Scaramucci’s SkyBridge Sticks With Crypto Despite Heavy Losses and Redemptions (Institutional Investor)
The selloff in crypto, as well as the broader market downturn, has left Anthony Scaramucci’s SkyBridge Capital’s flagship fund of funds down 25 percent for the year through the end of July. As markets began to recover, the multi-adviser hedge fund portfolio, called Series G, recouped some of those losses and was down 22 percent by the end of last week, Scaramucci told Institutional Investor in an interview. The market selloff’s effect on the portfolio has led to redemptions for almost half of the assets at the $2 billion fund, which Scaramucci said was the result of wirehouses putting a sell on the fund of funds “at the worst possible moment.”
Michael Burry: Will The Big Short have a Real-Life Sequel? (SmallCaps.com.au)
While there are many memorable highlights from the film The Big Short, one of the best was Christian Bale’s depiction of Dr Michael Burry, one of very few hedge fund operators who made a fortune by betting against the subprime mortgage market. Listening to heavy metal music and with his one-sighted eye doing everything possible not to draw contact with another, it was a great performance about a guy who survived a revolt by some of his own investors who wanted their money back before eventually rewarding them with a 489.34% return (net of fees) in less than eight years.
Asia Hedge Funds Scoop Up Alibaba, Sea After Stock Rout (The Economic Times)
Some of Asia’s biggest funds more than doubled their positions in Alibaba Group Holding and Sea in the second quarter after a yearlong rout. The number of Alibaba shares held by the Asia-focused funds increased 311% during the period, while that of Sea jumped by 110%. That’s based on the analysis of the 13F filings of 15 Asian asset managers — including hedge funds Aspex Management and Oasis Management Co. — that had at least $200 million in quarter-end holdings.
Image by Sergei Tokmakov Terms.Law from Pixabay
DeSantis Taps Donors Griffin, Tudor Jones in $142 Million Haul (Bloomberg)
Republican Florida Governor Ron DeSantis has raised more money than Donald Trump since the former president left office, relying on deep-pocketed donors rather than the small-dollar contributors he’ll need if he seeks the White House in 2024. DeSantis, running unopposed in Tuesday’s primary as he goes for a second term, has amassed $142 million from the start of 2021 through Aug. 5 this year from donors including the hedge fund billionaires Ken Griffin and Paul Tudor Jones.
Griffin’s Citadel Securities Borrows $600m to Cash in on Strong Demand from Lenders (Hedge Week)
Citadel Securities has borrowed $600 million to bolster its balance sheet and capitalise on strong demand from lenders after increased market volatility helped it record strong performance in the first six months of the year, according to a report by The Financial Times. Q2 net trading revenues at the company reportedly surged 38 per cent from a year earlier to reach $1.9 billion. Citadel, which is majority owned by billionaire hedge fund investor Ken Griffin, in one of the largest market-makes in the US and currently executes more than a fifth of equities trading volume in the US and handles more retail stock trades than any other market maker.
Quant Market Neutral Hedge Fund Seeks to Model Fundamental Cause-and-Effects in the Market (Opalesque)
The equity market neutral strategy, which seeks to profit from increasing and decreasing prices and keeps the total value of long and short holdings roughly equal to lower the overall risk, is an interesting one for quantitative finance, as it is the basis for many modeling possibilities. Especially if you use machine learning models and neural networks that incorporate and model the fundamental cause-and-effects in the market. This is what this London-based hedge fund does. The Kvasir Master Fund is a quant equity market neutral hedge fund that invests through the combination of market knowledge and machine learning modelling in a universe of global equities and futures that offer scope for diversification.
Third Point Sharply Boosts Exposure to Equities (Institutional Investor)
But the multistrat fund headed by Dan Loeb is also very bullish on credit. Third Point has significantly increased its equity exposure in recent weeks.In its second-quarter letter, made public Thursday, the multistrategy hedge fund headed by Dan Loeb told clients that after taking exposures “to almost zero,” in recent weeks, it has lifted its net exposure to over 40 percent as it identified…
Funds Amass Record Wager on Hawkish Fed as Jackson Hole Looms (Reuters)
As global markets’ focus rests squarely on Fed chief Jerome Powell’s keynote address at Jackson Hole on Friday, hedge funds have built up their largest-ever bet on higher U.S. interest rates. Not only are they holding a record short position in “SOFR” rates futures of almost 1 million contracts, according to Commodity Futures Trading Commission data, but the pace at which they have accumulated that wager has been startling.
Monday 8/22 Insider Buying Report: SRPT, DISH (Nasdaq.com)
At Sarepta Therapeutics (SRPT), a filing with the SEC revealed that on Friday, Director Michael Andrew Chambers purchased 46,170 shares of SRPT, at a cost of $108.28 each, for a total investment of $5M. Sarepta Therapeutics is trading up about 2.2% on the day Monday. And at DISH Network Corp (DISH), there was insider buying on Wednesday, by James Defranco who purchased 160,373 shares for a cost of $18.53 each, for a trade totaling $2.97M. Before this latest buy, Defranco bought DISH at 3 other times during the past year, for a total cost of $25.03M at an average of $19.40 per share. DISH Network Corp is trading off about 2% on the day Monday. Investors are able to bag DISH at a price even lower than Defranco did, with shares changing hands as low as $17.94 at last check today — that’s 3.2% below Defranco’s purchase price.
$92 Million Bet On This Penny Stock? Also Check Out Other 3 Stocks Under $5 Insiders Are Buying (Benzinga)
Summit Therapeutics: The Trade: Summit Therapeutics Inc. (SMMT) CEO Robert W Duggan acquired a total of 94,849,203 shares at an average price of $0.97. To acquire these shares, it cost around $92 million.
