Gundlach Says ‘LQD’ Corporate Bond Fund Looks Like the Most Overvalued Bond Asset Because of Fed (CNBC)
Billionaire hedge fund manager Jeffrey Gundlach said Monday a popular exchange-traded fund is incredibly overvalued given some of the Federal Reserve’s actions to support the economy during coronavirus pandemic. “The LQD looks to be about the most overvalued asset in the bond market to me,” Gundlach, CEO of Doubleline Capital, told CNBC’s Scott Wapner on “Halftime Report,” referring to the iShares IBoxx $ Investment Grade Corporate Bond ETF (LQD). “These things are up way off their lows.”
The Chief Data Officer at $6 Billion Hedge Fund Balyasny Explains How to Merge Quantitative and Fundamental Trading Strategies – and the Importance of ‘Translators’ to Bridge the Gap (Business Insider)
Wall Street firms are increasingly looking to merge quantitative and fundamental trading strategies in hopes of getting the best out of humans and machines. Carson Boneck, chief data officer at Chicago-based Balyasny Asset Management, spoke on a webinar Thursday about the best steps to merge the two teams. One feature Boneck said was key to the process is “translators,” or people who could help bridge the gap between the two sides.
Exclusive: Investors to Challenge Neiman Marcus Bankruptcy Loan, Push for Sale – Sources (Reuters)
(Reuters) – An investor group that comprises investment firm Mudrick Capital Management LP and Daniel Loeb’s hedge fund Third Point LLC plans to challenge a $600 million financing package that Neiman Marcus Group has lined up for its looming bankruptcy, and will push the U.S. department store operator to sell itself, people familiar with the matter said on Sunday. Neiman Marcus is preparing to seek bankruptcy protection in a Dallas federal court as soon as Monday, the sources said. The debt-laden company’s sales all but evaporated after the coronavirus outbreak forced it to temporarily shut all 43 of its Neiman Marcus locations, roughly two dozen Last Call stores and its two Bergdorf Goodman stores in New York.
Barry Rosenstein Sells Off One Of His Hamptons Homes For $37 Million (TipsClear.com)
Barry Rosenstein, hedge fund manager, one manor house in the Hamptons, Wall Street newspaper reports. Rosenstein sold the smaller of his two Hamptons homes to an undisclosed buyer for $ 37 million. It’s a little less than what Rosenstein originally wanted for the house when it first went on sale in 2017, when it had an asking price of $ 70 million. But it’s still enough to make it the biggest real estate sale among the most important of the year in the Hamptons region. As for the house itself, it sits on 1.5 acre of land and covers 14,000 square feet of interior space. It has nine bedrooms and 11 full bathrooms, plus two more half baths for good measure. As for amenities, the house is equipped with an air-conditioned garage, several fireplaces and perhaps the most impressive of all, spectacular views of the ocean (very) nearby.
Nordic Industry Loses Another FoHFs (Hedge Nordic)
Stockholm (HedgeNordic) – After 24 Nordic funds of hedge funds closed their doors over the past five years, London-based International Asset Management (IAM) has announced the decision to liquidate its Nordic-focused fund of hedge funds. IAM Nordic Multi Strategy Fund, which invests in hedge funds tied to the Nordic countries, will be closed down after accumulating an inception-to-date loss of about 14 percent since launching in May of 2017. “During the first quarter of this year, we decided that our fund should be closed,” writes a letter to investors. During the almost three years since the fund’s inception, “we have not delivered the expected returns that we or our investors had expected.” Just like many other investors, funds and hedge funds, IAM Nordic Multi Strategy Fund was particularly hit during the turbulent month of March. The fund was down 7.5 percent last month. “It feels particularly sad that during the last months of the fund we were affected by the events in March and we were unable to deliver a better result,” writes the letter.
A Hedge Fund Manager’s Dream Just Crashed Into the Real World (Bloomberg)
Nicolai Tangen, the future chief executive of the world’s biggest sovereign wealth fund, says he wishes he’d been a bit less extravagant. In early 2018, the London-based hedge fund manager was planning what he hoped would be the event of a lifetime. Tangen compiled a list of attendees: the best and the brightest from the worlds of finance, politics and academia. He would call it, “Back to University.”
Hong Kong Hedge Fund Nets £135m on Record Short in Premier Oil (FNLondon.com)
A Hong Kong hedge fund with one of Europe’s biggest short positions on record reaped massive returns on the bet as the rocky ride in oil prices dragged down shares of UK stock Premier Oil. Asia Research and Capital Management, or ARCM, held a position representing about 17% of Premier Oil shares. The historic plummet in oil prices last week battered the shares of oil companies, as well as pulling down almost every other sector with it. Premier Oil is down around 73% this year.