Dan Niles Says He Likes This Stock as a ‘Very Cheap’ Way to Play the Electric Vehicle Market (CNBC)
Hedge fund manager Dan Niles told CNBC on Wednesday he likes shares of Magna International as an attractively priced way to get exposure to the buzzy electric vehicle market. EVs have been in the spotlight on Wall Street in recent months as a flurry of startups go public through reverse mergers with special purpose acquisition companies, and as established auto titans like General Motors and Ford ramp up their investments to compete with established players such as Tesla.
Commodities Hedge Fund Westbeck Scores Double-Digit Gain, as “Dizzying” Oil Surge Set to Continue (Hedge Week)
London-based commodities-focused hedge fund Westbeck Capital Management has seen its flagship strategy surge in recent weeks, as oil prices continue to trend upwards. The Westbeck Energy Opportunity Fund finished February up 32.8 per cent, and is maintaining its positive momentum in March as oil prices regain pre-pandemic levels and oil equities rebound. The strategy, which launched in 2016, trades oil markets using a long/short directional approach across equities, futures and options. Oil equities, oil futures – both long and short – oil options and emissions all contributed positively to March’s returns, which was the fund’s best monthly performance since April last year. By comparison, the XOP and Brent benchmarks rose 25.2 per cent and 17.5 per cent respectively.
Fund Manager Odey Acquitted of 1998 Indecent Assault (Reuters)
LONDON (Reuters) – Crispin Odey, one of Britain’s most high-profile hedge fund managers, was acquitted of indecently assaulting a young, female banker in 1998 after a three-day London trial. Judge Nicholas Rimmer told Westminster Magistrates’ Court on Thursday that there had been a “catalogue of inconsistencies” in the case and he could not dismiss the possibility that 62-year-old Odey only verbally propositioned the woman.
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Cerberus Capital Management Raises $4.4bn for mid-market Direct Lending Strategy (Opalesque.com)
Distressed investment specialist Cerberus Capital Management has hauled in $4.4bn for its latest middle-market direct lending strategy. The American private equity firm said in a press release that its middle-market direct lending platform, Cerberus Business Finance closed the Cerberus Levered Loan Opportunities Fund IV with $2.4 billion of equity commitments and, in total, raised more than $4.4 billion of equity commitments for its strategy across Fund IV and separately managed accounts. “Together with additional fund-level leverage commitments, this raise brings Cerberus Business Finance’s total capital to over $20 billion, said the company with approximately $50 billion in assets across complementary credit, private equity, and real estate strategies.
Billionaire Hedge-Funder Joseph Edelman Asks $33.2 Million for Manhattan Penthouse (The Wall Street Journal)
Billionaire and hedge-fund executive Joseph Edelman is listing his penthouse on Manhattan’s Park Avenue for $33.2 million. The price isn’t much more than what Mr. Edelman spent purchasing the apartment – records show he paid about $30.55 million in 2008 – reflecting the softness of the high-end market. The triplex is located at 823 Park Avenue, a prestigious condo building between 75th and 76th Streets, and is over 10,000 square feet, according to listing agent Maria Manuche of Compass.
How Chase Coleman Became a Hedge Fund Legend (Institutional Investor)
Twenty years after launching a hedge fund firm with a seed investment from legendary hedge fund manager Julian Robertson, Jr., Chase Coleman is taking a well-deserved victory lap. The elite investment manager, who never speaks with the press or at conferences, recently sent off a six-page 20-year anniversary letter to clients, which was obtained by Institutional Investor. The letter recalled Tiger Global’s unlikely launch, reflected on past accomplishments and mistakes, and envisioned the next 20 years – all in a sober, non-boastful tone.
Dealmaker One Rock Capital Raises Biggest Ever Flagship Fund at $2bn Hard Cap (Opalesque.com)
One Rock Capital Partners, the middle-market buyout shop, held a final close of its third middle-market buyout fund, One Rock Capital Partners III, at its $2 billion hard cap. The firm, which focuses on manufacturing, chemicals, and auto-retail companies, exceeded its $1.5 billion target with commitments from institutional investors including pensions, insurers, and health organizations. The latest fund, the largest fund to date, is more than twice the size of its predecessor, the $964 million One Rock Capital Partners II, said a press release from the New York-based private equity firm.
Hedge Fund Manager Alan Howard Leads $25M Raise for Crypto Custodian Komainu (Nasdaq.com)
According to an announcement Tuesday, other participants in the fundraising round included Galaxy Digital, NOIA Capital and Nomura Research Institute, which have now become strategic partners to the firm. Komainu was established in 2018 as a joint venture involving Japan’s Nomura bank, digital asset security firm Ledger and crypto investment firm CoinShares, which all contributed to this latest round of financing.
C3.AI Inc (AI) CEO Thomas M Siebel Sold $192 million of Shares (Guru Focus)
CEO of C3.ai Inc, Thomas M Siebel, sold 2,263,241 shares of AI on 03/10/2021 at an average price of $84.82 a share. The total sale was $192 million. C3.ai Inc has a market cap of $8.53 billion; its shares were traded at around $84.560000 with and P/S ratio of 38.47.
A Director at AMC Networks (NASDAQ: AMCX) is Selling Shares (Analyst Ratings)
On March 9, a Director at AMC Networks (AMCX), Brian Sweeney, sold shares of AMCX for $2.44M. This is Sweeney’s first transaction since reporting a Buy transaction on MSGN back in September 2015 In addition to Brian Sweeney, 3 other AMCX executives reported Sell trades in the last month.
Thursday 3/11 Insider Buying Report: NRK, EVFM (Nasdaq.com)
At Nuveen New York AMT-Free Municipal Income Fund, a filing with the SEC revealed that on Wednesday, Vice President Michael A. Perry bought 8,568 shares of NRK, at a cost of $13.48 each, for a total investment of $115,473. Nuveen New York AMT-Free Municipal Income Fund is trading up about 0.6% on the day Thursday. And at Evofem Biosciences, there was insider buying on Tuesday, by Chief Executive Officer Saundra L. Pelletier who purchased 45,249 shares at a cost of $2.28 each, for a trade totaling $103,168. Evofem Biosciences is trading down about 2.2% on the day Thursday. Pelletier was up about 19.7% on the buy at the high point of today’s trading session, with EVFM trading as high as $2.73 in trading on Thursday.
