Robinhood Crowd Helps Hedge Fund Manager Gain 30% This Year (Bloomberg)
One hedge fund manager is getting some inspiration from an unlikely source: the Robinhood crowd. Adam Sender’s volatility hedge fund has climbed 30% this year — in part by betting on and against stocks that have been popular on the retail trading app. He notched gains by wagering around stocks including carmakers Hertz Global Holdings Inc., NIO Inc. and Tesla Inc.
Bill Ackman’s Pershing Square Holdings Surges in July (Institutional Investor)
The publicly traded fund continued its winning streak. Almost everything in Bill Ackman’s Pershing Square Holdings portfolio made money in July, boosting his monthly performance to 4.6 percent. Pershing Square Holdings is now up 34.8 percent for the year, according to a document released to investors in the UK and Amsterdam-listed publicly traded hedge fund.
Greenlight Capital Q2 2020 Letter (Seeking Alpha)
GreenLight Capital, Inc. is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity and fixed income markets. The Greenlight Capital funds returned 1.0% in the second quarter compared to 20.5% for the S&P 500 index. At quarter-end, the largest disclosed long positions in the Partnerships were AerCap Holdings, Atlas Air Worldwide Holdings, Brighthouse Financial, Green Brick Partners and VanEck Vectors Gold Miners ETF. The Partnerships had an average exposure of 123% long and 68% short.
Capital Concentrates, but Private Real Estate GPs See Opportunity (Preqin.com)
Fundraising in H1 2020 saw heavy capital concentration, but new funds are coming to market as investors prepare fresh commitments. The private real estate fundraising environment in 2019 was challenging, but now it’s even tougher. Amid the economic uncertainty triggered by COVID-19, real estate transactions slowed and sector dynamics shifted, while lockdown restrictions introduced practical challenges for business activities such as conducting meetings and signing paperwork. The impact of the pandemic has also exacerbated the capital concentration that has characterized the private real estate fundraising market in recent years, with institutions narrowing their commitments to fewer and larger funds. For most managers, raising a fund is more difficult than ever.
Pictet Eyes Long-Term Growth Stocks with New Market Neutral Global Equities Hedge Fund Launch (Hedge Week)
Pictet Asset Management, the investment management arm of the Geneva-headquartered wealth management giant Pictet Group, has unveiled a new market neutral global equity hedge fund which trades liquid US and European stocks, with a low correlation to broader equity markets. Pictet TR-Aquila aims to generate long-term growth investing across healthcare, TMT and consumer names, and will avoid companies and sectors that are heavily influenced by macroeconomic trends.
Singapore Hedge Fund Boosts Cash on Growing Risk of US-China Armed Clash (The Business Times)
[SINGAPORE] As investors grapple with the relentless rise in global coronavirus cases, one Singaporean hedge fund is preparing for another dire event – the possibility of an armed clash between the US and China. In the lead-up to November’s US presidential election, APS Asset Management is increasing allocations to the relative safety of cash, along with stocks that would weather an outbreak of hostilities, said founder and chief investment officer Wong Kok Hoi.
Ocean Avenue Capital Partners Wraps Up the Fourth Fund at $350m (Opalesque.com)
California-based lower-middle market private equity firm Ocean Avenue Capital Partners (OACP) has closed its fourth fund at a hard cap of $350 million, beating its $300 million target. OACP, which manages approximately $1.3 billion of capital, expects that representative transactions in Fund IV will include change of control investments in founder-owned businesses in transition, investments in underperforming businesses/turnarounds, carve-outs of non-core divisions of companies, restructurings, and thematic platform builds, said a press release.