Elliott Boosts Stake in Triple Flag to 67% (Reuters)
Elliott Investment Management on Thursday raised its stake in gold-focused streaming and royalty firm Triple Flag Precious Metals Corp to 67% from 64.7%. The hedge fund acquired 4.7 million shares in Triple Flag at C$16.50 per share. Triple Flag provides upfront financing to miners in exchange for a share of future revenue or production. It has vested interests in royalty, concerning Alamos Gold Inc’s Young-Davidson mine located in Ontario, and Kirkland Lake Gold Ltd’s Fosterville underground mine in Australia.
Lesser-Known Hedge Fund Boss Joins Ranks of Best Paid With 193% Gain (Bloomberg)
Said Haidar’s conviction that inflation was about to explode across the globe can be summarized by a single number: $63 billion. That’s how much his Haidar Capital Management reported in assets to start 2022. The catch? The hedge fund actually oversaw just $1.2 billion.
Billionaire Hedge-Fund Manager Larry Robbins Just Listed His Manhattan Penthouse for $55 Million (Robb Report)
A four-floor apartment crowning the Charles building on NYC’s First Avenue has hit the market for the first time with a $55 million price tag, The Wall Street Journal reported. The Upper East Side pad is owned by billionaire Larry Robbins, founder and CEO of Glenview Capital Management, a New York–based hedge fund. Robbins bought the glassy white box back in 2015 for $38 million, however, it’s undergone an extensive five-year transformation since then.
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Accendo Celebrates 15 Years of Active Ownership (Hedge Nordic)
Hedge funds are not generally known for their longevity. For the funds that do have a lifespan exceeding ten or 15 years, this operational longevity is a sign of something going right. This March, activist investor Accendo Capital is joining the select group – now 33 – of long-running Nordic hedge funds with a lifespan that exceeds 15 years. “The strategy is exactly the same as when we launched, so we must have been doing something right,” says Henri Österlund, the founder of Accendo Capital. “We are independently owned and managed, working for the best interests of our fund shareholders within a single, defined strategy,” he emphasizes.
The Big Picture: Energy Transition-Focused Hedge Fund Sees Macro Risks in the Near Term (Opalesque.com)
Energy transition – a wide term that conveys the adoption of solar panels, wind turbines, and the gradual closing of oil wells and coal pits – is a journey that is not without its bumps and blocks and bottlenecks. Generating power from renewables is only part of the energy transition journey. The mass introduction of electric transportation infrastructure and energy storage, coupled with greater usage of technologies to improve energy efficiency, are also driving this movement. The energy transition will require trillions of dollars in spending, creating a major opportunity for investors, even with the existing roadblocks.
Bridgewater, Millennium, and Marshall Wace in Bearish Bet on Europeans Banks (Reuters)
Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Hedge funds including Citadel, Wellington Management, Capital Fund Management and Odey Asset Management already had short positions, some long-standing, disclosed as of Feb. 15, said the data provider on Thursday.
Hedge Funds Eye ‘Cheap’ Deals in Regional Bank Stocks After Silicon Valley Bank Collapse (Financial News)
Hedge funds are trying to turn the Silicon Valley Bank saga into a buying opportunity by piling into battered smaller bank stocks. Silicon Valley Bank triggered a wider rout that evaporated billions off the market capitalisation of regional lenders. Amongst the hardest-hit were First Republic Bank, Western Alliance, Independent Bank, and PacWest.
Odey Reopens Three Hedge Funds (Hedge Week)
Odey Asset Management, the London-based hedge fund firm founded by Crispin Odey, has reopened three funds which were soft closed in November 2022, including its flagship Odey European fund, according to a report by Financial News citing a letter sent to the firm’s clients. The OEI Mac and Odey Swan funds have also reopened alongside the flagship strategy and will now start to accept new investors again. In the letter, Odey AM chief executive Peter Martin said the managers were “satisfied that there is sufficient capacity within the strategy for greater assets, and an improved opportunity set”.
Hedge Fund Flags Risky Derivatives After China Market Rally (Bloomberg)
A top-performing Chinese macro hedge fund is sounding the alarm over a popular type of derivative following the country’s stock rally. Influential fund manager Li Bei advised against investing in so-called “snowball” products, a tool she used to buy at the bottom of the market late last year. Given the rebound in China equities, investors buying the option-based contracts could suffer losses, the founder of Shanghai Banxia Investment Management Center said in an article on March 12.
Thursday 3/16 Insider Buying Report: GH, SCHW (Nasdaq.com)
At Guardant Health, a filing with the SEC revealed that on Tuesday, Co-Chief Executive Officer Amirali Talasaz bought 97,000 shares of GH, at a cost of $25.79 each, for a total investment of $2.50M. So far Talasaz is in the green, up about 11.5% on their buy based on today’s trading high of $28.75. Guardant Health Inc is trading up about 4.7% on the day Thursday. And on Wednesday, Director Stephen A. Ellis bought $2.00M worth of Charles Schwab, buying 34,387 shares at a cost of $58.26 a piece. Charles Schwab is trading off about 4.6% on the day Thursday.
Director At This Financials Company Buys $2.37M of Stock (Benzinga)
Steven B Klinsky, Director at New Mountain Finance (NMFC), reported a large insider buy on March 15, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Klinsky purchased 200,000 shares of New Mountain Finance. The total transaction amounted to $2,365,740.
