Hedge Fund and Insider Trading News: Bain Capital, Bridgewater Associates, Accendo Capital, Must Asset Management, Brevan Howard, JBG SMITH Properties (JBGS), Griffon Corporation (GFF), and More

Bain Capital’s New Fund Terms Pass Muster in New Mexico (The Wall Street Journal)
Bain Capital’s latest flagship fund provides some fee flexibility to investors as well as recurring opportunities to claw back their capital, while lowering the threshold at which the firm can begin collecting profits. The Boston-based private-equity firm’s terms for investors in its Bain Capital Fund XIII LP fund feature a two-tiered fee structure as well as a deal-by-deal distributions format that can accelerate the firm’s receipt of its share in investment profits, according to Richard Pugmire, principal for alternatives…

Hedge Fund Sells Off Stake in Local Builder Taeyoung E&C (The Korea Herald)
South Korean hedge fund Must Asset Management is moving to divest its stake in domestic builder Taeyoung Engineering & Construction, a month after it declared an end to its shareholder engagement, according to a disclosurce Wednesday. The news comes after yearlong efforts by Must to shake up the governance structure of Taeyoung E&C, which led to spinoffs of the builder’s businesses outside the construction sector.

BH Macro Net Asset Value Up As Master Fund Fares Well In Uncertainty (Morningstar.co.uk)
(Alliance News) – BH Macro Ltd on Wednesday said its net asset value per share increased sharply in the first half of the year thanks to the strong performance of Brevan Howard Master Fund Ltd. BH Macro’s NAV per sterling share rose 22% to GBP31.68 as at June 30 from GP26.06 at the end of 2019. NAV per US dollar share increased 22% as well to USD32.92 from USD26.99. The closed-ended investment company is a feeder fund that invests all of its assets directly into Brevan Howard Master Fund, a hedge fund focused on consistent long-term appreciation through active leveraged trading and investment on a global basis.

Covalis Capital's Returns, AUM and Holdings


Bridgewater Is Having a Bad Year. David McCormick Has a Plan. (Institutional Investor)
Can the war veteran and former Treasury official reboot the world’s largest hedge fund? The email, formal and foreboding, landed at 9:38 a.m. on Monday, March 2. “Can you please call me when you have a second to talk?” the Bridgewater Associates employee asked. The call, the email’s recipient knew, would not be good: Karen Karniol-Tambour, the hedge fund’s head of investment research, was scheduled to be a lunchtime speaker at an investment conference at Washington, D.C.’s Watergate Hotel just over 24 hours later.

Abu Dhabi Hedge Fund Makes $300 Million Emerging-Market Wager (Bloomberg)
Tensai Holding Co., a family office that manages $3 billion of hedge-fund and private-equity investments, is putting more money into emerging-market stocks and distressed debt as it expects Asia to outperform the rest of the world. The firm’s quantitative hedge fund is investing $300 million to $400 million in the developing world this year, as much as 15% more than in 2019, said Soufyane Al Hayan, the president of Tensai in Abu Dhabi. The manager has already moved about 90% of that money into markets such as China and India, after cutting some positions in developed markets, he said.

Accendo Welcomes Senior Advisor (Hedge Nordic)
Stockholm (HedgeNordic) – Accendo Capital has appointed Michael Rosenlew as Senior Advisor to its event-driven activist hedge fund, Accendo. Rosenlew is currently the Chairman of the Board of Finnish family-owned investment company Hartwall Capital, which engages in active ownership in listed and non-listed companies. Rosenlew had a long career at IK Investment Partners, a European private equity advisory group with Nordic roots, as well as served on the Boards of Caverion as Chairman, Pöyry and Stockmann.

Partnership Offers Emerging-Markets Trades (HFAlert.com)
Two firms have teamed up to offer hedge fund managers access to trading and execution services for financial products in emerging markets. New York investment-banking shop Torino Capital and London advisory outfit Africa Bridge Capital already are working with about 150 fund operators. The effort emphasizes trading of credit instruments, including corporate debt, government securities and bonds issued by sovereign wealth funds. To that end, the team is touting deep relationships in emerging markets including Africa and Latin America. Those contacts include sovereign wealth funds, which Torino and Africa Bridge are pitching as key in arranging order flow and competitive pricing on their deals.

The Era of Star Fund Managers Is Over, Franklin Templeton Says (Bloomberg)
Having a star fund manager is an easy way for an asset management firm to attract client money. But for Franklin Resources Inc.’s chief executive officer, it’s not worth the disruption when they leave. “Clients get nervous by a star manager, if you appoint one, because then it becomes a succession issue,” Jenny Johnson said in a Bloomberg “Front Row” interview.

Griffon Corp (GFF) Chairman of the Board and CEO Ronald J Kramer Sold $10.8 million of Shares (Guru Focus)
Chairman of the Board and CEO of Griffon Corp, Ronald J Kramer, sold 500,000 shares of GFF on 08/21/2020 at an average price of $21.5 a share. The total sale was $10.8 million. Griffon Corp manufactures and markets residential, commercial and industrial garage doors to professional installing dealers and home center retail chains. It also provides non-powered landscaping products for homeowners and professionals.

Wednesday 8/26 Insider Buying Report: JBGS, CNSP (Nasdaq.com)
On Monday, JBG SMITH Properties’ Director, Robert Alexander Stewart, made a $1.00M purchase of JBGS, buying 36,500 shares at a cost of $27.52 each. So far Stewart is in the green, up about 1.8% on their purchase based on today’s trading high of $28.03. JBG SMITH Properties is trading down about 0.1% on the day Wednesday. This purchase marks the first one filed by Stewart in the past year. And also on Monday, Chief Financial Officer Christopher Downs purchased $289,680 worth of CNS Pharmaceuticals, purchasing 142,000 shares at a cost of $2.04 a piece. CNS Pharmaceuticals is trading up about 17.4% on the day Wednesday. Downs was up about 39.7% on the buy at the high point of today’s trading session, with CNSP trading as high as $2.85 in trading on Wednesday.

What Did This CEO Just Do with Personal Shares of Trico Bancshares (NASDAQ: TCBK)? (Analyst Ratings)
Yesterday, the CEO & President of Trico Bancshares (TCBK), Richard P. Smith, sold shares of TCBK for $853.2K. This is Smith’s first Sell trade following 6 Buy transactions. The company has a one-year high of $41.42 and a one-year low of $23.05. Currently, Trico Bancshares has an average volume of 56.92K. TCBK’s market cap is $856 million and the company has a P/E ratio of 12.20.

Pharma Founder Charged In Insider Trading Case Over $3.5 Billion Sale To Teva (Forbes)
U.S. prosecutors on Tuesday announced fraud charges against Sepehr Sarshar, the 53-year-old founder of a California pharmaceutical company who the government says alerted his friends and family that his company was being purchased by pharma giant Teva in 2015 before the deal was announced, enabling them to allegedly reap $700,000 in profits on stock trades.

1life Healthcare Inc (ONEM) Chair, CEO and President Amir Dan Rubin Sold $7.8 million of Shares (Guru Focus)
Chair, CEO and President of 1life Healthcare Inc., Amir Dan Rubin, sold 266,945 shares of ONEM on 08/24/2020 at an average price of $29.39 a share. The total sale was $7.8 million. 1Life Healthcare Inc has a market cap of $3.57 billion; its shares were traded at around $28.30 with and P/S ratio of 9.94.