Hohn’s charitable Foundation Gives $491m Despite Investment Loss (The Times)
The philanthropic foundation set up by Sir Chris Hohn, the billionaire hedge fund tycoon, committed to giving away almost $500 million last year despite suffering its first investment loss in a decade. Accounts for The Children’s Investment Fund Foundation show it pledged $491 million to charitable activities in 2022. This was down from the $828 million committed to good causes in 2021 and came as the organisation booked a net investment loss of $487 million for last year, which it blamed on “a challenging economic environment”.
Hedge Fund Clough Capital to Manage Changebridge Capital’s Active ETFs (Hedge Week)
Clough Capital Partners, a hedge fund firm with $1.3bn in client assets under management, has entered the active ETF space by assuming management of the Changebridge Select Equity ETF (CBSE) and the Changebridge Long/Short Equity ETF (CBLS). The funds, which will be formally renamed as Clough ETFs on 13 September, join Clough’s existing offering of closed-end funds, hedge funds, and separately managed accounts. As part of the initiative, Vince Lorusso has rejoined Clough Capital as its new President & CEO. He will remain as Portfolio Manager for the ETF strategies, a role he has held since their listing on the New York Stock Exchange (NYSE) in 2020.
Tiger Cubs’ Wrong-Way Bets Cut Flow of Fresh Cash to a Trickle (Bloomberg)
Not so long ago, investors couldn’t get enough of the Tiger Cubs, the hedge funds run by Julian Robertson’s proteges. Now the flood of money has slowed to a trickle, after the portfolios posted some of their worst returns ever. Cash from US investors flowing into funds run by Steve Mandel, Philippe Laffont and Dan Sundheim has plunged, in some cases down 98% from the prior 12 months, according to regulatory filings. It’s a sharp reversal from years when a single one of them might take in hundreds of millions — if not billions — of fresh money.
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Hedge Fund Millennium Doubles British Land Short Position as UK Property Crisis Rolls On (Financial News)
Hedge fund Millennium International Management has doubled its bet against City property developer, The British Land Company, as the UK housing crisis deepens. Millennium has a 1.75% net short position on The British Land Company, up from 0.90% on 11 August, the latest disclosure to the UK’s Financial Conduct Authority shows.
Volatility Harvester Becomes Article 8 Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Amid growing focus and interest in sustainability, a new Article 8 fund has surfaced in the Nordic hedge fund arena. Danske Invest Global Cross Asset Volatility, a multi-asset, multi-strategy fund employing volatility-related strategies, is now disclosed as Article 8 under the EU’s Sustainable Finance Disclosure Regulation (SFDR). The fund managed by Chief Portfolio Manager Jacob Øland Jensen will promote environmental safeguards, as well as ethical and social safeguards through the exclusion of certain activities deemed to have significant negative climate impact or deemed to be non-ethical or controversial.
Sculptor Says Weinstein Raised Offer, Still Prefers Rithm Deal (Pensions&Investments)
Boaz Weinstein and his group of bidders sweetened their offer to buy Sculptor Capital Management, but the hedge fund firm said it still prefers its deal with Rithm Capital Corp. Mr. Weinstein’s group, which includes billionaires Bill Ackman, Marc Lasry and Jeff Yass, increased its offer by 51 cents a share to $12.76. Rithm agreed to acquire Sculptor for $11.15 a share, or $639 million.
Decoding Market Sentiments: Lumine Lin’s Artful Approach to Hedge Fund Management (Daily Scanner)
Highmoon Capital’s founder, Lumine Lin, is anything but a typical hedge fund manager. He has an educational background in art and is not afraid to use it for market analysis. He started his own business right out of college, a game design studio. He’s a self-taught trader who worked on developing the Skyline trading platform. While he operates in the world of digits and percentages, one of his main interests is where human emotion and technology meet. “While they may not have state-of-the-art AI tools for data analysis, many traders are actively involved in emotional management,” he explains. “We apply scientific methods to this practice, leveraging it to gain an advantage over other firms. In simpler terms, it’s about recognizing the impact of emotions on investments and using science to navigate them effectively.”
The Secret Article on Tiger Global? (FinShots.in)
The Story: Psst…did you hear about that secret exposé on Tiger Global? In case you haven’t, it’s an anonymous 9-page note that threatened to spill the beans on one of the biggest private equity-cum-hedge fund firms in the world. There were whispers that it was a draft of a story that the New Yorker was working on. And that Tiger Global was even trying to stop it from being made public.
Citadel’s Extreme Math Camp (Axios)
International business class flights, five-star hotels and $19,000 monthly salaries — not exactly what most students expect for a summer internship. Driving the news: Citadel happily supplies these luxuries as part of its version of math boot camp, however — the cost of doing business to secure the top talent to keep driving the hedge fund and market maker, Bloomberg reports. Zoom in: Students spend about 11 weeks role-playing as hedge fund traders who write code and design automated strategies based on simulations.
Thursday 8/31 Insider Buying Report: DOMO (Nasdaq.com)
At Domo, there was insider buying on Tuesday, by Director Daniel David Daniel III who bought 137,000 shares at a cost of $10.94 each, for a trade totaling $1.5M. Before this latest buy, Daniel III purchased DOMO at 3 other times during the past year, for a total cost of $1.72M at an average of $13.83 per share. Domo Inc is trading up about 6.1% on the day Thursday. Daniel III was up about 5.5% on the purchase at the high point of today’s trading session, with DOMO trading as high as $11.54 at last check today.
Coinbase Global, Bristol-Myers Squibb And 2 Other Stocks Insiders Are Selling (Benzinga)
Bristol-Myers Squibb: The Trade: Bristol-Myers Squibb Company (BMY) EVP, Chief Human Resources Ann Powell sold a total of 17,986 shares at an average price of $61.25. The insider received around $1.1 million from selling those shares. Coinbase Global: The Trade: Coinbase Global Inc. (COIN) Chief Accounting Officer Jennifer N Jones sold a total of 1,704 shares at an average price of $77.76. The insider received around 132,503 from selling those shares.
