Crispin Odey: the Fallen Star Hedge Fund Manager (Reuters)
Amid the sterling plunges that followed Britain’s budget debacle in the autumn, Crispin Odey told Reuters that if he admitted to a sterling short he would be dubbed “the enemy of the people”. “I love the people. I just can’t put them in my portfolio,” he quipped. Now Odey and his long standing hedge fund have been abandoned by the people working in the City where he made his name, following allegations of sexual misconduct against him.
Toscafund Launches Global Equity Fund (Hedge Week)
Toscafund, a London-headquartered specialist asset manager, has launched the Tosca Market Thinking Fund, which the company describes as “an innovative, unconstrained global equity fund” developed by Mark Tinker, CIO Toscafund Hong Kong. Structured as a combination of a global factor fund (40%) and a global thematic fund (60%), rather than the traditional country and sector approach, the strategy removes stock specific risk by utilising large and liquid ETFs to create a conviction based portfolio, according to Toscafund.
Billionaire Bill Ackman Has Made a Fortune on These 3 Investments Over the Last 14 Years (The Motley Fool)
Bill Ackman‘s fund Pershing Square Capital Management has routinely beaten the market since it was founded in 2004. The billionaire hedge fund investor Bill Ackman has been quite successful throughout his career. Since Ackman launched his main fund, Pershing Square Capital Management, in 2004, Pershing has generated a roughly 17% annualized return versus 10.2% for the broader benchmark S&P 500 index. The impressive results and Ackman’s superb career have been made possible by several big investment ideas over the last 14 years that made Ackman and Pershing a fortune. Let’s take a look at the top three.
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Republican Donor Invested in UK Firm Owned by Tory Peer Close to Boris Johnson (The Guardian)
A billionaire US hedge fund executive and major donor to US Republican candidates invested £1m in a British company owned by a Conservative peer who was close at the time to the then prime minister, Boris Johnson. Kenneth Griffin, the founder of Citadel, one of the largest hedge funds in the world, made the personal investment in 2020 in a company set up by Lord Howard of Rising, a Conservative peer whose Westminster mansion served as Johnson’s leadership campaign “nerve centre” a year earlier.
Seat On Paul Singer’s Private Jet No Reason To Assume Supreme Court Justice Couldn’t Be Impartial Vis-à-Vis Paul Singer (Deal Breaker)
Justice Samuel Alito didn’t want ProPublica to control the narrative on the tale of his ethical conduct like the publication did with its revelations about Clarence Thomas. So when ProPublica asked him for comment on an upcoming story, he decided to get out ahead of it, dropping over a thousand words in the Wall Street Journal defending his recusals and financial disclosures. And by “get ahead of it,” we mean he openly confessed the most egregious allegation, admitted that his personal conflicts process is so negligent that he likely commits even more ethical breaches, and… maybe confirmed that he was the source of the Dobbs leak.
Atomberg Backer Steadview Eyes Stake In Indian Jewellery Retailer (VCCircle.com)
Global hedge fund Steadview Capital Management LLC has joined the race to buy a significant minority stake in Ratan Tata-backed Indian jeweller BlueStone Jewellery and Lifestyle Pvt. Ltd for $100 million, three people aware of the matter said. India-focused Steadview is competing with Singapore state investor Temasek Holdings (Pvt.) Ltd, which…
Failed Hedge Fund Three Arrows Capital Relaunches as 3AC Ventures (Micky.com.au)
Open Exchange (OPNX), a platform for trading claims against bankrupt crypto entities, caught the attention of the crypto space after announcing its latest ecosystem partner called “3AC Ventures.” Using the same name and logo as Three Arrows Capital, 3AC Ventures claims to be “focused on superior risk-adjusted returns without leverage.” Su Zhu and Kyle Davies, who both co-founded the now-bankrupt Singapore-based hedge fund Three Arrows Capital (3AC), launched OPNX. Due to a string of risky leveraged bets made during the bear market and its exposure to the $40 billion collapse of the Terra Luna ecosystem in May 2022, 3AC filed for bankruptcy in June 2022.
AXA IM Shutters HK-Based Hedge Fund Unit (Hedge Week)
AXA’s Hong Kong-based hedge fund division, AXA IM Chorus, has closed down and chief investment officer Hector Chan has left the firm, after AXA redeemed its shares in the two AXA IM Chorus Luxembourg funds, which launched in 2017, according to a report by AsianInvestor. The report cites a spokesman for AXA IM, the funds’ main investor, as confirming the share redemption, saying that it had “resulted in the liquidation of the funds, which in turn led to the termination of the AXA IM Chorus business”.
Ex-Goldman Insider Trader’s Fate Sealed by Best Buddy’s Betrayal (Bloomberg Law)
The Goldman Sachs Group Inc. veteran aimed a deadpan stare at his friend on the witness stand and waited for the inevitable betrayal. Yes, the witness said, he knew the defendant, and pointed to the former Goldman banker, a few yards away. He was his classmate, his groomsman, his squash partner and wingman – and the author of an insider-trading scheme that had now upended both of their lives. Brijesh Goel, in a blue tie at the defense table, didn’t flinch. But by the time that testimony was over, the verdict was assured.
Thursday 6/22 Insider Buying Report: TPL, HNNA (Nasdaq.com)
At Texas Pacific Land, a filing with the SEC revealed that on Wednesday, Director Murray Stahl purchased 17 shares of TPL, at a cost of $1331.00 each, for a total investment of $22,627. Bargain hunters can bag TPL even cheaper than Stahl did, with the stock trading as low as $1292.21 at last check today — that’s 2.9% below Stahl’s purchase price. Texas Pacific Land is trading off about 2.6% on the day Thursday. Before this latest buy, Stahl bought TPL at 165 other times during the past twelve months, for a total investment of $6.26M at an average of $2006.87 per share. And also on Wednesday, CEO Neil J. Hennessy purchased $13,220 worth of Hennessy Advisors, purchasing 1,862 shares at a cost of $7.10 a piece. Before this latest buy, Hennessy purchased HNNA on 3 other occasions during the past twelve months, for a total investment of $154,890 at an average of $6.88 per share. Hennessy Advisors is trading up about 0.3% on the day Thursday.
$1.5M Bet On This Consumer Defensive Stock? Check Out These 4 Penny Stocks Insiders Are Aggressively Buying (Benzinga)
Whole Earth Brands: The Trade: Whole Earth Brands, Inc. (FREE) 10% owner Sababa Holdings Free LLC acquired a total 488,923 shares an average price of $3.00. To acquire these shares, it cost around $1.47 million. Flotek Industries: The Trade: Flotek Industries, Inc. (FTK) Director Matt Wilks acquired a total of 54,539 shares at an average price of $0.78. The insider spent around $42.54 thousand to buy those shares.
