Hedge Fund and Insider Trading News: Coatue Management, Elliott Management, Citadel, Third Point LLC, Petmed Express Inc (PETS), and More

Page 1 of 2

Coatue, Winton Join Hedge Funds Damaged by Momentum Reversal (Bloomberg)
It came out of nowhere and hammered hedge funds. Then it disappeared. Now we’re beginning to see the damage report. Early September saw a massive shift from long-favored momentum stocks to value equities. In the first two weeks of the month, stock-picking hedge funds lost more than a third of the alpha, or gains above benchmarks, that they had produced this year, according to a Goldman Sachs Prime Services report. Coatue Management dropped 5% in the first two weeks and Viking Global Investors sunk almost 2%, according to people familiar with the matter. Winton Group’s multi-strategy quant flagship fund fell 4% this month through Sept. 20, another person said.

Exclusive: Hedge Fund Elliott Pushes Mobile Mini to Combine with WillScot – Sources (Reuters)
NEW YORK (Reuters) – Hedge fund Elliott Management Corp. has amassed a stake in Mobile Mini Inc (MINI.O), the biggest U.S. provider of portable storage containers for businesses, and is pushing it to merge with WillScot Corp (WSC.O), the largest U.S. vendor of mobile office trailers, people familiar with the matter said on Thursday. WillScot has made an offer for Mobile Mini that values it in the mid-to-high $30-per-share range, which would be funded for the most part by using WillScot shares as currency, sources told Reuters on Wednesday.

Wall Street Stocks Market Insider Trading

Rawpixel / shutterstock.com

A Top Hedge Fund’s Reported $800 million Bet on Vaping could be in Jeopardy as Regulators Set Their Sights on E-cigarettes (Business Insider)
As regulatory pressure ramps up against vaping and e-cigarettes, a top hedge fund’s $800 million bet on the space could be in trouble. Mudrick Capital Management – a hedge fund founded by high-profile investor Jason Mudrick that manages about $2.8 billion – has close to 30% of its total assets invested in e-cigarette maker NJOY Holdings, according to a report from Bloomberg.

Third Point Wants to Narrow its Discount with $200m Buy Back (QuotedData.com)
Third Point wants to narrow its discount with $200m buy back – Third Point Offshore Investors, the hedge fund managed by Daniel S. Loeb’s Third Point LLC wants to improve the persistent discount that the share price trades at relative to NAV. The board intends to: increase communication and active marketing of Third Point Offshore Investors to existing and prospective investors with enhanced disclosure, with a view to highlighting Third Point Offshore Investors as the premium hedge fund within the sector.

Ken Griffin Heads for Zurich (Finews.com)
Citadel, the hedge fund founded by billionaire Kenneth Griffin, is opening an office in Zurich for its market-making arm, Citadel Securities, the company said. The unit is one of the world’s largest high-frequency traders. The office, which will be devoted to research and innovation, will be led byNicolai Meinshausen. A professor for statistics at Zurich’s ETH and expert on machine learning, Meinshausen has advised the New York-based hedge fund since 2013.

Gresham, Regal Team Up for New Royalties Fund (AFR.com)
Advisory firm Gresham Partners and hedge fund manager Regal Funds Management are the new odd couple of Australian investment management. The two well-known firms have teamed up to seed a new royalties investment fund, which is run by a pair of former Barclays Capital investment bankers and will buy mining and energy sector royalties in Australia.

Billionaire Ray Dalio Says This Outlook will Help You Achieve Your Dreams (CNBC)
It’s often argued that some people are dreamers while others are realists. But hedge-fund billionaire Ray Dalio believes that you need both qualities to be successful. In fact, Dalio says all dreamers need a healthy dose of realism to help them achieve their dreams. “Being hyperrealistic will help you choose your dreams wisely and then achieve them,” Dalio wrote in a Facebook post on Thursday. Dalio is the founder of the world’s largest hedge fund, Bridgewater Associates, which manages roughly $160 billion in assets.

Hedge Fund Rescued Theme Park as Co-Founder Built Property Dream (Bloomberg)
It hosted World War II troops and the Rolling Stones. Retro rides and a roller disco. There was even a public campaign to turn it into a heritage site. But it’s the dealings of a veteran hedge fund manager that’s drawing new attention to Britain’s oldest surviving amusement park. Nick Niell, the man behind Arrowgrass Capital Partners, was snapping up properties worth millions of pounds around the Dreamland resort in the seaside town of Margate just as his hedge fund was pouring client money into an effort to revitalize the attraction.

Increased Mortality Rate Among Nordic HFs (Hedge Nordic)
Stockholm (HedgeNordic) – Hedge fund closures in the Nordic region have been accelerating in 2019 despite strong performance numbers coming out of the industry. Eight hedge funds were delisted from the Nordic Hedge Index in the past two months, all of which were closed down or merged into other funds during the second or third quarter of the year. Two new hedge funds joined the Nordic Hedge Index in the past two months. The Nordic Hedge Index currently comprises 163 members. Some of the most recent delistings from the Nordic Hedge Index include Nektar, which was merged into Brummer Multi-Strategy on September 2, OPM Absolute Managers and Handelsbanken Hållbarhet Hedge Criteria.

UBS Hedge Fund Solutions repositions UCITS hedge fund investing via DB Platinum IV UBS Multi Strategy Alternatives (HedgeWeek.com)
UBS Hedge Fund Solutions (HFS) is repositioning the UBS Multi Strategy Alternatives fund, a UCITS fund investing via DB Platinum IV UBS Multi Strategy Alternatives. The Fund commenced trading in September with USD490 million in AUM and six high conviction hedge fund strategies across equity hedged, trading and relative value strategies, with the intention to opportunistically add more managers over time. Each account in the Fund is managed by its allocated sub-investment manager, resulting in the fund directly owning the underlying securities and avoiding an additional layer of expenses. The Fund, managed to be UCITS-compliant overall, allows for a wider choice of strategies and sub-managers, with tailored investment mandates to suit the portfolio whilst offering investors a lower cost/daily dealing UCITS solution.

Page 1 of 2