Hedge Funder Ackman Explains His Stockholdings and Exits (The Street)
Many investors pay close attention to the moves of hedge-fund heavyweight Bill Ackman, given his successful investing track record. The chief executive of Pershing Square Capital Management discussed his stock positions (and former positions) within the Pershing Square Holdings fund in a letter to shareholders. Here are his comments on several of them.
Julian Robertson, Hedge-Fund Guru to ‘Tiger Cubs,’ Dies at 90 (Bloomberg)
Julian Robertson, the billionaire Tiger Management founder who became one of his generation’s most successful hedge-fund managers and a mentor to a wave of investors known as Tiger Cubs, has died. He was 90. He died at his home in Manhattan from cardiac complications, according to Fraser Seitel, a longtime spokesman for Robertson.
Paul Singer Notices Company That Keeps Screwing Up Keeps Screwing Up (Deal Breaker)
It’s hard to screw up in the drug distribution game. You’ve only got two competitors and you don’t have to spend heavily on developing those drugs. All you have to do is get them from point A to point B and watch the money roll in. That’s why AmerisourceBergen shares are up nearly 80% over the past two years, and why McKesson Corp. shares have more than doubled. It’s also why Paul Singer wants to know why Cardinal Health shares… haven’t.
leungchopan/Shutterstock.com
Hedge Funds Dampen Aalto University Endowment’s Losses (Hedge Nordic)
Stockholm (HedgeNordic) – Aalto University’s endowment fund incurred a loss of 5.1 percent during the first half of 2022 amid wider market turmoil, as hedge fund investments helped dampen losses. The endowment fund’s “alternative risk” building block, a portfolio of hedge fund investments accounting for 20 percent of the €1.29 billion endowment portfolio, returned 11.1 percent in the first six months of 2022. “Our hedge funds had a terrific H1 across most strategies,” Lauri Ström, Portfolio Manager at Aalto University Endowment, writes on LinkedIn.
Ampersand Capital Hits $1.2bn Hard Cap Target for Its Latest Fund, Ampersand 2022 (Opalesque)
American alternative investment firm Ampersand Capital Partners announced the closing of the firm’s latest fund with $1.2 billion in limited partner commitments. Ampersand 2022 (AMP-22), which is Ampersand’s eleventh primary fund since 1992, was significantly oversubscribed and held a single close less than three months after launch, said the private equity firm specializing in growth equity investments in the life sciences and healthcare sectors.
Hedge Fund Pelham Capital Pares Record Losses, Still Down 33% (Bloomberg)
Pelham Capital, one of Europe’s best-known stock pickers, has recovered some of its record losses suffered at its hedge fund earlier this year. The firm’s flagship Pelham Long/Short Master Fund, which runs a majority of its assets, gained 11.6% last month, according to an investor document seen by Bloomberg. That still leaves the fund down almost 33% through July, the worst-ever loss since the hedge fund started trading in 2007. The losses have led to a sharp decline in the assets runs by the firm, which was until recently one of the largest in Europe specializing in betting on and against stocks. The firm currently manages about $2 billion, down from $5 billion in 2020, according to a person with knowledge of the matter, who asked not to be identified because the information is private.
Einhorn’s Greenlight Takes Stake In Twitter – Letter (CarandBike.com)
Hedge fund Greenlight Capital said it took a new stake in Twitter last month as the social media company sued to force Elon Musk to buy the company even as the billionaire entrepreneur said he has changed his mind about the deal. Greenlight founder David Einhorn wrote to investors on Monday that his hedge fund had taken the position, paying an average $37.24 for the stock, according to the letter seen by Reuters. “At this price there is a $17 per share of upside if TWTR prevails in court and we believe about $17 per share of downside, if the deal breaks. So we are getting 50-50 odds on something that should happen 95%+ of the time,” the letter said.
Anthony Scaramucci on Bitcoin’s Potential to have One Billion Wallets (Financial Express)
Anthony Scaramucci, CEO, Skybridge Capital, believes that Bitcoin is an attractive investment, on account of it not reaching the wallet bandwidth necessary for an inflation hedge, as reported by Cointelegraph. According to Cointelegraph, in a conversation with CNBC’s Squawk Box, Scaramucci emphasised on Bitcoin being at an early adopted technical stage, which is required to be held in close to a billion wallets before it starts to act as a hedge against inflation.
Preqin Investor Outlook: Alternative Assets, H2 2022 (Preqin)
Investors are now firmly in risk-off mode. The hangover from post-COVID-19 stimulus measures has combined with geopolitical events to create the perfect storm for risk assets in 2022. Global public equity markets fell by 20.2% in the first half of 2022, taking most of the initial hit. This means some LPs are grappling with the denominator effect, leaving alternatives allocations higher as a proportion of total portfolio value, and allowing less room for fresh capital commitments. With the near-term outlook for markets still uncertain, this adds a further incentive for allocators to slow the pace of deployment toward private assets.
Only One-Third Of Hedge Funds Were In The Green For Q2 (Forbes)
This year has been a challenging one for hedge funds, and the second quarter continued the trend of muted returns observed in the first quarter. Only 32.8% of the funds administered by Citco generated positive returns for the second quarter, demonstrating the difficulties most fund managers are having this year. Commodities on top again: In its second-quarter hedge fund update, Citco reports that the weighted average quarterly return for all strategies and sizes was -6.81%. Commodities and global macro were the only two strategies to generate positive returns, with commodities significantly ahead of all other strategies, including global macro.
Tuesday 8/23 Insider Buying Report: BHVN, NS (Nasdaq.com)
At Biohaven Pharmaceutical Holding (BHVN), a filing with the SEC revealed that on Friday, Gregory Bailey bought 38,000 shares of BHVN, for a cost of $148.04 each, for a total investment of $5.63M. Bailey was up about 0.3% on the purchase at the high point of today’s trading session, with BHVN trading as high as $148.48 in trading on Tuesday. Biohaven Pharmaceutical Holding is trading up about 0.2% on the day Tuesday. And on Thursday, Director William E. Greehey bought $1.74M worth of NuStar Energy LP (NS), buying 110,299 shares at a cost of $15.81 each. NuStar Energy LP is trading up about 2% on the day Tuesday. So far Greehey is in the green, up about 3.1% on their buy based on today’s trading high of $16.31.
Hedge Fund Manager Details What He Thinks Will Bring In ‘Gazillions’ of New Crypto Users (The Daily Hodl)
Morgan Creek Digital founder Mark Yusko says that new mobile crypto wallets will spark the next big wave of digital asset adoption. In a new discussion with Scott Melker, Yusko says that he likes to use hardware wallets, but thinks crypto custody should be more simple for the masses. “[They’ll] pay for a $1,500 supercomputer that you hold in your hand, but now it’s the wallet and I don’t know which one, so I’m investing in as many as I can and I don’t really want to carry another device. I love Ledger. They have 15% of all crypto on their devices, but I don’t want to carry a Nano S or whatever with me. I want here.”
OpenSea Insider Trading Case could Increase Government Power (Protos)
Nathaniel Chastain, formerly of OpenSea, has filed a motion to dismiss the indictment filed against him for insider trading. Chastain had been charged with wire fraud and money laundering related to an alleged scheme in which he would purchase NFTs before featuring them on OpenSea and selling them for a profit.
Chief Operating Officer Of Tyler Technologies Sold $1.44M In Stock (Benzinga)
Jeffrey David Puckett, Chief Operating Officer at Tyler Technologies (TYL), reported a large insider sell on August 22, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Monday showed that Puckett sold 3,557 shares of Tyler Technologies. The total transaction amounted to $1,435,868.
