Hedge Fund D1 Capital’s Public Bets Fall 12% in December; Founder Sees Buying Opportunity (The Wall Street Journal)
D1 Capital Partners has lost 12% in its public investments for the month of December through Monday as fears about the fast-spreading Omicron variant have fueled big stock swings in recent sessions. D1 founder Daniel Sundheim wrote in a Dec. 20 letter to investors that D1 remained confident in its portfolio and was using the volatility to add to many of its stakes in companies that had recently caused losses or that it most believed in. He cited as examples travel companies that should benefit given consumers’ high savings levels and pent-up desire to travel; private companies D1 has been invested in that have gone public this year and sold off significantly, many by more than 40%; and fast-growing Internet companies.
The CEO of the World’s Largest Hedge Fund is Gearing up to Run for Senate in Pennsylvania (Business Insider)
Bridgewater Associates Chief Executive David McCormick reportedly plans to run for a US Senate seat representing Pennsylvania in a 2022 race that could determine which party controls the chamber. The 56-year-old Republican and Gulf War veteran planned to file paperwork with the IRS creating the “Friends of Dave McCormick Exploratory Committee,” according to a Philadelphia Inquirer report Monday citing his advisers.
The Story of Alden Global Capital Illustrates Deep American Problems (The Atlantic)
The Men Who Are Killing America’s Newspapers. In November, McKay Coppins wrote about Alden Global Capital, the secretive hedge fund gutting newsrooms and damaging democracy. I’m from Chicago originally and still a close reader of the Tribune. It’s astonishing how bad things have gotten for a once-vibrant institution. The pages are thinner. Associated Press wire stories have replaced original reporting. There are spelling errors throughout.
Two Sigma, Renaissance Rebound in 2021 (Institutional Investor)
Quant funds are back…at least for now. After losing money in 2020, computer-driven hedge fund firms, including Two Sigma and Renaissance Technologies, have rebounded sharply this year. This is especially true for a few strategies in particular. “Risk Premia and equity quants are having their best year in a while, and nobody…
Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers for Help (Bloomberg)
An obscure rule covering environmental, social and governance investing in Europe has prompted hedge-fund managers in the U.S. and U.K. to turn to their lawyers. At issue is whether they need to comply with one of the most complicated corners of Europe’s Sustainable Finance Disclosure Regulation. The sub-section in question — the so-called Principal Adverse Impact rule — requires investment firms to state whether their actions might in any way harm the environment. U.S. and U.K. hedge funds had thought the rule applied only to products marketed in Europe.
Managing ESG as a Multi-Manager (Hedge Nordic)
Stockholm (HedgeNordic) – The Nordic countries might well have been at the forefront of worldwide sustainability efforts in recent years. With Brummer & Partners being one of the leading players in the Nordic hedge fund industry since its early days in the 1990s, the Stockholm-based hedge fund group has also played a major role in pushing sustainability forward in the industry. Brummer & Partners, which has built – and is continuously reshaping – a family of funds through strategic relationships with hedge fund managers from different corners of the world, has a unique ability to encourage its underlying fund managers to develop and embrace sustainability efforts.
Top 3 Hedge Funds Betting Against GameStop Stock (The Street)
Short sellers are constantly targeting GameStop shares. Here are the top three hedge funds betting against GME. After a painful drop since their peak on November 22, GameStop (GME) shares have finally found their way up again, trading 13% higher in the past week. Still, as GME shareholders — AKA the “Ape Army” — hold on for bigger gains, hedge funds continue to short the stock.
Tuesday 12/21 Insider Buying Report: H, CMTG (Nasdaq.com)
At Hyatt Hotels, a filing with the SEC revealed that on Friday, Alejandro Reynal purchased 48,000 shares of H, at a cost of $83.47 each, for a total investment of $4.01M. So far Reynal is in the green, up about 5.3% on their purchase based on today’s trading high of $87.85. Hyatt Hotels is trading up about 5.4% on the day Tuesday. Before this latest buy, Reynal made one other purchase in the past year, buying $4.01M shares for a cost of $83.47 a piece. And also on Friday, CEO and Chairman Richard Mack bought $1.90M worth of Claros Mortgage Trust, buying 114,904 shares at a cost of $16.58 a piece. Before this latest buy, Mack made one other buy in the past twelve months, purchasing $5.00M shares for a cost of $18.65 a piece. Claros Mortgage Trust is trading up about 4.3% on the day Tuesday.
Man Charged in $82M Hacking, Insider Trading Scheme (Manufacturing.net)
Hackers accessed earnings from Tesla, Snap Inc., Roku and other U.S. companies before they became public. BOSTON (AP) — One of five Russian nationals who authorities allege made tens of millions of dollars in illegal profits by trading shares of companies using information stolen during hacks of U.S. computer networks has been extradited to the U.S. to answer to the charges, federal prosecutors in Boston announced Monday.
The President of Starwood Property (NYSE: STWD) is Buying Shares (Analyst Ratings)
Yesterday, the President of Starwood Property (STWD), Jeffrey Dimodica, bought shares of STWD for $148.6K. In addition to Jeffrey Dimodica, one other STWD executive reported Buy trades in the last month. Based on Starwood Property’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $233 million and quarterly net profit of $129 million.
