Soros-Backed Hedge Fund Starts EM Pool as Assets Said to Surge (Bloomberg)
Glen Point Capital LLP, a London-based hedge-fund firm that counts billionaire George Soros among its investors, has started a macro strategy to target trading opportunities in emerging markets, according to an investor document seen by Bloomberg News. The Glen Point Emerging Markets Debt Fund started trading in March with about $230 million in initial capital from one of its exiting investors and is currently raising additional money. The long-biased strategy, managed by Glen Point’s head of credit strategy and partner Rodrigo da Fonseca and head of research Sean Shepley, focuses on sovereign debt, the document shows.
Why Hedge Funds Don’t Suck After All, Despite Trailing The Market (Forbes)
Hedge funds get a bad rap for not beating the market, sometimes even posting losses. But is market beating what the hedgies are supposed to do? The answer: Although besting the S&P 500 or some other market benchmark is a nice-to-have extra, hedge operators’ foremost objectives is to give you diversity and downside protection long-term. Numerous investors in the celebrated William Ackman’s Pershing Square Capital Management seem to think otherwise. A bunch have withdrawn their money, and its assets are down to about $8 billion from $20 billion in mid-2015, according to a report in the Wall Street Journal.
As a Secretive Hedge Fund Guts Its Newspapers, Journalists Are Fighting Back (The Washington Post)
Demoralized by rounds of job cuts, journalists at San Jose’s Mercury News and East Bay Times in Oakland, Calif., took their case to the public last month. At a rally in Oakland, they handed out a fact sheet detailing the “pillaging” of their papers, accompanied by a cartoon of a business executive trying to milk from an emaciated cow. “Dude! I’d produce more milk if you fed me!” read the caption. The drawing was a barely veiled swipe at the newspapers’ majority owner, a little-known hedge fund called Alden Global Capital.
Prominent Crypto Hedge Fund Says Worst Is Over for Bitcoin (The Wall Street Journal)
A prominent cryptocurrency hedge fund said bitcoin prices have bottomed out. San Francisco-based Pantera Capital Management called $6,500 the probable low for bitcoin in the current bear market. The investment firm also said it was “highly likely” that bitcoin will hit new highs and exceed $20,000 within a year. Pantera, a leading voice in the crypto market, makes rare-but significant-short-term calls.