Hedge Fund Veteran Trims Exposure to China and Sees Parallels with Japan Dlump (The Japan Times)
China’s party congress heightened policy risks that can push its stocks into a prolonged period of valuation compression, said a co-founder of a 22-year-old Asia-focused hedge fund firm. Drawing analogies between China and Japan in the 1990s, Indus Capital Partners’ Byron Gill said the company’s $729 million Pacific Opportunities Fund began to cut its exposure to China equities in the first quarter of 2021 and has spent much of this year net-short the country.
Hedge-Fund Manager Who Helped Expose Luckin Coffee’s Fraud Bets on Chinese Chain’s Comeback (The Wall Street Journal)
A hedge-fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee Inc. of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history.” Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma, has bought a minority stake in Luckin and is betting that the formerly Nasdaq-listed company’s valuation will surge, the investor said in an interview with The Wall Street Journal on Monday. “I never would have thought the company could come back. Many nearly impossible things happened,” Mr. Ma said.
Billionaire Chris Rokos Joins Macro Traders Heading for Record Year With 44% Surge (Bloomberg)
Billionaire Chris Rokos is on track to record his best year, joining a string of macro trading peers such as Said Haidar and Crispin Odey in profiting as central banks start reversing years of quantitative easing. His $14.5 billion hedge fund returned about 5.4% last month, bringing gains for the year to 44%, according to a person with knowledge of the matter. If sustained for the rest of the year, the performance will be Rokos’ best since he started trading for his own firm in 2015. It also recovers the record losses he suffered last year.
Rawpixel.com/Shutterstock.com
Deutsche Bank Fixed Income Guy Joins Hedge Fund Pre-Bonuses (eFinancialCareers.com)
ExodusPoint, the multistrategy hedge fund, continues to scoop up staff in London. As we were first to report last week, ExodusPoint hired Bin Zou, a former executive director of FX and Rates systematic trading strategies at Goldman Sachs. Now we understand that it’s also hired Vittorio Martino, a senior fixed income salesman at Deutsche Bank in London. ExodusPoint staff work in pods around portfolio managers running particular trading strategies. Martino is understood to be joining at pod formed by Mirco Bulega, a former Credit Suisse economist who joined ExodusPoint in July 2022.
Meet the key people involved in the passing of the torch at Ray Dalio’s Bridgewater Associates (Business Insider)
Today we’ve got stories on a tech strategy at Vanguard that’s helping it cut costs, a surprise visitor at a well-known Wall Street conference, and one of the more creative heists you’ll ever see. But first, welcome to the new age at Bridgewater. 1. Bridgewater’s brand new look. When it comes to the world of hedge funds, there’s arguably no bigger name than Ray Dalio. Mets fans and meme-stock enthusiasts might have some different folks in mind, but it’s tough to make a better case for the top spot than the guy who founded the largest hedge fund in the world.
Cathie Wood Offloads Nvidia Ahead of Third-Quarter Earnings (Bloomberg)
Cathie Wood is once again offloading shares in her long-time favorite Nvidia Corp., as a slight rebound emerged ahead of the company’s earnings. Her flagship Ark Innovation ETF sold 167,914 shares on Friday, adding to a sale of 50,252 shares on Oct. 20, according to Wood’s firm Ark Investment Management LLC’s daily trading disclosures. Meanwhile, the Ark Next Generation Internet ETF sold 24,423 Nvidia shares on Thursday.
Holland Park Capital Launches Digital Hedge Fund, with a Target Size of $250m (Opalesque.com)
Singapore based Investment Research company Holland Park Capital group said that its unit Holland Park Digital Assets has launched a multi-strategy digital assets hedge fund. The Fund began trading under Holland Park Digital Assets with proprietary capital and intends to raise $250m over time from high net worth investors, said a media release. According to the release, Holland Park takes a multi-strategy, systematic approach to crypto trading and currently runs sleeves focused on fundamental long-biased investing, dynamic hedging, pair trading, and arbitrage. Annualized performance is targeted at 30-50% with a volatility of 30%. The Fund invests in a multitude of strategies either directly, through managed accounts or through fund investments and is well positioned to benefit from a diversified set of evolving strategies.
Billionaire GOP Megadonor Backs DeSantis For 2024: Time to ‘Move On’ From Trump (Mediaite.com)
Billionaire GOP megadonor Ken Griffin announced his support for Gov. Ron DeSantis (R-FL) in the 2024 presidential race and said it is time to “move on” from former President Donald Trump. Griffin, the head of hedge fund Citadel LLC who has donated almost $60 million to Republicans ahead of the midterms, told Politico in an interview published on Sunday that he would back the Florida governor, who’s up for re-election on Tuesday.
Insider Trading: November 7, 2022 (BIV.com)
Insider Todd Olson Anthony, officer. Company: First Majestic Silver Corp. (TSX:FR). Shares owned: 150,000. Trade date: Oct. 20, 21. Trade total: $2,016,950. Trade: Sale of 180,000 shares at prices from $10.97 to $11.47 per share. Insider Frank Giustra, 10% owner. Company: NG Energy International Corp. (TSX-V:GASX). Shares owned: 1,832,083. Trade date: Oct. 21, 24. Trade total: $590,085. Trade: Sale of 698,571 shares at prices from $0.76 to $0.89 per share.
$8.5 Million Bet On This Financial Services Stock? 4 Stocks Insiders Are Buying (Benzinga)
Frazier Lifesciences Acquisition: The Trade: Frazier Lifesciences Acquisition Corporation (FLAC) 10% owner Sharon Rose Shabet acquired a total of 847,062 shares an average price of $10.08. To acquire these shares, it cost around $8.54 million. Vertiv Holdings: The Trade: Vertiv Holdings Co (VRT) Director Joseph Deangelo bought a total of 71,600 shares at an average price of $13.99. To acquire these shares, it cost around $1 million.
