Ackman’s Hedge Funds Gain After Years of Losses, Helped by Chipotle and ADP (CNBC)
William Ackman‘s private hedge fund has gained more than 9 percent this year while his publicly traded fund is up double digits, marking a dramatic reversal for the billionaire investor after three years of losses. Pershing Square International climbed 9.3 percent from January through June 12, an investor in the fund said on Thursday. According to data from HSBC, the firm now ranks as one of the top 20 performing hedge funds for 2018. Pershing Square Holdings, the largest fund managed by Ackman’s New York-based Pershing Square Capital Management, has climbed 11.4 percent since January, Pershing Square told clients late on Wednesday.
Billionaire Hedge Fund Guru Jim Simons Finds Promise in MU & TSLA (Investopedia.com)
The billionaire founder of Renaissance Technologies, Jim Simons, is popular on Wall Street for his number-crunching skills that drive huge returns. Recently, the 80-year old quant with a net-worth of over $20 billion made a few reallocations worth noting to his fund’s portfolio. He currently serves as the firm’s chairman after retiring as chief executive in 2009. We also turned to TipRanks to take a closer look at whether top Wall Street analysts approve of Simons’ latest moves.
Citrone’s Discovery and Carson Block Shorts TAL (Podcast) (Bloomberg)
On this week’s edition of Bloomberg Finance John Tucker and Hema Parmar, in for Peggy Collins, speak with Bloomberg reporters about the finance news of the week including a comeback for hedge fund Discovery Capital, Carson Block’s new short on TAL Education and how banks are competing for the ultra-rich. They’ll also discuss hedge fund investing with Tim Ng, Chief Investment Officer at Clearbrook Global Advisors.
Canadian AI Hedge Fund Expands US Reach (HFM)
Castle Ridge plans to launch new products aimed at US investors within a year. Canadian artificial intelligence hedge fund Castle Ridge Asset Management has hired an experienced equity trader from JP Morgan in New York to lead its international expansion. Edwin Li, formerly the head of corporate equity derivatives and cash trading at JP Morgan in New York, has joined Castle Ridge.
Even the Greatest Investors – Including Buffett, Druckenmiller – Make Multibillion-Dollar Mistakes (CNBC)
A casual observer may assume the greatest money managers have charmed investing careers filled with success after success. But that isn’t the case, Ritholtz Wealth Management director of research Michael Batnick explained in his new book “Big Mistakes: The Best Investors and Their Worst Investments,” released on Jun. 6. Batnick shared key lessons and money-losing investment examples from several legendary managers such as Warren Buffett, Stanley Druckenmiller and Michael Steinhardt.