Billionaire Chris Hohn’s 13-Year Winning Streak at TCI Ends With Fund Slumping 18% (Bloomberg)
Famed activist investor and philanthropist Chris Hohn’s fund lost money last year, breaking its streak of 13 straight profitable years as stocks tumbled. His TCI Fund declined by 18%, according to a person with knowledge of the matter. It was the fund’s second annual loss since it launched in 2004, said the person, who asked not to be identified because the details are private. The loss was caused by the firm’s top bets such as Alphabet Inc and Microsoft Corp., which plunged as growth stocks sold off amid rising interest rates last year.
ValueAct Calls for Seven & i to Spin Off 7-Eleven Retail Chain (Reuters)
Hedge fund ValueAct Capital urged Seven & i Holdings (3382.T) shareholders on Thursday to back a spin-off of the company’s 7-Eleven convenience store chain, arguing the move would improve the conglomerate’s valuation and corporate governance. The U.S.-based investment firm, which owns a 4.4% stake in the Japanese company and has been urging it to make changes for at least a year, called on shareholders to express their opinions on the matter to Seven & i’s board.
From Rokos to Third Point, How the Tables Turned for Hedge Funds in 2022 (Financial News)
In 2021, Rokos Capital Management took a hammering. But last year, the tables turned for Chris Rokos’ £15.5bn hedge fund. It soared 51% after betting on rising interest rates and global inflation. Rokos made it into the list of 2022’s top-performing hedge funds, a stark reversal after ending 2021 down 26%, according to Bloomberg data.
Photo by Austin Distel on Unsplash
Hedge Fund Industry Lost $125B Worth of Assets in 2022 (Fox Business)
Almost $125 billion worth of assets, from performance losses and asset flows, left the hedge fund industry in 2022, Hedge Fund Research (HFR) data showed on Friday in the latest sign of the havoc that volatility wreaked on the industry last year. Investors rethought putting their money into hedge funds, leading to a net outflow of $55 billion in assets, making it the largest capital flight from the industry since 2016, HFR said. A sharp change from 2021, when the industry saw a positive $15 billion of net inflows.
Brevan Howard Hires Point72’s Jon Freedman to Head Risk at London Office (Financial News)
Brevan Howard has appointed Jon Freedman as head of risk and middle office IT for the firm’s London-based operations. Freedman has joined the hedge fund after spending 18 months as a senior macro strategist at Point72. Prior to that, he worked as a quantitative analyst at hedge fund Millennium Management for nearly three years until May 2021.
