Hedge Fund and Insider Trading News: Elliott Management, Greenlight Capital, Origo Quest Fund, NVIDIA Corporation (NVDA), Yellow Corp (YELL), and More

Western Digital Gets $900 Million Investment from Apollo, Elliott (Reuters)
Memory chip maker Western Digital Corp (WDC.O) said on Tuesday it will receive $900 million through a convertible preferred stock deal from private equity firm Apollo Global Management Inc (APO.N) and hedge fund Elliott Management Corp. Western Digital said the preferred stock it sold to Apollo and Elliott has a conversion price of $47.75 per share, which is approximately a 9% premium on its closing price of $43.95 on Tuesday. It will also pay a dividend starting at 6.25% per year.

Hedge Funds Buck Jobs Gloom as Millennium, Man Group, Brevan Howard Hire for Hundreds of Roles (Financial News)
When Goldman Sachs and Morgan Stanley started slashing their workforces, hedge fund watchers wondered whether the layoffs across banking would eventually hit their sector too. But the hedge fund industry is defying the redundancy trend that has already impacted thousands of peers at the likes of Credit Suisse, Goldman Sachs, and Morgan Stanley.

Origo’s First Ten Years on (a) Quest (Hedge Nordic)
Stockholm (HedgeNordic) – Long/short equity fund Origo Quest is celebrating ten years of bargain hunting in the universe of Nordic small-cap stocks. After a decade of successful stock picking on the long and short side, founder and CIO Stefan Roos is looking forward to Origo Quest’s next phase of growth and continued journey in the Nordic small-cap universe.

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Q4 Brought Robust Hedge Fund Returns, But Just Two Strategies Accounted For Most Of 2022’s Alpha (Forbes)
Hedge funds generally ended 2022 on a strong note. Funds administered by the Citco group of companies recorded a weighted-average return of 4.11% for the fourth quarter. The median return of 2.44% indicates that larger hedge funds broadly outperformed smaller ones by sizable percentages. Looking at the hedge fund industry more broadly, the PivotalPath Composite Index rose 0.4% in December, capping 2022 at -0.8%. However, the composite’s cumulative spread above the S&P 500 jumped significantly in December, ending 2022 at 18.6% for the largest outperformance since 2008.

Greenlight Posts January Loss (Institutional Investor)
David Einhorn’s largest long positions kept the decline from being much worse. Greenlight Capital got off to a rough start in January. The value-driven hedge fund headed by David Einhorn lost 1.6 percent in January, a month in which the Nasdaq Composite jumped 10.7 percent and the S&P 500 gained 6.6 percent, the latter’s best January…