Analysis: Hedge Fund Guru Bill Ackman Could Snap Up a Unicorn or Two (RealDaily.com)
Bill Ackman is the most confident man I have never met. In multiple interviews over the years on CNBC, I cannot recall him ever admitting a bad investment. Pay no attention to the man behind the curtain who bought J.C. Penney and Valeant Pharmaceuticals. Ackman’s latest idea is a publicly traded SPAC — Special Purpose Acquisition Company. A SPAC is a company with no operations of its own. It exists solely to raise capital to acquire another company. The advantage is that it is an easier means for a private company to raise capital and go public than through the long IPO process or a direct listing.
Citadel Hedge Fund Exec Buys Palm Beach Home for $10M (TheRealDeal.com)
Citadel has a temporary trading room at the Four Seasons Palm Beach. Esure insurance founder and chairman Peter J. Wood sold a Palm Beach home to Edwin Lin, who heads Citadel’s global fixed income practice. Wood, an English multimillionaire businessman, sold the 6,278-square-foot house at 113 Clarke Avenue for $9.65 million, or $1,537 per square foot. Lin and his wife, Vivian Chiu of New York, purchased the property, records show.
Companies Thirst for Capital (Hedge Nordic)
Stockholm (HedgeNordic) – Formue Nord Fokus, a niche hedge fund focused on offering financing solutions to small- and mid-cap companies, now becomes available to new investors for the first time since launching in September 2018. The fund gained 19.6 percent in the first seven months of 2020, reflecting “a culmination of many factors all playing out in our favour,” according to investment manager Mikkel Hagel. Formue Nord Fokus is the sister fund of multiple-award-winning Formue Nord Markedsneutral. Managed by a team of five out of Aalborg in Denmark, both funds focus on financing small-and mid-cap companies and maintain market beta-neutral portfolios by using equity index futures and other derivatives.
Swedish Multi-Strategy Hedge Fund Brummer Maintains Momentum in July (Hedge Week)
Brummer & Partners, a Stockholm-based multi-strategy hedge fund firm, continued to generate positive performance as markets moved into the second half of the year, notching up gains across its trend-following, equity, credit and relative value strategies in July. The Brummer Multi-Strategy multi-manager fund – which invests in a range of single-strategy hedge funds – gained 1.1 per cent in its SEK share class, and 1.2 per cent in its USD class, during July. Year-to-date, the fund has now advanced 3.8 per cent.