Cathie Wood’s ARK Snaps Up Adyen Shares After Record Meltdown (Bloomberg)
Cathie Wood extended her bet on Dutch payment processing company Adyen NV just after a growth slowdown sent the stock down by almost half to its lowest level in three years. A daily trading report from Wood’s ARK Investment Management showed that two of the firm’s exchange-traded funds snapped up Adyen stock on Monday, worth about $9 million based on closing prices. One added nearly 2,900 Amsterdam-listed shares, while another bought about 733,000 American depositary receipts, which trade over the counter in the US.
Big Tech Drives Adage Capital’s June Quarter Gains as Boston Fund Cut Midwest Bank Positions (247WallSt.com)
Tucked away in the heart of Boston’s financial district, Adage Capital Management recently unveiled its trading report for the June quarter. The fund informed the Securities and Exchange Commission that its value stood at $46.03 billion at the close of June, marking a 3.23% increase during the second quarter of 2023, up from $44.59 billion in March. Adage has grown over the years to become one of the most respected names in the world of asset management.
‘A Bunch of Aimless Flies’: China Hedge Fund Blames Foreign Investors for Stock Rout (SCMP.com)
A top-performing Chinese macro hedge fund blamed global capital for sinking the country’s stocks to the lowest levels since November. Foreign funds are primary drivers of Chinese stocks’ recent sell-off, said Li Bei, founder of Shanghai Banxia Investment Management Center. Overseas investors stirred up market volatility and, “taken together, they are a bunch of aimless flies,” she said in an article posted on social media platform WeChat.
Photo by Austin Distel on Unsplash
QQM Duo Reunites at Meriti (Hedge Nordic)
Stockholm (HedgeNordic) – The team behind systematic market-neutral fund QQM Equity Hedge is joining Vesterhavet Fondkommission – soon Meriti Capital – as part of the financial services provider Meriti AB. Ola Björkmo, who departed QQM Fund Management earlier this year, has assumed the role of CEO and Chief Investment Officer at Meriti Capital. Jonas Sandefeldt has also left QQM to join Björkmo on September 4 as Head of Systematic Fund Management.
SEC Fines Fintech Crypto Fund that Promised 2,700% Returns (The Register)
A New York fintech biz is set to pay $1 million in fines under a US Securities and Exchange Commission order that claims it advertised “annualized” returns on Titan Crypto of up to 2,700 percent, a number based on a “purely hypothetical account.” Titan Global Capital Management provided investment strategies to clients and prospective clients solely through a mobile app, the SEC said.
