Billionaire Rokos’s Hedge Fund Nears Full 2023 Recovery After Gain in June (Bloomberg)
Billionaire Chris Rokos’s macro hedge fund posted a 4.6% gain in June, helping the fund claw back losses from earlier in the year when it was pummeled by wild swings in interest rate markets. The money pool, which runs more than $14 billion in assets, is now only slightly down for the year after also gaining about 5% in May, according to a letter to investors seen by Bloomberg. Macro hedge fund peers tracked by Bloomberg gained 1% on average in June.
The San Diego Union-Tribune sold to Alden Global Capital (SanDiegoUnionTribune.com)
Alden Global Capital is the parent company of MediaNews Group, which runs the Southern California News Group papers, among them the Orange County Register, Los Angeles Daily News, Riverside Press-Enterprise. Los Angeles billionaire Dr. Patrick Soon-Shiong has sold The San Diego Union-Tribune to an affiliate of the MediaNews Group for an undisclosed amount, it was announced on Monday. Denver-based MediaNews Group is owned by Alden Global Capital, which owns roughly 200 publications, including the Chicago Tribune.
Carl Icahn Gets Breathing Room From Lenders Following Short-Seller Attack (The Wall Street Journal)
Deal unties his personal loans from the trading price of Icahn Enterprises. For two months, legendary activist investor Carl Icahn has been on the defensive after a short-seller attack sent shares in his investment company down roughly 40%, raising alarms at a handful of major banks that had lent him money as the value of their collateral fell.
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Exploring Hedge Fund Investment Strategies (DataDrivenInvestor)
Hedge funds are known for their ability to generate attractive returns through their diverse investment strategies. Let’s take a closer look at some prominent hedge funds and the strategies they employ to navigate the ever-changing financial markets. Event-Driven Strategy: Bridgewater Associates, Tudor Investments, Caxton Associates: Event-driven hedge funds capitalize on corporate events like mergers, acquisitions, bankruptcies, or restructurings. By identifying price discrepancies before and after such events, these funds seek to profit from market inefficiencies.
Winding-Up Private Lender Receives Another Blow (Hedge Nordic)
Stockholm (HedgeNordic) – Both borrowers and lenders are facing challenging market conditions and economic headwinds from high inflation, rising interest rates, and slowing global economic growth. Private credit investors, in particular, face additional obstacles due to the lack of transparency surrounding financial performance and credit risk. After announcing its wind-down in May, Scandinavian Credit Fund I experienced a significant decline in its net asset value in June due to higher interest rates and changed market conditions affecting two of its borrowers.
Ex-Citadel Manager Vince Aita Launches Hedge Fund With $275 Million (Bloomberg)
Former Citadel portfolio manager Vince Aita’s new Cutter Capital Management, backed by two institutional investors, has begun trading with $275 million. The cash, invested in the health care-focused hedge fund through separately managed accounts, will be leveraged up to $550 million, according to a letter to prospective investors seen by Bloomberg. Cutter is looking to raise an additional $200 million for its flagship fund, offering a founders’ share class with cheaper fees that will open to investors Oct. 1.
Top 50 Hedge Funds Outpaced S&P 500 by More Than 3% Over the Past Five Years (Hedge Week)
It didn’t take 20 years of surveying the hedge fund industry to realize the majority of hedge funds are not reliable sources of absolute returns. In fact, very few funds can make that claim, and that limited number often doesn’t include some of the most celebrated managers. But there are a handful of hedge fund managers that make money year in and year out. And this is perennially borne out by the findings of my annual review of the most consistently performing hedge funds.
Hedge Funds Surge in June as Technology, AI and Growth Led Gains (Opalesque.com)
Opalesque Industry Update – Hedge funds surged in June as Technology, AI and Growth led gains complemented by Shareholder Activist and Multi-Strategy sub-strategies as banking volatility subsided. The HFRI 500 Fund Weighted Composite Index surged +2.35 percent (estimated) in June, the strongest monthly gain since February 2021, as managers positioned for growth in Technology, Relative Value Arbitrage and Quantitative exposures, according to data released today by HFR. The HFRI Fund Weighted Composite Index (FWC) also surged in June, gaining +2.2 percent, similarly driven by Equity Hedge and Event Driven strategies.
Tuesday 7/11 Insider Buying Report: EPSN (Nasdaq.com)
At Epsilon Energy, a filing with the SEC revealed that on Thursday, Jason Stankowski purchased 20,000 shares of EPSN, for a cost of $5.00 each, for a total investment of $100,000. Stankowski was up about 14.4% on the purchase at the high point of today’s trading session, with EPSN trading as high as $5.72 in trading on Tuesday. Epsilon Energy Ltd is trading up about 3.8% on the day Tuesday.
$40M Bet On MoonLake Immunotherapeutics? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
MoonLake Immunotherapeutics: The Trade: MoonLake Immunotherapeutics (MLTX) 10% owner Bihua Chen acquired a total of 800,000 shares an average price of $50.00. To acquire these shares, it cost around $40 million. Simply Good Foods Company: The Trade: The Simply Good Foods Company (SMPL) President and COO Geoff E Tanner acquired a total of 6,850 shares at an average price of $36.61. To acquire these shares, it cost around $250,758.
