Bridgewater CEO McCormick Stepping Down to Consider Senate Run (The Wall Street Journal)
Bridgewater Associates named two new co-chief executives to head the world’s largest hedge-fund firm on Monday, after CEO David McCormick told staff he would be stepping down to consider running for the U.S. Senate in Pennsylvania. Bridgewater elevated to co-CEO deputy chief executive Nir Bar Dea, age 40, along with former Aetna chief executive Mark Bertolini, 65, who has been a member of Bridgewater’s board for three years, according to a memo to Bridgewater employees that was released publicly.
D.E. Shaw’s Two Biggest Funds Post Double-Digit Gains for 2021 (Bloomberg)
D.E. Shaw & Co., the quantitative hedge fund giant, ended 2021 with double-digit gains for its two biggest funds. The flagship Composite Fund rose 18.5% on the year, according to a person with knowledge of the matter, placing it among the top performing multistrategy funds. The vehicle, which invests across asset classes and geographies, is D.E. Shaw’s largest, the person said, and has posted just one down year since its debut two decades ago.
Greenlight Killed It in December (Institutional Investor)
David Einhorn’s long-short fund still lagged the market for the year, even though eight of its nine largest U.S. longs posted huge gains. Greenlight Capital posted a very large gain in December. Even so, the value-driven hedge fund headed by David Einhorn once again greatly lagged the overall market for the full year. Greenlight surged 9.5 percent last month and 11.9 percent for all of 2021, according to a person who has seen the…
Panthers’ David Tepper, Billionaire with N.J. Roots, Regrets Stealing Matt Rhule from Giants, Report Says (NJ.com)
David Tepper has buyers’ remorse. The Carolina Panthers owner – who founded Appaloosa, a hedge fund with its headquarters in Short Hills, N.J. – hired Matt Rhule before the 2020 season. Since them, the newbie head coach doesn’t have much to brag about: a pair of 5-win seasons heading into the final week of the 2021 campaign. And that doesn’t sit well with Tepper, according to The Athletic.
Hedge Fund that Exploits Human-Machine Biases Annualises +11% (Opalesque)
Combining long/short equity investing with researching and trading human/machine behavioural biases has been a recipe for success for this New York-based hedge fund manager. Duo Reges Capital Management employs a quantamental* behavioural equity long/short strategy designed to have a low correlation to the markets. “We exploit human-machine behavioural biases in financial markets using a quant-based equity long/short strategy,” portfolio manager Uzi Hadar, CFA, explains to Opalesque. “Human-machine behavioural biases are the side effects of market innovations such as ESG, social investing/apps, and other rule-based investments. These biases cause persistent market inefficiencies. Our algorithms identify the signature of the biases and take long and short positions to exploit them.”