Factbox: Elliott Associates Sues London Metal Exchange for Cancelled Trades (Reuters)
A lawsuit brought by Elliott Associates and Jane Street Global Trading against the London Metal Exchange (LME) for cancelling nickel trades during chaotic trading in March 2022 will be heard in a London court on June 20-22. On March 8, 2022 nickel prices more than doubled in a matter of hours to a record above $100,000 a tonne, prompting the exchange to suspend trading for the first time since 1988 and cancel all nickel trades on that day.
Odey’s Only Female Money Manager Posts Gain But It’s Not Enough to Keep Clients (Bloomberg)
Sophia Whitbread, the only female portfolio manager at what used to be Crispin Odey’s investment empire, has been the best performer among her peers in the firm since a crisis engulfed the company earlier this month. But that hasn’t been enough to retain clients. Whitbread’s Brook Global Emerging Market fund has gained 5% since fresh sexual assault allegations against Odey surfaced in a Financial Times investigation on June 8. Yet the fund’s assets have since dropped by almost 36% to about $64 million as investors pulled their money, according to data compiled by Bloomberg.
Tiger Global Struggling to Attract Cash for New VC Fund (PrivateEquitywire.co.uk)
Tiger Global Management LLC is struggling to attract commitments for its latest venture capital investment vehicle, with the hedge fund firm having so far secured about a third of its $6 billion target, according to a report by Bloomberg. The report cites a regulatory filing made on Friday as revealing that Private Investment Partners Fund 16 has attracted capital commitments of $2.06 billion since Tiger Global began marketing it to investors in October last year.
Image: Depositphotos
Three Arrows Capital’s NFTs Break Auction Record (FiNews.Asia)
Non-fungible tokens previously owned by collapsed crypto hedge fund Three Arrows Capital set a new auction record in New York. A digital collection of 37 artworks previously owned by Three Arrows Capital fetched nearly $11 million at Sotheby’s in New York, marking a new auction record for works sold as non-fungible tokens (NFT).
Öhman Fonder Appoints Lena Öberg as CIO (Hedge Nordic)
Stockholm (HedgeNordic) – Lena Öberg has been appointed as the Chief Investment Officer of Swedish asset manager Öhman Fonder. Most recently, she served as the Head of Absolute Return Selection at DNB Asset Management and was part of the portfolio management team overseeing the multi-strategy hedge fund DNB Multi Asset. “I am delighted to go to Öhman Fonder, which has a strong offering in both traditional and more niche management, high ambitions in sustainability and a clear customer orientation,” Lena Öberg comments on joining Öhman Fonder. “I am excited to be involved and contribute to the company’s continued development.”
Cathie Wood Trims Holdings in Tesla Stock (NASDAQ:TSLA); Will the Rally Hit a Pause? (TipRanks)
Story Highlights: Cathie Wood continues to sell Tesla stock. Tesla remains her top holding in the Ark Innovation ETF. After selling 393,000 shares of Tesla (NASDAQ:TSLA) earlier this month, popular hedge fund manager Cathie Wood once again trimmed her holdings in the EV (Electric Vehicle) giant. Her flagship fund, Ark Innovation ETF (ARKK), sold another 62,415 shares of TSLA. Despite the recent selling, Tesla remains the top holding of ARKK, implying the fund manager remains upbeat about the stock and expects the rally to sustain.
New China-Focused Hedge Fund Bucks Trend to Raise More Than $100 mln (Reuters)
A new China-focused hedge fund, led by a former Hillhouse Capital Management fund manager, has raised between $100 million and $150 million, marking one of the strongest launches for a China-focused fund this year. Hong Kong-headquartered Protium Capital Ltd, a long-short equity fund, will begin trading in July. Its relatively robust start comes at a time when many funds have been slashing their exposure to the world’s second-largest economy, worried about trade and political tensions with the U.S. as well as a weaker-than-expected post-pandemic recovery.
This is Why Hedge Funds Worry About AI (AFR.com)
London | Hedge funds and other computer-driven trading firms are growing increasingly concerned about the threat that artificial intelligence presents to their profits, after a fake image of an explosion near the Pentagon triggered a brief sell-off in US stocks. The S&P 500 index fell 0.3 per cent within 30 minutes late last month after a viral tweet from a blue tick verified Twitter account showed the image of an explosion that never happened. The image, which spread rapidly on social media and was quickly shown to be fake, is likely to have been AI-generated, investigative website Bellingcat and others have speculated.
Friday 6/16 Insider Buying Report: COHR, SMAR (Nasdaq.com)
At Coherent, a filing with the SEC revealed that on Wednesday, Director David L. Motley purchased 6,041 shares of COHR, at a cost of $49.62 each, for a total investment of $299,741. Motley was up about 15.7% on the purchase at the high point of today’s trading session, with COHR trading as high as $57.39 at last check today. Coherent is trading up about 6% on the day Friday. This purchase marks the first one filed by Motley in the past twelve months. And at SmartSheet, there was insider buying on Tuesday, by Director Michael P. Gregoire who purchased 3,800 shares for a cost of $39.38 each, for a trade totaling $149,644. This purchase marks the first one filed by Gregoire in the past year. SmartSheet is trading off about 3.2% on the day Friday. So far Gregoire is in the green, up about 11.6% on their purchase based on today’s trading high of $43.96.
AMD, Dropbox And 2 Other Stocks Insiders Are Selling (Benzinga)
AMD: The Trade: Advanced Micro Devices, Inc. (AMD) President, AMD Victor Peng sold a total of 105,000 shares at an average price of $124.57. The insider received around $13.08 million from selling those shares. Rockwell Automation: The Trade: Rockwell Automation, Inc. (ROK) President and CEO Blake D Moret sold a total of 4,855 shares at an average price of $315.00. The insider received around $1.53 million from selling those shares.
