Declines
Posted by: | CommentsShares in Nintendo Co. slumped as a New York hedge fund increased its short bet against the company ahead of earnings Tuesday.
Nintendo dropped as much as 3.7 percent on Tuesday, the most in about a month, after Bloomberg News reported Gabriel Plotkin, head of Melvin Capital Management, had accumulated a short position of roughly $400 million in the Japanese game maker. Plotkin’s fund was short 1.2 million shares, or about 0.8 percent of Nintendo’s outstanding stock, according to the latest filing with the Tokyo Stock Exchange. The firm has been increasing its position, with the latest trade on July 26, ahead of Nintendo’s quarterly earnings on Tuesday…
These Hedge Funds Are Doing Great but Don’t Want Your Money
Posted by: | CommentsInvestors who can’t get into high-return exclusive funds are opting for the next best thing
All the money in the world can’t get you into some of the world’s best hedge funds.
Multibillion-dollar funds operated by Renaissance Technologies LLC,…
These Hedge Funds Are Doing Great but Don’t Want Your Money
Last year, John Paulson finally solved one of the enduring mysteries of our time: Why he hadn’t made enough money on gold over the past seven years to buy all of Puerto Rico several times over. It was not, it turns out, an oversized, mistimed bet on a commodity that did not do what John Paulson expected it to do. No: Gold’s stubborn refusal to bend to Paulson’s will, costing him a significant chunk of his fortune and reputation, is actually the fault of gold-mining CEOs, who through a conspiracy of incompetence have single-handedly undermined both the value of their own companies and depressed global demand for shiny metals…
Leon Cooperman’s Omega Hedge Fund Converts to Family Office
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Firm’s main fund is up 7% this year, billionaire manager says
- Assets under management at firm have slid in recent years
Leon Cooperman, citing a line from the Kenny Rogers song “The Gambler,” says he knows when to “fold ’em.”
The hedge fund manager told investors that he plans to convert his Omega Advisors at year-end into a family office, managing his own money rather than that of other investors…
Hedge Fund Investors Pull Money for First Time Since 2017
Posted by: | CommentsInvestors pulled about $3 billion from hedge funds in the second quarter, the first quarterly outflow since early 2017.
Macro hedge funds led net outflows in the period, with $2.8 billion leaving the strategy, according to a report Thursday from Hedge Fund Research Inc.The outflows were offset by equity hedge funds, which saw inflows of $2.4 billion…
Pritzkers Raise $1.8 Billion From Wealthy Families for Fund
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PPC Partners’ fund will target packaging, health-care firms
- Tony Pritzker says ‘We’re very different from private equity’
Just because you raise a buyout fund doesn’t mean you’re a private equity manager.
That’s the idea Tony Pritzker and Paul Carbone pitched to wealthy families when setting out to gather $1.5 billion for the first private equity fund their PPC Partners investment firm marketed to outside clients…
Citigroup Hires From Rivals for Japan Prime Brokerage Expansion
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Recruits four people, including two from Deutsche Bank
- Japan stocks ‘remain important’ for global hedge funds: Furumi
Citigroup Inc. is expanding its Japan prime brokerage business serving global hedge funds by hiring four people from rivals including Deutsche Bank AG.
Two of the recruits will take up newly created positions, division head Toshikatsu Furumi said in an interview. They are Thomas Morrison, who will join from Deutsche Bank in September as head of financial resource management, and Fortress Investment Group LLC’s Kentaro Takao, who will lead capital introductions when he starts later this month…
Hedge Fund York Capital Joins Race for Abraaj Assets
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York Capital submits offer for rights to manage Abraaj funds
- New York-based Cerberus, Abu Dhabi investor also contenders
Another American bidder is joining the race for the rights to manage a network of emerging-market funds up for grabs in the liquidation of Dubai-based private equity firm Abraaj Group.
New York-based hedge fund York Capital Management, run by Jamie Dinan, is said to have placed a $45 million offer for Abraaj’s asset-management platform, which will give the winner easy access to more than a dozen developing countries across the world where the collapsing company has offices…
Steve Cohen’s Hedge Fund Gains About 7% in First Half
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Point72 Asset Management’s performance is about flat for June
- Hedge fund has raised more than $4 billion in assets this year
Point72 Asset Management, the hedge fund run by Steve Cohen, returned about 7 percent in the first half of the year, according to people familiar with the matter.
The Stamford, Connecticut-based firm was about flat in June, the people said. A spokesman for Point72 declined to comment…
Treasury Yield Curve Is Heading for Inversion, Fund Managers Say
Posted by: | CommentsThe Treasury curve is on a one-way trip to inversion.
That’s the assessment of fund managers surveyed this month by Bank of America Merrill Lynch, which reported that investors’ expectations for curve steepening sank to the lowest level in more than seven years…
Treasury Yield Curve Is Heading for Inversion, Fund Managers Say
Scaramucci’s Path to $20 Billion Runs Through a Hot China Market
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Funds of hedge funds are opening at a record pace in China
- Crackdown on shadow banking sends investors to alternatives
An investment offering that most of the world has shunned is suddenly all the rage in China, and money managers from UBS Group AG to SkyBridge Capital are moving to grab a slice of the bounty.
Funds of hedge funds, which allocate client money across multiple managers, are opening at a record pace in Asia’s largest economy even as their numbers dwindle globally after 10 straight years of outflows. While investors in the U.S. and Europe have grown disillusioned with the funds’ fees and spotty performance, China’s rich are looking past those concerns as they hunt for alternatives to increasingly risky domestic asset-management products…