Hedge Fund CQS’s Nick Pappas Exits to Start Distressed Debt Firm (Bloomberg)
Nick Pappas, one of the most senior portfolio managers at Michael Hintze’s CQS, has left the firm to set up his own distressed debt investing fund, according to people with knowledge of the matter. Pappas is planning to partner with Ivelina Green, CQS’s former head of special situations investing, for his new venture, the people said, who asked not to be identified as the matter is private.
AMC Nets $100 Million From Hedge Fund, Needs More (The Wall Street Journal)
Hedge-fund manager Mudrick Capital Management LP threw a $100 million lifeline to AMC Entertainment Holdings Inc., which warned it still needs a substantial amount of additional liquidity to avert a bankruptcy filing. The world’s largest movie theater chain, which has over a thousand locations world-wide, said Friday that Mudrick committed to supply $100 million in debt financing and will also exchange another $100 million in existing debt into equity. While the deal provides a small financial cushion, AMC has been hemorrhaging…
A Hedge Fund Vet Makes a Fresh Start in the Pandemic (Institutional Investor)
John Thaler’s Hampton Road has forged a partnership with Jefferies division Leucadia after a year of double-digit returns. It’s been a good 2020 for John Thaler, who decided to stage a comeback in January after shutting down JAT Capital in 2015. After delivering eye-popping returns so far this year, Thaler’s new firm, Hampton Road Capital Management, is forming a strategic relationship with Leucadia Asset Management, the asset management division of Jefferies Financial Group. Leucadia will invest capital in Hampton Road’s long-short equity strategy, which is focused on technology, media, telecommunications, and consumer sectors globally.
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Bankruptcy Judge Denounces Hedge Fund Founder But OKs Neiman Deal (Reuters)
The Houston judge that oversaw Neiman Marcus Group’s bankruptcy approved a settlement on Thursday resolving potential claims the luxury retailer and certain creditors had against hedge fund founder Daniel Kamensky but not before severely dressing him down. During a video hearing on Thursday, U.S. Bankruptcy Judge David Jones offered a lengthy diatribe about Kamensky’s actions during Neiman’s Chapter 11 case, saying he had been uncertain about signing off on the deal due in large part to what he called Kamensky’s history of mistreating people.
Hedge Funds Gain +5.92% in November, Bringing YTD Average Returns to +6.90% (Opalesque.com)
The global hedge fund business has posted among the highest average monthly returns in 20 years at +5.92% during the month, bringing the year to date (YTD) average returns to +6.90%. According to eVestment November 2020 hedge fund performance data, about 68% of the industry is now producing positive results in 2020, with the average gain among those posting positive returns near +15%, while the average decline among those posting negative returns is near -9%.
Brexit: “UK Heading for the Worst Possible Outcome at the Worst Possible Time”, Says Crimson Black Capital’s Ansal (Hedge Week)
Ayush Ansal, chief investment officer at the hedge fund, Crimson Black Capital, comments on the prospects of the UK leaving the EU without a deal… “With a No-Deal departure from the EU now arguably odds-on, the UK is heading for the worst possible outcome at the worst possible time.
When Elliott Talks, Masayoshi Son and SoftBank Listen (Bloomberg)
Activist investing is hard work, even for tenacious veterans like Elliott Management Corp. The very mention of its name sends shivers up the spines of corporate fat cats. Yet, until recently, the U.S.-based hedge fund hasn’t been able to scare up much success in Asia. Elliott has been in the region for years, picking battles with Korean chaebols and Hong Kong billionaire tycoons. But its track record is mixed at best. In 2015, Elliott lost a proxy fight with Samsung Group’s founding Lee family over an $8 billion merger deal. Three years later, the hedge fund sued South Korea for at least $770 million in damages over that deal. This year, it exited its positions in Hyundai Motor Co with a loss.
Month in Review – November 2020 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic hedge funds notched their best month on record in November, narrowly beating its previous record of 3.6 percent reached in April this year. Nordic hedge funds, as measured by the Nordic Hedge Index, advanced 3.7 percent last month (91 percent reported) to take the year-to-date performance to 5.7 percent. The industry is on pace to register its strongest yearly performance since 2013.
Friday 12/11 Insider Buying Report: ARDX, BCAT (Nasdaq.com)
At Ardelyx, a filing with the SEC revealed that on Thursday, Director David M. Mott bought 170,000 shares of ARDX, for a cost of $5.89 each, for a total investment of $1.00M. So far Mott is in the green, up about 24.0% on their purchase based on today’s trading high of $7.30. Ardelyx is trading up about 13.9% on the day Friday. Before this latest buy, Mott bought ARDX at 2 other times during the past twelve months, for a total cost of $997,427 at an average of $6.85 per share.
Broadcom Inc (AVGO) President and CEO Hock E Tan Sold $33 million of Shares (Guru Focus)
President and CEO of Broadcom Inc, Hock E Tan, sold 78,125 shares of AVGO on 12/08/2020 at an average price of $422.43 a share. The total sale was $33 million. Broadcom Inc is engaged in designing, developing and supplying analog and digital semiconductor connectivity solutions. Its product portfolio serves wired infrastructure, wireless communications, enterprise storage and industrial and other end markets.
The Senior Officer of Artis Real Estate Investment (Other OTC: ARESF) is Buying Shares (Analyst Ratings)
Today, the Senior Officer of Artis Real Estate Investment (ARESF), Renzo Barazzuol, bought shares of ARESF for $3.4M. This recent transaction increases Renzo Barazzuol’s holding in the company by 9% to a total of $29.66 million. In addition to Renzo Barazzuol, 6 other ARESF executives reported Buy trades in the last month. The company has a one-year high of $10.09 and a one-year low of $3.84. ARESF’s market cap is $1.14 billion and the company has a P/E ratio of 136.50.
Avoiding Insider Trading on Auto-Pilot (Advisor.ca)
The Canadian Securities Administrators (CSA) have issued new guidance on setting up, operating and disclosing automatic securities disposition plans (ASDPs). Last year, the CSA launched a review of ASDPs, citing concerns about corporate insiders possibly using the plans to trade on inside information. The CSA initiative followed a review by the Autorité des marchés financiers (AMF) of the ASDP adopted by Bombardier Inc. in 2018.
