Billionaire Ken Griffin’s Citadel is Outpacing Other Multi-Strategy Hedge Funds. Here’s How These Funds Did in August. (Business Insider)
Citadel forged ahead in August with a 3.74% gain, lifting the year-to-date performance on its flagship Wellington fund to 25.8% and surpassing returns at rivals like Millennium, DE Shaw, and Balyasny, according to investor figures seen by Insider. Citadel’s gain came even as U.S. stocks slumped in August. The benchmark S&P 500 dropped 4.24% last month, bringing its year-to-date return to a decline of 17%.
London-Based Swede Gains 50% Amid Energy Market Turmoil (Hedge Nordic)
Stockholm (HedgeNordic) – Northlander Commodity Advisors LLP’s flagship commodity-focused strategy, run by Swedish chief investment officer Ulf Ek out of London, has advanced 50 percent this year as Europe is facing an unprecedented energy crisis. The $423 million strategy, which has an emphasis on European power, European gas, European emissions and international coal markets, booked a monthly gain of 11 percent in August after capitalizing on swings in natural gas and power prices, according to a letter to investors seen by Bloomberg.
Graham Capital’s Tropin Says No More Easy Money by Tracking Stocks (Reuters)
LONDON, Sept 5 (Reuters) – Kenneth Tropin, founder of the $18 billion hedge fund Graham Capital Management, said heightened economic uncertainty will make it harder to make money by tracking big stock indices. A regime change awaits hedge funds that is likely to last, Tropin, who has spearheaded Graham Capital for the last 29 years, told Reuters late last week. Tropin’s portfolios are focused on “macro” trading, a strategy that uses economic and political views to find buy and sell signals in bonds, currencies and commodities.
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Ironshield Capital launches UCITS long/short high yield credit fund Ironshield High Yield Alpha Fund (Hedge Week)
Ironshield Capital (Ironshield), a London-based European credit hedge fund manager, has launched the Ironshield High Yield Alpha Fund, a UCITS compliant Fund which will actively manage a diversified portfolio of long and short corporate credit positions. Overall net exposure is hedged with the fund targeting absolute returns in any market conditions. The fund offers daily liquidity to investors. Florian Chapel has joined the Ironshield investment team to manage the Fund alongside David Nazar. Chapel brings a strong track record in long/short corporate credit and credit derivatives. He previously managed market neutral portfolios at Pamplona Capital and Palm Lane Capital, before which he worked at Chenavari. Nazar is Ironshield’s CIO and founder and one of the most experienced investors in European credit with 25 years’ experience since launching Ironshield in 2007 and previously running proprietary credit portfolios at Deutsche Bank and Bank of America.
Former Glen Point CEO Departs Hedge Fund Commonwealth After Neil Phillips’s Arrest (Bloomberg)
Hopewell Wood, the former chief executive officer of Glen Point Capital, has left hedge fund Commonwealth Asset Management, the latest in a string of departures across the industry following the arrest of Glen Point co-founder Neil Phillips. “As of Sept. 6 she is no longer part of the firm and our entire management team remains focused on all facets of our firm’s operations,” Adam Fisher, founder of Commonwealth, told Bloomberg. Wood didn’t immediately return a call requesting comment.
Bill Ackman: Stock Market Waiting for Rate Hikes to Stop for Buy Signal (Seeking Alpha)
Billionaire hedge fund manager Bill Ackman said Tuesday that investors are waiting for the Federal Reserve to halt its rate hikes before they aggressively move back into the stock market. “I think once people realize the Fed doesn’t have to keep increasing rates and will soon be taking rates down, that’s kind of a buy signal for markets,” the founder and CEO of Pershing Square Capital Management told CNBC.
Tech Stocks Lured Hedge Funds in August – Report (Reuters)
NEW YORK, Sept 6 (Reuters) – Hedge funds got back in to stocks in the technology, media and telecom (TMT) sector in August, in the most active buying since February 2021, according to a Goldman Sachs prime services report. Long buys in the so-called TMT sector outpaced short sales at a 6.5 to 1 ratio, the bank said in the note, underscoring that portfolio managers were more optimistic about the sector’s valuations.
Inside Wall Street’s most innovative tech projects from top firms like Morgan Stanley, JPMorgan, Goldman Sachs, and Millennium (Business Insider)
There’s no shortage of tech innovation on Wall Street. Both buy- and sell-side firms are investing billions in ambitious technology projects that seek to upend traditional ways of doing business across investment banking, sales and trading, and asset management. Wall Street firms now face an abundance of data — collected from both internal and third-party sources — that they use to drive investment and trading decisions. But knowing when to use that information, and how to effectively deliver it to employees and clients in an accessible way, is now a key focus for investment banks and hedge funds.
Tuesday 9/6 Insider Buying Report: AZEK, SPOK (Nasdaq.com)
On Friday, AZEK’s Director, Gary E. Hendrickson, made a $501,368 purchase of AZEK, buying 27,145 shares at a cost of $18.47 a piece. Investors are able to grab AZEK at a price even lower than Hendrickson did, with the stock changing hands as low as $17.84 at last check today which is 3.4% below Hendrickson’s purchase price. AZEK is trading off about 0.4% on the day Tuesday. Before this latest buy, Hendrickson made one other buy in the past year, purchasing $498,020 shares for a cost of $26.92 each. And on Thursday, Director Todd J. Stein purchased $249,353 worth of Spok Holdings, purchasing 34,729 shares at a cost of $7.18 a piece. Before this latest buy, Stein bought SPOK at 5 other times during the past year, for a total cost of $1.39M at an average of $7.13 per share. Spok Holdings is trading off about 1% on the day Tuesday.
Microsoft And 2 Other Stocks Insiders Are Selling (Benzinga)
Hyatt Hotels: The Trade: Hyatt Hotels Corporation (H) Director Michael Rocca sold a total of 3,000 shares at an average price of $87.55. The insider received around $262.65 thousand from selling those shares. Microsoft: The Trade: Microsoft Corporation (MSFT) CEO Satya Nadella sold a total of 56,999 shares at an average price of $257.71. The insider received around $14.69 million as a result of the transaction.
