Toscafund Names Aberdeen Co-founder as Chairman (Hedge Week)
Toscafund Asset Management, Martin Hughes’ long-running equity-focused hedge fund, has appointed Aberdeen Asset Management co-founder Martin Gilbert as chairman. Veteran money manager Gilbert, who co-founded Aberdeen in 1983, is currently chairman of Aberdeen Standard Investments, and vice-chairman of Standard Life Aberdeen. He recently announced his intention to step down from his directorship at Standard Life Aberdeen. He takes up the new position of Toscafund chairman with immediate effect, and will also join the board of Old Oak Holdings, Toscafund’s parent company. Hughes, a well-known and high-profile figure within the hedge fund industry, launched Toscafund in 2000, having earlier worked at US hedge fund Tiger Management.
Hedge Funder Barry Rosenstein Sells One of His Hamptons Homes for $37 Million (The Wall Street Journal)
The Jana Partners chief first listed the 1.5-acre East Hampton property in 2017 for $70 million. Hedge fund chief Barry Rosenstein is selling one of his Hamptons homes for $37 million, according to people familiar with the deal. While the East Hampton sale is one of the largest of the year so far in the Hamptons, the property fetched far less than its original asking price of $70 million in 2017. The property wasn’t publicly listed at the time of the sale.
Jim Simons’ Renaissance Scored a 39% Gain in its Flagship Medallion Fund as the Coronavirus Hammered Rivals (Business Insider)
Renaissance Technologies, a secretive hedge fund founded by the Cold War codebreaker and math professor Jim Simons, scored a 39% gain in its flagship Medallion fund this year through April 14, The Wall Street Journal reported on Friday. Medallion gained almost 10% in March, investors told The Journal. An estimated 75% of hedge funds posted losses that month as the coronavirus pandemic shook markets. Medallion’s outperformance fueled a 24% gain after fees for the first 15 weeks of this year, The Journal reported.
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Akazoo Shares Tumble After Report From Short Activist Hedge Fund Quintessential Capital (Forbes)
Shares of Akazoo S.A. (NASDAQ NDAQ:SONG) plummeted on Monday morning after a report from short activist hedge fund Quintessential Capital Management. “We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” QCM managing partner Gabriele Grego said on the Inaugural Contrarian Investor Virtual Conference. “We see signs of very suspicious accounting manipulation,” including cash inconsistencies and “a total lack of income taxes.”
Tiger Descendant Tybourne Maps Out Its Covid Plan (Institutional Investor)
The Hong Kong-based hedge fund breaks its post-pandemic strategy into three different groups. How are hedge funds navigating through the major dislocation and hyper volatility in the markets? Is the pandemic going to significantly change the way we live and the way companies do business, or will the old ways of doing things return eventually? The investors who get the answers to these questions…
Column: Hedge Funds Sense Crude at Turning Point But Not Fuels – Kemp (Reuters)
LONDON (Reuters) – Hedge funds were net purchasers of petroleum futures and options for the third week running last week as managers gambled that the market has already hit its trough. Hedge funds and other money managers purchased the equivalent of 29 million barrels in the six most important petroleum futures and options contracts in the week ending April 14.
Monday 4/20 Insider Buying Report: BBCP, ECC (Nasdaq.com)
On Thursday, Concrete Pumping Holdings’ Director, David A. B. Brown, made a $37,198 purchase of BBCP, buying 18,415 shares at a cost of $2.02 a piece. Concrete Pumping Holdings is trading up about 6.3% on the day Monday. Before this latest buy, Brown made one other buy in the past twelve months, purchasing $138,414 shares at a cost of $4.99 a piece. And at Eagle Point Credit Company, there was insider buying on Friday, by Chief Executive Officer Thomas P. Majewski who purchased 5,000 shares for a cost of $6.55 each, for a total investment of $32,750. Before this latest buy, Majewski made one other purchase in the past year, buying $14,430 shares for a cost of $14.43 a piece. Eagle Point Credit Company is trading down about 1.8% on the day Monday. Bargain hunters are able to snag ECC even cheaper than Majewski did, with the stock trading as low as $5.58 at last check today — that’s 14.8% below Majewski’s purchase price.
Jb Hunt Transport Services Inc (JBHT) Former EVP and CFO David G Mee Sold $1.3 million of Shares (Guru Focus)
Former EVP and CFO of Jb Hunt Transport Services Inc., David G Mee, sold 12,000 shares of JBHT on 04/17/2020 at an average price of $105.8 a share. The total sale was $1.3 million. JB Hunt Transport Services Inc, together with its wholly owned subsidiaries provides surface transportation and delivery services to a group of customers and consumers throughout the continental United States, Canada and Mexico.
The CEO of AxoGen (NASDAQ: AXGN) is Buying Shares (Analyst Ratings)
Today, the CEO of AxoGen (AXGN), Karen Zaderej, bought shares of AXGN for $55.92K. This recent transaction increases Karen Zaderej’s holding in the company by 1.8% to a total of $5.08 million. Based on AxoGen’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $28.16 million and GAAP net loss of -$7,038,000.
Notable Insider Buys Of The Past Week: JPMorgan, Huntington Ingalls And More (Benzinga)
Insiders continued to take advantage of fallen share prices last week. Here are some of the most noteworthy insider purchases reported in the past week. JPMorgan: In the wake of its first-quarter report, a director indirectly added 75,000 JPMorgan Chase & Co. JPM 3.99% shares. At a share price of $87.99, that cost the director almost $6.6 million. The stock ended last week’s trading at $95.18 per share, so that director’s purchase seems well-timed. The stock is up almost 19% since its year-to-date low in March. Legg Mason: A beneficial owner of Legg Mason Inc LM 0.23% bought more than 207,000 shares of this asset manager. At $9.66 per share, that came to about $2 million. The Baltimore-based firm is being acquired by Franklin Resources, Inc. LM 0.23%. Its shares inched up about 1% in the past week and closed most recently at $49.55 a share.
