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.
Source: pexels
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…
Asia Hedge Funds Avert Disaster on Scale of Financial Crisis with China’s Reopening (The Malaysian Reserve)
ASIA hedge funds narrowly averted their first year of double-digit losses since the 2008 financial crisis after China’s sudden easing of Covid restrictions spurred a late market rally. Funds including those run by Aspex Management, Triata Capital, Yunqi Capital and Brilliance Asset Management pared a significant portion, if not all, of their 2022 losses during the final two months of last year. A Eurekahedge Pte Ltd gauge of regional hedge fund returns finished the year down 8.4%, after losses exceeding 13% through the end of October put it on course for the second-ever annual double-digit decline.
Accused Hedge-Fund Fraudster Not So Sure It’s OK For Feds To Bully His Lawyers Into Betraying Him (Deal Breaker)
The matter of the collapse of two Allianz hedge funds in the early days of the COVID-19 pandemic taught us – or those who hoped to hide their fraud behind a little global plague, or really in any way—that it’s always a good idea, when confronted by the authorities with evidence that you just lied to their faces, to have a better plan than to ask to use the facilities before walking straight out the front door.
Alcur’s Third Win in a Row (Hedge Nordic)
Stockholm (HedgeNordic) – Alcur Fonder’s first hedge fund, Alcur, has been named “Hedge Fund of the Year” by Swedish business magazine Privata Affärer for a third consecutive year. Alcur, which employs a low-net equity strategy, ended 2022 in positive territory at 8.2 percent to reach an annualized return of 10.6 percent over the past three years.
Wednesday 2/1 Insider Buying Report: YELL, CAMP (Nasdaq.com)
On Friday, Yellow’s Director, Chris T. Sultemeier, made a $123,279 buy of YELL, purchasing 29,000 shares at a cost of $4.25 a piece. Investors have the opportunity to bag YELL even cheaper than Sultemeier did, with shares trading as low as $3.29 at last check today — that’s 22.6% under Sultemeier’s purchase price. Yellow is trading off about 0.3% on the day Wednesday. And also on Friday, Director Wes Cummins bought $112,970 worth of CalAmp, buying 25,000 shares at a cost of $4.52 a piece. Before this latest buy, Cummins purchased CAMP on 11 other occasions during the past twelve months, for a total cost of $4.44M at an average of $3.96 per share. CalAmp is trading up about 1.8% on the day Wednesday. Cummins was up about 5.3% on the purchase at the high point of today’s trading session, with CAMP trading as high as $4.76 in trading on Wednesday.
NVIDIA, Micron Technology Club And 2 Other Stocks Insiders Are Selling (Benzinga)
NVIDIA: The Trade: NVIDIA Corporation (NVDA) EVP and CFO Colette Kress sold a total of 10,741 shares at an average price of $200.00. The insider received around $2.15 million from selling those shares. Micron Technology: The Trade: Micron Technology, Inc. (MU) EVP, Technology & Products Scott Deboer sold a total of 20,000 shares at an average price of $62.23. The insider received around $1.24 million from selling those shares.
