Ackman Says SPAC Does Not Need to be Registered, Pushes Back on Lawsuit (Reuters)
BOSTON, Aug 17 (Reuters) – Billionaire hedge fund manager William Ackman on Tuesday said his blank check company is not an investment firm that needs to register with U.S. regulators, pushing back against an investor’s lawsuit that alleges that his Pershing Square Tontine Holdings has improperly invested in securities.
Marshall Wace Hedge Fund Warns Chinese ADRs Have Become ‘Uninvestable’ (Bloomberg)
For one of the world’s largest hedge funds, U.S.-listed Chinese stocks just aren’t worth the risk anymore. Paul Marshall, co-founder of $59 billion investment firm Marshall Wace, said China’s crackdown on its technology and education sectors has repelled investors, even if authorities have sought to limit the damage. It’s now more likely that the country’s listings will be largely confined to the mainland, the billionaire predicted.
David Tepper’s Appaloosa Trims Equity Holdings, Sells Off Disney, PayPal Stakes While Adding Uber, Pulte Bets (Market Watch)
David Tepper‘s Appaloosa LP disclosed late Monday that it reduced its investment in nearly all of its holdings during the second quarter, as the value of equities held by the hedge fund declined by about 31%. The value of Appaloosa’s equity holdings as of June 30 was $4.83 billion, down from $6.96 billion as of March 31, even as the S&P 500 rose 8.2% during that period.
Cathie Wood hits back at ‘Big Short’ Michael Burry over ARK ETF short (Financial News)
Star US fund manager Cathie Wood has hit back at renowned hedge fund manager Michael Burry after it was revealed he has made a big bet against her flagship strategy. Burry – the inspiration behind the Oscar-winning film “The Big Short” after correctly calling the US subprime mortgage crisis – disclosed in a regulatory filing on 16 August that his firm, Scion Asset Management, had put options against the ARK Innovation ETF which were valued at more than $31m during the second quarter.
Presight Capital, Hedge Fund Lead Series A Funding in Thrasio-style UpScalio (VCCircle)
Presight Capital and an undisclosed global hedge fund have led a $42.5 million Series A round of funding in Gurugram-headquartered UpScalio which aggregates and invests in e-commerce brands. Heliad Equity partners, MPGI, 468 Capital and Whiteboard Capital also chipped in, according to a statement.
Q2 2021 Hedge Fund Asset Flows (Preqin)
Hedge fund assets under management (AUM) hit a new milestone of $4.33tn in Q2 2021. This marks the asset class’s fourth quarter of inflows and represents the greatest positive flows for hedge funds since Q2 2015. In this factsheet, we present hedge fund asset flow data for Q2 2021, including breakdowns by strategy, region, past performance, and fund size.
French Systematic Equity Hedge Fund Quantology Slides into the Red (Hedge Week)
French systematic long/short equity hedge fund Quantology Capital Management’s flagship fund suffered its third consecutive down month in July. The Quantology Absolute Return strategy, a computer-based long/short market neutral equity fund which trades Nasdaq and NYSE-listed stocks, ended last month some 0.30 per cent in the red in its USD share class. The slide leaves the fund – which finished 2020 up 6.8 per cent annually – nursing a 1.5 per cent loss since the start of 2021.
Soros Joined by D1, Soroban in Timely Exit of Chinese Stakes (Bloomberg)
More funds joined George Soros’s investment firm in lightening their exposure to U.S.-listed Chinese companies in the second quarter, dodging a selloff prompted by a state crackdown on everything from ride-hailing to education companies. D1 Capital Partners, the investment firm run by Dan Sundheim, sold its 25 million shares in New Oriental Education & Technology Group Inc., while Soroban Capital Partners, the hedge fund firm co-founded by Eric Mandelblatt, exited its 2.06-million-share stake in Alibaba Group Holding Ltd., according to filings with the U.S. Securities and Exchange Commission.
A Retired Hedge Funder Wants $160 Million for His 22-Acre California Compound (The Wall Street Journal)
Retired hedge-fund manager Bruce Kovner spent 14 years developing, renovating and building a sprawling family compound on a bluff near Santa Barbara. “It started at 3½ acres and, with a great deal of fertilizer, it grew to 22,” he quipped. Now, he and his wife Suzie Kovner are looking to sell the California retreat for $160 million. If it sells for its asking price, it would be one of the priciest deals ever transacted in California. The current record was set last year, when Amazon CEO Jeff Bezos purchased the Warner Estate from media mogul David Geffen for $165 million.
The Hedge Fund Winners and Losers of China’s Sell-Off: Tiger Global and Appaloosa Trimmed Exposure While D1, Rokos, and Coatue Made Big Bets (Business Insider)
Chinese stocks continued to tumble this week on new data showing the slowdown from COVID-19 was worse than expected in July. Shares of Chinese companies, mostly in tech, began plunging in mid-July as local regulators threatened a crackdown on US-listed Chinese companies. Some hedge funds who went into the second quarter with large positions in Chinese companies were left holding the bag while others sold off their stakes at a prescient moment.
Tuesday 8/17 Insider Buying Report: VPG, NGL (Nasdaq.com)
On Thursday, Vishay Precision Group (VPG)’s Director, Wes Cummins, made a $388,112 purchase of VPG, buying 10,000 shares at a cost of $38.81 each. Investors are able to pick up VPG at a price even lower than Cummins did, with the stock trading as low as $38.32 in trading on Tuesday — that’s 1.3% below Cummins’s purchase price. Vishay Precision Group is trading up about 0.5% on the day Tuesday. Before this latest buy, Cummins made one other purchase in the past twelve months, buying $341,600 shares at a cost of $34.16 a piece. And on Friday, Chief Executive Officer H. Michael Krimbill bought $304,540 worth of NGL Energy Partners LP (NGL), buying 200,000 shares at a cost of $1.52 a piece.
The Executive of GlobeX Data Ltd (Other OTC: SWISF) is Selling Shares (Analyst Ratings)
Today, the Executive of GlobeX Data Ltd (SWISF), Chamlou Alain Mehdi Ghiai, sold shares of SWISF for $742.5K. This is Ghiai’s first Sell trade following 3 Buy transactions. Based on GlobeX Data Ltd’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $8,722 and GAAP net loss of -$1,284,919. In comparison, last year the company earned revenue of $7,374 and had a GAAP net loss of $256.6K. Currently, GlobeX Data Ltd has an average volume of 37.78K. The Company has a Price to Book ratio of 9.30.
Bristol-myers Squibb Company (BMY) EVP, CFO David V Elkins Sold $6.7 million of Shares (Guru Focus)
EVP, CFO of Bristol-myers Squibb Company, David V Elkins, sold 99,691 shares of BMY on 08/12/2021 at an average price of $66.95 a share. The total sale was $6.7 million.
