Hedge-Fund Titan Cliff Asness is Still Optimistic on Value Stocks, Even without Rate Support (MarketWatch)
The Federal Reserve’s interest-rate hike campaign has been a downer to most in financial markets, but not all. Bill Ackman, the chief executive of hedge fund Pershing Square, put on a timely derivatives bet shorting short-term Treasurys, that has already paid out $1.4 billion. (Granted, he also lost about $400 million on an ill-fated Netflix NFLX investment.) Value stocks have seen a renaissance after a lost decade. True, the iShares S&P 500 Value ETF IVE has dropped 13% this year, but that is significantly better than the 29% decline for the iShares S&P 500 Growth ETF IVW.
Crypto Hedge Fund Three Arrows Capital Addresses Liquidation Rumours (Reuters)
SINGAPORE, June 15 (Reuters) – Cryptocurrency hedge fund Three Arrows Capital said on Wednesday it was committed to working things out, seemingly addressing social media chatter that it is facing liquidation issues. “We are in the process of communicating with relevant parties and fully committed to working this out,” Su Zhu, the co-founder said in a tweet, without going into further detail.
Tiger Legatus Closes Doors After 13 Years (Hedge Week)
Tiger Legatus, a hedge fund backed by Tiger Fund Management legend Julian Robertson, has brought the curtain down on 13 years of trading following the worst ever start to a calendar year for equity funds, according to a report by The Financial Times. The New York-based fund, which was founded by former Viking Global Investors trader Jesse Ro is said to have informed investors by letter of the decision to cease operations and return capital.
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Hedge Funder Ackman: Fed Should Go a Full Percentage Point Hike (The Street)
The Fed can restore confidence in financial markets with strong rate hikes and balance-sheet reduction, hedge-fund manager Bill Ackman says. As you’re undoubtedly aware, stock and bond markets have tumbled recently, as inflation has exploded and the Federal Reserve has continued its campaign to raise interest rates. The S&P 500 has slid 21% year to date and the 10-year Treasury yield has more than doubled to 3.38%.
A Light-Footed Shipping-Only Strategy (Hedge Nordic)
Stockholm (HedgeNordic) – Joakim Hannisdahl, the world’s best-ranked sell-side analyst in the shipping sector for several years, has launched a long/short shipping-only equity fund to put his skills to work. Launched in October 2021 within a Norwegian alternative investment fund structure, Cleaves Shipping Fund has so far capitalized on Hannisdahl’s skill set after advancing 40 percent since inception through the end of May. Hannisdahl and the team at Cleaves Asset Management have now launched the fund in an Irish structure to open up access for a larger investor audience beyond the Norwegian market.
