London Hedge Fund Autonomy Loses 75% of Assets From 2019 Peak (Bloomberg)
Assets have shrunk to $1.6 billion at the end of September. Fund struggling with Brazilian ‘inflation surprise’: documents. A series of ill-timed bets from Argentina to Brazil have set Autonomy Capital Research LLP’s flagship fund on course for its worst year since the financial crisis, with the firm’s assets now down $4.7 billion from a mid-2019 peak.
Greenlight Re Falls to Nat Cat-Driven $14mn Q3 Net Loss (Reinsurancene News)
Hedge fund-backed reinsurer Greenlight Re has announced a net loss for the third quarter of 2021 of $13.9 million, compared to a $2.2 million income in the prior year quarter. An underwriting loss of $12.6 million was driven by costs of $25.9 million associated with Hurricane Ida, the European floods and hailstorms, and the South African riots. As a result, the company’s combined ratio climbed to 109.3%, up from 100.4% a year ago. David Einhorn, Chairman of the Board of Directors, affirms that the company’s third quarter results do not reflect significant progress made in 2021.
Credit Suisse Shuts Down Hedge Fund Prime Brokerage Services Following Archegos Losses (Hedge Week)
Credit Suisse is shutting down most of its hedge fund prime brokerage services following significant losses incurred as a result of Archegos Capital Management’s collapse earlier this year. The Switzerland-headquartered group’s investment banking division will exit most of its Prime Services operations from January 2022, cutting the investment bank division’s capital by some USD3 billion, or 25 per cent, with some CHF3 billion redeployed to its wealth management operations.
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Politan Capital Management Has Roughly $900 Million Stake in Centene (The Wall Street Journal)
An activist investor has taken a big stake in Centene Corp. and wants the managed-care company to refresh its board and take other actions to boost its stock, according to people familiar with the matter. Politan Capital Management LP, a newly established hedge fund led by veteran activist Quentin Koffey, has a roughly $900 million stake in Centene and has spoken to the company about replacing several board members, the people said.
Lynx Takes Constellation Off the Market (Hedge Nordic)
Stockholm (HedgeNordic) – Two years after launching its pure-play machine learning strategy, Constellation, as a standalone offering, Lynx Asset Management has decided to take Lynx Constellation off the market for new investors to manage and develop the strategy further. Brummer Multi-Strategy, the multi-strategy fund that invests in the hedge funds under the umbrella of Brummer & Partners, redeemed its 1.2 percent allocation to Lynx Constellation to increase the allocation to Lynx Asset Management’s flagship trend-following strategy.
Why Private Capital Is an Agent of Recovery in France (Preqin)
France’s private equity industry supports about 8,300 companies, making it the second-largest center in Europe and the largest in the EU. It benefits from the vitality of the economic fabric in France, with a large pool of SMEs, a strong entrepreneurial culture, and a real capacity for innovation embodied by the technology sector. Despite the impact of the COVID crisis, private equity activity stayed strong in 2020 in preparation for the post-pandemic recovery. Navigating a way out of the COVID crisis will be crucial for all companies, many of which will have to accelerate their transformation to stay in the race. Those with support and capital from private equity funds will have a competitive advantage.
BlackRock Raises $673m for the Climate Finance Partnership (Preqin)
BlackRock, the world’s largest asset manager, has achieved a US$673m final fundraise for the Climate Finance Partnership (CFP). CFP is a flagship public-private finance vehicle focused on investing in climate infrastructure across emerging markets in order to help accelerate the global transition to a net-zero economy. A global consortium of 22 investors including governments, philanthropies, and institutional investors committed to the fundraising, which was oversubscribed and exceeded its target of $500m. CFP will target investments in select non-OECD countries in Asia, Latin America, and Africa.
Sculptor Hedge Fund Hit by $42 Million of Third-Quarter Outflows (Bloomberg)
(Bloomberg) — Sculptor Capital Management’s flagship hedge fund recorded $42 million of outflows in the third quarter, even as the fund gained 7.4% through the first nine months of the year. The hedge fund assets totaled $11.5 billion as of Sept. 30, Sculptor said Wednesday in a statement. Despite the latest client withdrawals, the multistrategy vehicle and associated portfolios pulled in about $155 million on a net basis so far in 2021, setting it up for its first year of inflows since 2014.
Hedge Funds have Become the Latest Victims of Inflation (New York Post)
After slamming shoppers, manufacturers and tech giants alike, inflation is poised to claim a new set of victims: Wall Street’s smartest hedge funds. Caught flat-footed by the Federal Reserve’s plans to begin tapering its bond purchases – confirmed by the central bank on Wednesday after more than a week of market-churning speculation – a slew of top-tier hedge funds are now coping with losses from overly optimistic bets that inflation is only a temporary phenomenon. Last week, major money shops including Cedar Rock, Edgewood, Viking, Marshfield, Point72 and Lone Pine appeared to sell out of some stock positions at such a clip that they raised eyebrows, sources told The Post.
Thursday 11/4 Insider Buying Report: LSXMA, FISV (Nasdaq.com)
On Monday, Liberty Media – SiriusXM Group’s , R. Ted Weschler,, made a $267.45M buy of LSXMA, purchasing 5,347,320 shares at a cost of $50.02 each. Weschler, was up about 8.0% on the purchase at the high point of today’s trading session, with LSXMA trading as high as $54.03 in trading on Thursday. Liberty Media – SiriusXM Group is trading up about 3.2% on the day Thursday. And also on Monday, Director Denis Oleary bought $1.56M worth of Fiserv, buying 15,700 shares at a cost of $99.35 a piece. Before this latest buy, Oleary purchased FISV at 2 other times during the past twelve months, for a total investment of $2.40M at an average of $111.16 per share. Fiserv is trading up about 2.4% on the day Thursday. So far Oleary is in the green, up about 5.5% on their purchase based on today’s trading high of $104.77.
Notable Keros Therapeutics Insider Makes $2.0M Sale (Benzinga)
Julius Knowles, Director at Keros Therapeutics (NASDAQ:KROS), made a large insider sell on November 3, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Knowles sold 47,651 shares of Keros Therapeutics at prices ranging from $41.65 to $43.04. The total transaction amounted to $2,007,129.
The EVP & COO of Waste Connections (NYSE: WCN) is Selling Shares (Analyst Ratings)
Yesterday, the EVP & COO of Waste Connections (WCN), Darrell Chambliss, sold shares of WCN for $1.68M. Following Darrell Chambliss’ last WCN Sell transaction on August 06, 2019, the stock climbed by 49.3%. Based on Waste Connections’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $1.6 billion and quarterly net profit of $114 million.
