Up 30% in 2022, What Next for Elementa? (Hedge Nordic)
Stockholm (HedgeNordic) – As stocks have broadly plummeted in unison this year, 2022 is shaping up to be rather disappointing for stock-picking managers. This market rout, however, has worked to the benefit of long/short equity fund Elementa, which is enjoying its best year on record with a year-to-date advance of over 30 percent. “At the beginning of the year and throughout a large portion of 2021, we struggled to find interesting long positions that would meet our high standards in terms of risk/reward whereas we saw a lot of opportunities on the short side, hence our positioning resulted in a negative net exposure throughout the year,” recalls Elementa founder and CIO Marcus Wahlberg. “Our strong performance comes from a combination of great alpha in our long book together with a 60 percent performance in our short book,” says Wahlberg.
Brookfield Tops the Charts as US Leads the Way in Music Deals (Preqin)
Top US music deals and funds reflect the value of rights ownership as the industry continues to evolve. Private capital investors are seeing value in music rights ownership as streaming services and social media firms introduce new ways to distribute music. The US has played host to some of the largest music rights deals over the last three years. $2bn: Private capital giant Brookfield Asset Management completed one of the largest music deals in the US in 2022 YTD with the $2bn purchase of New York-based music publisher Primary Wave. The deal gives Primary Wave $1.7bn in capital funding and offers Brookfield music rights to multiple artists, including American punk singer Joey Ramone.
Don’t Expect Britain’s First Hedge Fund Premiership to be Smooth or Enjoyable | Ed Conway (Sky News)
Rishi Sunak is not just our first British Asian prime minister, our first Hindu PM. He is not just the youngest prime minister of the modern era. He is also the youngest since the Napoleonic wars and the first millennial PM. Just as intriguingly, and possibly even more consequentially, he is Britain’s first hedge fund prime minister too. Before he was a politician, Mr Sunak worked in finance, both at Goldman Sachs and Chris Hohn‘s hedge fund – The Children’s Investment Fund Management. His time in the sector was relatively short, but it nonetheless makes for a CV quite unlike almost every other resident of 10 Downing Street.
Greenlight Continues to Cut Its Exposure (Institutional Investor)
In a year of caution, Greenlight has turned even more cautious. According to its third-quarter letter, obtained by Institutional Investor, the value-driven hedge fund firm headed by David Einhorn had cut its net long exposure to a mere 10 percent as of the end of September.
Monday 10/24 Insider Buying Report: MIST, USAU (Nasdaq.com)
On Wednesday, Milestone Pharmaceuticals (MIST)’s Director, Robert James Wills, made a $73,950 buy of MIST, purchasing 15,000 shares at a cost of $4.93 each. Wills was up about 13.6% on the buy at the high point of today’s trading session, with MIST trading as high as $5.60 at last check today. Milestone Pharmaceuticals is trading up about 3.7% on the day Monday. And on Thursday, Director Luke Anthony Norman bought $36,411 worth of US Gold Corp (USAU), buying 10,000 shares at a cost of $3.64 a piece. Before this latest buy, Norman bought USAU at 2 other times during the past twelve months, for a total investment of $62,658 at an average of $3.95 per share. US Gold Corp is trading down about 0.1% on the day Monday. Norman was up about 1.1% on the purchase at the high point of today’s trading session, with USAU trading as high as $3.68 in trading on Monday.
$6 Million Bet On This This Stock? Check Out These 3 Penny Stocks Insiders Are Buying (Benzinga)
Axcella Health: The Trade: Axcella Health Inc. (AXLA) 10% owner Nestle SA bought a total of 3,658,536 shares at an average price of $1.64. To acquire these shares, it cost around $6 million. OPKO Health: The Trade: OPKO Health, Inc. OPK 10% owner Frost Gamma Investments Trust acquired a total of 100,000 shares at an average price of $1.72. The insider spent around $171.92 thousand to buy those shares.
Insider Trading: October 24, 2022 (BIV.com)
Insider John Kim, director. Company: Well Health Technologies Corp. (TSX:WELL). Shares owned: 484,379. Trade date: Oct. 7. Trade total: $356,880. Trade: Sale of 124,000 shares at prices from $2.87 to $2.88 per share. Insider Patrick John McGrath, 10% owner. Company: Blue Moon Metals Inc. (TSX-V:MOON). Shares owned: 9,775,714. Trade date: Oct. 11. Trade total: $70,000. Trade: Sale of 7,000,000 shares at a price of $0.01 per share.
