Flagship Odey Fund Slimmed Down by Manager Neave, Exits Commodity Futures (Reuters)
Freddie Neave has lowered the risk profile of Crispin Odey’s flagship fund, which he took over the management of in June, according to an investor letter seen by Reuters on Wednesday. Crispin Odey, 64, was ousted in June from Odey Asset Management (OAM), which he founded in 1991, after the Financial Times and Tortoise Media reported that 13 women had alleged that he had sexually assaulted or harassed them.
Saba Capital ups pressure on Citadel Income Fund (Hedge Week)
Saba Capital Management, the credit relative value focused hedge fund firm founded by Boaz Weinstein, has filed a dissident proxy circular in connection with a special meeting of the Citadel Income Fund, a Canada-based closed-end investment trust. The filing is the latest move in the firm’s wider campaign against closed-end funds trading at a discount. According to a statement, New York-based Saba has requested the 11 September meeting to try and oust the fund’s current trustees and manager Artemis Investment Management Ltd, and to approve the fund’s “timely wind-up and liquidation”.
Coatue Launches VC Fund (Institutional Investor)
The Tiger Cub continues to target early-stage financings. Coatue Management has closed on a new venture capital fund. According to a regulatory filing, the Tiger Cub headed by Philippe Laffont has raised $331 million for Coatue Ventures III. The fund’s first sale was in September 2022. As is usually the case, the filing does not disclose much more information.
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Boston Hedge Fund Buys 9.3M More Shares of Yellow for a 42.5% Stake (BizJournals)
Boston hedge fund MFN Partners LP acquired an additional 9.29 million shares of Yellow Corp. on Monday, increasing its stake and becoming the company’s largest shareholder. MFN Partners has been buying shares of Yellow (Nasdaq: YELL) since July 10. By Friday, MFN Partners had accumulated 12.77 million shares for a 24.6% stake. Now, its ownership has reached 22.07 million shares for a 42.5% stake, according to a Monday filing with the Securities and Exchange Commission. MFN spent about $22.93 million for its shares, including commissions, according to the filing.
Adrigo Reaps Rewards and Secures Gains in July (Hedge Nordic)
Stockholm (HedgeNordic) – Adrigo Small & Midcap L/S enjoyed its strongest monthly gain since launching more than five years ago after a challenging first half of the year. The fund managed by CIO Staffan Östlin and portfolio manager Johan Eriksson gained 14.2 percent in July, with 11 of its mid-sized positions rising more than ten percent during the month. Positive contributions were also driven by a cash offer for its shares in Norwegian game-based e-learning platform Kahoot!, along with successful short positions.
