Should You Follow Jim Simons’ Lead and Jump on AMC Stock? (Investorplace.com)
InvestorPlace’s Brenden Rearick reported on Aug. 17 that Renaissance Technologies upped its stake in AMC Entertainment (NYSE:AMC) in the second quarter by 260%. The hedge fund now owns more than 1.8 million shares of AMC stock. Jim Simons, the billionaire who runs the hedge fund, seems to be saying yes to moviegoers returning to the cinemas. I don’t think there’s any doubt that this will happen. After all, a day without the cinema is like a day without sunshine. But that’s not the same thing as AMC stock being an outright buy at $37.
Will Activist Investors Succeed In Transforming ExxonMobil? (Bay Street)
As Oil Price readers know, the tiny activist hedge fund, Engine No. 1, challenged management and won three seats on Exxon’s board of directors back in late May. There is nothing unusual in the fiercely competitive US corporate world about hedge funds managers trying to influence top management to increase their and other shareholder’s wealth more expeditiously. But because of Exxon’s size and its large number of shareholders, it is difficult to launch this type of attempt at shareholder democracy. To make the task more difficult, Exxon’s management. led by CEO Darren Woods strongly opposed the competitive slate of four nominees despite all of them possessing long and impressive energy resumes.
Point72 Alum David Fiszel on Why He’s Betting Big on Buy Now, Pay Later Names Like Klarna and How He Keeps His $1.5 Billion Hedge Fund Away from Meme-Stock Hype (Business Insider)
Honeycomb Asset Management is only five years old, but founder David Fiszel has been thinking about it for at least 20. It’s Fizsel’s second spin at running his own fund – he launched the short-lived Rhombus Capital Management in 2004, when hedge funds could be “two guys and a Bloomberg,” and closed it three years later. He believes Honeycomb is the product of a more measured approach to firm-building, and the fund is coming off the best year in its history.
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Why This Metals and Mining-Focused Hedge Fund is Preparing for Renewed Market Jitters (Hedge Week)
As global economies remain finely balanced between reopening and containing Covid-19 variants, metals and mining-focused hedge fund Delbrook Capital is positioning its portfolio for fresh market volatility up ahead. The Vancouver-based firm’s long/short equity-focused strategy, the Delbrook Resource Opportunities Master Fund, scored a 3 per cent gain in July, partially recovering from the previous month’s 4.4 per cent slide, bringing its year-to-date return to 31 per cent. Its investment universe spans a range of commodities including gold, silver, platinum and palladium, as well as base metals such as copper and zinc, industrial metals including iron ore and coal, and energy metals like lithium and uranium.
Ex-Anchorage Hedge Fund Exec Moves to PJT Partners (Financial News)
Investment bank PJT Partners has hired the former US head of restructuring at hedge fund Anchorage Capital Group as a partner, said people familiar with the matter. Charles Tauber, 50 years old, had a major role in the New York hedge fund’s investments in distressed companies including the Hollywood movie studio MGM Holdings, PG&E and J.Crew. He is slated to start at PJT in September in its restructuring and special-situations group, one of the people said. Tauber left Anchorage in 2020 after more than a decade there.
Dropping Hedge Funds Falling Short on ESG (Hedge Nordic)
Stockholm (HedgeNordic) – Finnish pension insurer Varma, known for its long-standing exposure to hedge funds, has been cutting back on hedge fund managers falling behind in integrating environmental, social, and governance (ESG) factors into their investment processes. “We have dropped some managers that didn’t seem to have good intentions to improve their ESG approach and methodology,” Reima Rytsölä, Varma’s CIO, tells Bloomberg. “And some new investments we have canceled, or have not entered an agreement, because we weren’t satisfied with their ESG approach.” Hedge fund managers “need to improve their ESG approach” to form “a long-term relationship” with Varma, according to Rytsölä.
Hedge Funds Are Hot Again. Good Luck Finding One That’ll Take Your Money (Bloomberg)
Confined to their desks in the midst of the global pandemic, former Citadel traders Niall O’Keeffe and Tio Charbaghi made the rounds on video calls to woo investors for their new hedge fund. It should have been a hard sell. The price tag was high for a fledgling fund — a 20% cut of profits on top of a hefty 2% annual fee. The investment style, betting on rising and falling stocks, was out of vogue with investors. The pitch was uncompromising: take it or leave it.
