A Year of Crisis Alpha for Brummer Multi-Strategy (Hedge Nordic)
Stockholm (HedgeNordic) – Multi-strategy managers acknowledge that different investment strategies have different return characteristics and that performance can vary across strategies and time. Therefore, they can build well-diversified portfolios with a more predictable and less volatile return stream than an individual strategy may have under different macroeconomic conditions. This is also the goal of Brummer & Partners and its active, multi-strategy vehicle Brummer Multi-Strategy.
Coatue, Under Pressure from Late-Stage Bets, Seeks $500 Million for Early-Stage Deals (TheInformation.com)
Coatue Management is raising its third fund to invest in early-stage startups, according to two people with knowledge of the firm’s plans. The fundraising efforts come as the firm’s investments in later-stage startups such as delivery firm Gorillas face steep valuation cuts. The New York–based investment firm, one of the largest private tech investors, is aiming to raise $500 million by the end of the year for the early-stage fund, according to the people.
Why a Hedge Fund Manager Is Betting on Pickleball With Tom Brady (Bloomberg)
Hedge fund manager Tom Wagner used to joke with friends about buying a pickleball team. Then, the opportunity came along — and he called up his old buddy, Tom Brady. Knighthead Capital Management, the firm co-founded by Wagner that manages about $9 billion of assets, led an ownership group that includes the NFL superstar and former world No. 1 tennis player Kim Clijsters that purchased a team for the 2023 Major League Pickleball season.
Thursday 10/13 Insider Buying Report: EVA, VRE (Nasdaq.com)
On Wednesday, Enviva (EVA)’s Director, Jeffrey W. Ubben, made a $10.14M purchase of EVA, buying 200,000 shares at a cost of $50.69 each. Enviva is trading down about 1.3% on the day Thursday. This purchase marks the first one filed by Ubben in the past year. And on Tuesday, A. Akiva Katz purchased $8.22M worth of Veris Residential (VRE), purchasing 725,000 shares at a cost of $11.34 a piece. This buy marks the first one filed by Katz in the past year. Veris Residential is trading up about 3% on the day Thursday. Bargain hunters have the opportunity to snag VRE at a price even lower than Katz did, with shares trading as low as $10.70 in trading on Thursday which is 5.7% below Katz’s purchase price.
Moderna, Eli Lilly And This Biotechnology Stock Insiders Are Selling (Benzinga)
Moderna: The Trade: Moderna, Inc. (MRNA) Director Noubar B. Afeyan sold a total of 10,000 shares at an average price of $122.40. The insider received around $1.22 million from selling those shares. Eli Lilly and Company: The Trade: Eli Lilly and Company (LLY) 10% owner Lilly Endowment Inc sold a total of 149,264 shares at an average price of $334.54. The insider received around $49.93 million as a result of the transaction.
