Mudrick Looks to London for £300m Trust Listing (The Times)
An American fund manager that rose to prominence during Wall Street’s meme stock trading frenzy is considering a plan to raise £300 million by listing an investment company on the London market that will buy into distressed credit in the United States. It is understood that Mudrick Capital has been gauging investors’ appetite for an initial public offering of a trust and has hired Cenkos, the stockbroker, to work on the deal.
Steve Cohen’s Point72 Fund has Likely Scored a $100 Million Gain on Nvidia Stock in 2 Months as the AI Craze Persists (Business Insider)
Steve Cohen‘s hedge fund has likely scored a $100 million gain on Nvidia in just two months, thanks to the chipmaker’s stock surging on the back of the artificial-intelligence boom. The billionaire investor’s Point72 Asset Management amassed 981,000 Nvidia shares from scratch in the first quarter — a stake worth $272 million at the end of March. Assuming Cohen and his team haven’t touched the position, it was worth $382 million as of Monday’s close, thanks to Nvidia stock skyrocketing in recent weeks.
Billionaire Hedge Fund Manager Warns US Recession would be ‘Scary’ for Stocks (Finbold.com)
As economic indicators fluctuate and geopolitical tensions rise, concerns about the possibility of a US and global recession have emerged. Factors such as trade disputes, political instability, and monetary policy shifts contribute to the uncertainty, prompting experts to closely monitor the situation for potential signs of an economic downturn. Discussing its potential implications, billionaire hedge fund manager Cliff Asness said the impact of a US economic recession on stocks would be frightening, as per a Bloomberg report on Tuesday, May 30.
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Scandinavian Credit Fund I to Wind-Down Amid Redemption Wave (Hedge Nordic)
Stockholm (HedgeNordic) – After a brief suspension of deposits and withdrawals in December to address a surge in redemption requests, Scandinavian Credit Fund I reopened for business on May 12. However, just two weeks later, the team behind the direct lending fund has made the decision to permanently cease the buying and selling of profit-sharing loans and initiate the process of winding down its operations. This step comes in response to another wave of redemption requests.
Hedge Fund Lodbrok Capital Demands Board Shakeup at Valaris (1) (Bloomberg Law)
One of Valaris Ltd.’s largest shareholders has called for changes at the offshore drilling services provider, citing poor performance since emerging from bankruptcy two years ago and its low share price compared to peers. Lodbrok Capital, which oversees more than 3% of Valaris shares, has called for the board of the Houston-based company to be reduced to five members from seven to ensure more effective “shareholder-orientated” decision making, according to a May 30 letter to the directors seen by Bloomberg News.
