Engine No. 1 Takes Climate Fight to Other Big Oil Companies After Underdog Win at Exxon (CNBC)
Activist firm Engine No. 1 after winning three board seats at Exxon is meeting with other oil companies in its climate change fight, a source familiar told CNBC’s David Faber. The hedge fund has spoken with executives of several different oil corporations including Chevron, the source familiar told CNBC. Engine No. 1 may not necessarily target Chevron in its next challenge, or target any company at all, according to the source.
‘We’re rapidly close to the insane levels of 2000,’ says a hedge Fund Chief that Oversees $1.7 Billion. Here are 3 Ways He’s Positioned in a ‘Wildly Overvalued’ Market — and 3 Crypto Protocols He’s Betting On (Business Insider)
Mark Yusko is the CEO and CIO of hedge fund Morgan Creek Capital. As asset prices surge, Yusko shares with Insider where he’s investing in this ‘wildly overvalued’ market. He lays out how the altcoin bull run is influencing his 5-year bitcoin price target of $250,000. “I absolutely believe that the markets are wildly overvalued and it’s called ‘money illusion’,” hedge fund chief Mark Yusko said. For months, Yusko has been sounding the alarm over the overvaluation of stocks in the US market.
Renaissance Executives Agree to Pay Around $7 Billion to Settle Tax Dispute with IRS – Source (Reuters)
(Reuters) -Executives of hedge fund Renaissance Technologies LLC could pay as much as $7 billion to U.S. tax authorities after agreeing to settle a dispute over whether they improperly reduced their tax liability from trading profits, according to a letter reviewed by Reuters and a source familiar with the matter. James Simons, the founder of one of the world’s most successful quantitative hedge funds and a major Democrat donor, will make an additional settlement payment of $670 million to the Internal Revenue Service, according to the letter from Renaissance’s Chief Executive Peter Brown sent on Thursday to investors.
Rawpixel.com/Shutterstock.com
August Interrupts Glenview’s Strong Year (Institutional Investor)
Why Larry Robbins’ high-flying hedge fund was down last month. Larry Robbins’ Glenview Capital suffered a brief setback in August.The health-care-heavy hedge fund lost 3.2 percent last month.Even so, it remains up 28.7 percent for the year, way ahead of the S&P 500, which has gained 20.4 percent through August. Glenview declined to comment.
Hedge Fund Mogul Leon Black Not Filing Counterclaim Against Former Russian Model Who Accused Him of Raping Her (The Jewish Voice)
Seems like hedge fund mogul Leon Black will be heading to court to defend himself against rape accusations made against him by a former Russian model, according to court documents. For those not in the know, Black is the founder of Apollo Global Management. The Post reported that in July, Black had initially filed a preliminary statement, answer and countersuit against Guzel Ganieva. The statement said that he had “irrefutable documentary evidence” the model was guilty of defamation when she alleged that Black raped her.
Luigi Conti Joins Axyon AI Board (Hedge Week)
Axyon AI, an AI provider for the asset management industry, has appointed Luigi Conti as an independent board member. Axyon AI provides deep learning solutions that help asset managers deliver more efficient and innovative investment products. The company, which includes UniCredit and ING Bank among its investors, operates in close partnership with the renowned AI and computer sciences faculty at the University of Modena and Reggio Emilia.
Jana Applies Pressure for Vonage to Sell (Barron’s)
Jana Partners is putting pressure on Vonage Holdings, telling the cloud-based telecom company that it should consider a full or partial sale. The activist hedge fund began buying Vonage stock (ticker: VG) in the first quarter of the year, according to quarterly regulatory filings, and now holds roughly 4% of the shares. Vonage rallied for much of the year, then fell in mid-August after a Morgan Stanley analyst cut his rating.
Confessions of a Hedge Fund Partner in 5 inch Stilettos (eFinancialCareers)
It’s not easy being a woman in hedge funds. As Dominique Mielle, a former partner at Canyon Capital, a fund with $25bn in AUM observes, most of the women who are said to be in the industry aren’t actually working for hedge funds at all – they’re bankers, accountants or lawyers on the periphery. And if they are in the industry, they typically occupy “soft” functions, like marketing or investor relations. Mielle wasn’t that kind of woman in hedge funds. She retired in 2018, but during her 20-year career she was always an investor and became a senior portfolio manager and a partner in a distressed bond fund.
Friday 9/3 Insider Buying Report: REE, DSGN (Nasdaq.com)
At Ree Automotive, a filing with the SEC revealed that on Thursday, Director Hans Thomas bought 222,000 shares of REE, for a cost of $5.77 each, for a total investment of $1.28M. Ree Automotive is trading up about 2.4% on the day Friday. And at Design Therapeutics, there was insider buying on Tuesday, by Director Arsani William who purchased 40,000 shares for a cost of $15.45 each, for a trade totaling $618,000. Before this latest buy, William made one other buy in the past twelve months, purchasing $14M shares at a cost of $20.00 each. Design Therapeutics is trading up about 4.8% on the day Friday. William was up about 23.0% on the buy at the high point of today’s trading session, with DSGN trading as high as $19.00 at last check today.
The EC of Xcel Energy (NASDAQ: XEL) is Selling Shares (Analyst Ratings)
Yesterday, the EC of Xcel Energy (XEL), Benjamin Fowke, sold shares of XEL for $3.79M. Following Benjamin Fowke’s last XEL Sell transaction on June 08, 2021, the stock climbed by 2.0%. In addition to Benjamin Fowke, one other XEL executive reported Sell trades in the last month. Based on Xcel Energy’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $3.07 billion and quarterly net profit of $311 million. In comparison, last year the company earned revenue of $2.59 billion and had a net profit of $287 million. The company has a one-year high of $76.44 and a one-year low of $57.23. XEL’s market cap is $37.86 billion and the company has a P/E ratio of 23.80.
