Loeb’s Third Point Hedge Funds Slump as Much as 10% in January (Bloomberg)
Dan Loeb’s Third Point is emerging as one of the biggest hedge fund losers of January as volatile stocks hurt some money managers. The firm’s largest Third Point Offshore fund lost 7.6%, while the Third Point Ultra fund slumped 10%, according to an investor letter seen by Bloomberg. The declines erased a portion of the 23% gain in the Offshore fund and a 27% surge in the Ultra fund last year, another document shows.
Billionaire Investor Leon Cooperman Prefers to Shop for Clothes Wholesale and Seems to Like Costco Lamb Chops, According to Interview (Business Insider)
Billionaire investor Leon Cooperman says he prefers to shop wholesale for clothes, appears to favour Costco lamb chops, and rides a vintage Schwinn bicycle around his neighbourhood, according to an interview he gave to The Washington Post. Cooperman, whose fortune is estimated at $2.5 billion, also said he owned a Hyundai, which he used for running occasional errands.
Algebris Appoints New Chief Investment Officer (Hedge Week)
Algebris Investments has appointed Sebastiano Pirro as Chief Investment Officer at Group level with effect from 1 February 2022. In his new role, Pirro will lead the investment team and focus on the evolution of the firm’s investment process across the range of liquid strategies. Pirro will maintain his responsibilities as portfolio manager of Algebris Financial Credit and Algebris IG Financial Credit, and will continue to report to Davide Serra, Founder and CEO.
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Indecap to Bin Long/Short Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Indecap Fonder’s long/short equity fund, Guide Avkastningsfond, will merge into one of the asset manager’s funds at the end of February. Guide Avkastningsfond has generated a cumulative loss of 4.3 percent since the fund started employing a long/short equity strategy in mid-December 2018. The fund had previously operated as a fund of funds.
The Role of Venture Capital in ESG Investing (Preqin)
Venture capital investors’ ESG adoption is relatively low, but their potential impact and economic opportunity make a convincing argument. LPs that allocate to venture capital have not been as keen to sign on to major ESG organizations as investors in other asset classes. According to data on investor signatories from Preqin Pro, the number of venture investors (661) that have signed up to the most popular and widely accepted ESG-investing organization, Principles for Responsible Investment (PRI), was ahead of only natural resources (597) and hedge fund investors (587).
Hedge Fund Billionaire Ken Griffin Gives $15 Million To Republican Super-PACs (Forbes)
Hedge fund billionaire Ken Griffin poured $15 million into two super-PACs supporting congressional Republicans in December, according to Federal Election Commission reports filed Monday. Griffin gave $10 million to the Congressional Leadership Fund, a super-PAC that is aiming to help Republicans retake the majority in the U.S. House during the 2022 elections. He also gave $5 million to the Senate Leadership Fund, a super-PAC that supports GOP senators.
-SoftBank’s Fortresss Weighs Debut European CLO Deal (Bloomberg)
Fortress Investment Group is weighing its first collateralized loan obligation deal in Europe as the distressed-debt specialist owned by SoftBank Group Corp. seeks to tap growing appetite for the asset class, according to people familiar with the matter. Rahul Ahuja, promoted to co-head of European credit in November, may oversee the firm’s CLO platform in the region and a deal could come as soon as this year, said the people who asked not to be identified because they’re not authorized to comment on the matter.
Melvin Capital’s Plotkin Eyes New Cash After Year of Double-Digit Losses (Reuters)
(Reuters) – Melvin Capital, the hedge fund that lost nearly $7 billion early last year by betting stocks like GameStop would tumble, wants to raise money for a new portfolio, according to a regulatory filing made on Monday. The new fund will be called Melvin Capital Long Only LP and the filing did not say when fundraising will begin. The fund’s name suggests that it will bet stocks will rise not fall and that the portfolio will not be hedged.
Hedge Funder Ackman Makes $3.8 Billion on Covid Trades (The Street)
Pershing Square’s Bill Ackman made money on the economy’s decline at the beginning of the pandemic and then its rebound later on. Hedge fund titan Bill Ackman, CEO of Pershing Square Capital Management, made $3.85 billion on $204 million of bets at both ends of the pandemic. The news came from The Wall Street Journal, which cited fund documents and knowledgeable sources. Ackman Played the Bonds Market: Ackman’s success didn’t come in his usual activity of buying and selling stocks but rather in the bond markets.
George Soros Pumped $125 Million Into His Super-PAC. Here’s Who’s Getting The Money (Forbes)
Political megadonor and hedge fund tycoon George Soros poured $125 million into a super-PAC that will support candidates and causes in the 2022 midterms and beyond, according to a recently released filing with the Federal Election Commission. “I established Democracy PAC to support causes and candidates, regardless of political party, who share a mission of protecting and strengthening the infrastructure of American democracy: voting rights and civic participation, civil rights and liberties, and the rule of law,” said Soros, who is worth an estimated $8.6 billion, in a statement.
Tuesday 2/1 Insider Buying Report: HBCP, BANC (Nasdaq.com)
On Monday, Home Bancorp (HBCP)’s Director, John Scott Ballard, made a $150,122 purchase of HBCP, buying 3,750 shares at a cost of $40.03 a piece. Investors have the opportunity to bag HBCP even cheaper than Ballard did, with the stock changing hands as low as $38.67 at last check today which is 3.4% below Ballard’s purchase price. Home Bancorp is trading up about 0.9% on the day Tuesday. This buy marks the first one filed by Ballard in the past year. And on Thursday, CEO Jared M. Wolff bought $98,796 worth of Banc Of California (BANC), buying 5,015 shares at a cost of $19.70 each. Before this latest buy, Wolff made one other buy in the past twelve months, purchasing $99,413 shares at a cost of $17.75 each. Banc Of California Inc is trading down about 0.1% on the day Tuesday. Investors are able to pick up BANC even cheaper than Wolff did, with the stock trading as low as $19.23 at last check today which is 2.4% under Wolff’s purchase price.
Executives Sell Over $10M Of 5 Stocks (Business Insider)
Airbnb: The Trade: Airbnb, Inc. (NASDAQ:ABNB) Director Belinda Johnson disposed a total of 20,000 shares at an average price of $143.48. The insider received $2.87 million as a result of the transaction. Electronic Arts: The Trade: Electronic Arts Inc. (NASDAQ:EA) CEO and Director Andrew Wilson sold a total of 10,000 shares at an average price of $131.01. The insider received $1.31 million from selling those shares. Capital One Financial: The Trade: Capital One Financial Corporation (NYSE:COF) General Counsel Matthew Cooper sold a total of 6,767 shares at an average price of $146.82. The insider received $993.53 thousand as a result of the transaction.
Insider Buying Continues, Important Resistance Levels Are Tested (Investing.com)
All the major equity indexes closed higher Monday with positive internals on the NYSE and NASDAQ as trading volumes rose from the prior session. All closed near their highs of the day with several charts violating resistance as others closed above their near-term downtrend lines. As such, all but one are in near-term neutral trends versus their prior negative slopes.
