Hedge Fund and Insider Trading News: Crispin Odey, Cathie Wood, Said Haidar, Man Group, Black Diamond Therapeutics, Inc. (BDTX), Tri-Continental Corp (TY), and More

Said Haidar’s Hedge Fund Surges 27% in June After Months of Losses (Bloomberg)
Said Haidar, the hedge fund manager known for his stunning gains and losses, is making money once again. The Haidar Jupiter fund soared an estimated 27.3% in June, helping repair some of the damage from months of losses, according to investor documents seen by Bloomberg News. Even after the recent surge, the fund ended the first half of the year down 28.5%, one of the letters showed.

Man Group to Buy Varagon Capital in U.S. Direct Lending Push (The Wall Street Journal)
Hedge-fund giant Man Group agreed to buy a controlling stake in private-credit manager Varagon Capital Partners, the latest in a string of deals against the backdrop of a banking crisis that has given private lenders room to grow. “We see a significant growth opportunity in direct lending, particularly against the backdrop of regional banking difficulties in the U.S.,” said Eric Burl, head of discretionary at Man Group.

SES Imagotag Surges 40%, Defying New Gotham City Report (Reuters)
SES Imagotag’s shares rose by more than 40% on Friday following a new report from critic Gotham City Research that analysts said failed to provide new information on the French smart label maker’s finances. Trading in the stock was halted briefly after shooting up in volatile trade. The shares were last up nearly 28% in Paris, having risen by as much as 42% earlier. Hedge fund Gotham City reiterated concerns about the firm’s accounts which it raised in late June, in a report that triggered a nearly 60% fall in SES Imagotag shares in a day.

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Hedge Funds Weigh in on Argentinian Stocks (Hedge Week)
The prospect of political change coupled with soaring inflation, which has pushed Argentina’s benchmark stock index to a record high, have prompted foreign hedge funds to weigh in on the country’s equities market, according to a report by Reuters. Argentina’s S&P MerVal index hit an all-time high in local peso terms last month, and also hit its highest level since 2018 in dollar terms, having more than doubled in value in the first six months of this year.

Cathie Wood Is Hedging Her Bets on Two of Ark’s Biggest Names (The Street)
Cathie Wood is one of Tesla (TSLA) and CEO Elon Musk’s biggest boosters on social media, but her ARK Investment exchange-traded funds is pouring money into one of his biggest rivals. The ARK Next Generation Internet ETF (ARKW) – sold 28,267 shares of Tesla, valued at nearly $8 million on Wednesday. That sale came after ARK Innovation ETF (ARKK) – sold 25,806 Tesla shares on Monday.