You Know, Actually, SPACs Are Stupid And Bill Ackman Doesn’t Want To Run One Anyway (Deal Breaker)
Pershing Square Tontine Holdings is the biggest special-purpose acquisition company ever raised. With $4 billion in firepower, it is the Titanic of blank-check vehicles. And, well… “If you find yourself in a leaky boat, often times you are better off switching boats than patching leaks to complete the mission,” [Bill Ackman] wrote on Twitter. Having been stymied first by regulators’ annoying insistence he not rebuild his ship in the middle of an increasingly cold and inhospitable ocean, Ackman’s grand vessel ran into a totally bullshit iceberg of shareholder litigation.
Digital Asset Hedge Fund Manager Nickel Digital Highlights Strong Potential Growth in the UK (Hedge Week)
London-based Nickel Digital Asset Management (Nickel), Europe’s largest regulated digital assets hedge fund manager founded by senior traders and investment professionals formerly from major financial institutions including Goldman Sachs and JPMorgan, says the UK is one of the most attractive markets for hedge fund managers focusing on crypto and digital assets, as new research reveals potential for strong growth in the country. Nickel’s clients include institutional investors, global wealth managers and ultra-high net worth individuals from around the world. Nickel Digital recently commissioned a survey with 23 institutional investors and wealth managers in the UK who collectively oversee $66.5 billion in assets and who currently have some exposure to digital assets. The survey revealed that six of those interviewed expect to dramatically increase their exposure to cryptoassets between now and 2023, and another 11 who said they will also add to their exposure.
Value Investor Joel Greenblatt Slashed His GameStop and AMC Stakes Before the Meme-Stock Boom, Missing Out on a Potential $400 Million Windfall (Business Insider)
Joel Greenblatt‘s Gotham Asset Management virtually eliminated its GameStop and AMC Entertainment stakes before the meme-stock frenzy, missing out on a potential $400 million windfall. Greenblatt is Gotham’s investing co-chief and teaches a value-investing class at Columbia University. His fund first bought into GameStop more than a decade ago, and grew its position in the video-game retailer to 1.2 million shares worth $41 million at the end of 2014, regulatory filings show. However, it slashed that stake to fewer than 17,000 shares by the end of 2020.
Sebi Penalises Six Individuals for Violating Insider Trading Rules in Titan Case (Money Control)
Capital markets regulator Sebi on Tuesday penalised six individuals for violating insider trading norms in the matter of Titan Company Ltd. The regulator has levied a fine of Rs 1 lakh each on Muniraj Radhakrishnan, Gangadhar Sudheer Kallihal, Punit Juneja, Jayraj P, Arjun Ramji Vishwakarma and Mekat George. In six separate orders, Sebi said these individuals were employees or designated persons of Titan at the time of the violation.
Tuesday 8/24 Insider Buying Report: SIX, AIV (Nasdaq.com)
On Friday, Six Flags Entertainment Corp (SIX)’s Director, Arik W. Ruchim, made a $3.81M purchase of SIX, buying 100,000 shares at a cost of $38.07 each. So far Ruchim is in the green, up about 10.7% on their buy based on today’s trading high of $42.13. Six Flags Entertainment Corp is trading up about 4.5% on the day Tuesday. And on Monday, Director Terry Considine bought $2.94M worth of Apartment Investment & Management (AIV), buying 450,000 shares at a cost of $6.53 a piece. Before this latest buy, Considine bought AIV on 3 other occasions during the past year, for a total cost of $5.19M at an average of $5.77 per share. Apartment Investment & Management is trading up about 2.1% on the day Tuesday. So far Considine is in the green, up about 3.9% on their buy based on today’s trading high of $6.79.
The CFO of Resmed (NYSE: RMD) is Selling Shares (Analyst Ratings)
Yesterday, the CFO of Resmed (RMD), Brett Sandercock, sold shares of RMD for $3.02M. Following Brett Sandercock’s last RMD Sell transaction on February 29, 2016, the stock climbed by 232.9%. Based on Resmed’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $876 million and quarterly net profit of $195 million.
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