Citadel’s Griffin Unsure Stock Market Rally Can Continue, CNBC Reports (Reuters)
Billionaire investor Ken Griffin, founder of U.S. hedge fund Citadel, said on Thursday that he has some doubts about the continuity of the markets rally and is concerned about the about the U.S. fiscal situation. “I’m a bit anxious that this rally can continue,” he said in an interview on CNBC. “I like to believe that this rally has legs. I’m a bit anxious. We’re sort of in the seventh or eighth inning of this rally, but part of it has been the soft landing story.”
Activist Cevian Says Firms Could Boost Value by Changing Listing (Bloomberg)
Cevian Capital AB, Europe’s largest activist firm, says enhancing shareholder value through considering a change in where a stock is listed will be a big part of its investment and restructuring campaigns in the coming years. Such arbitrage opportunities will be at the top of the firm’s agenda when evaluating investments going forward, according to Christer Gardell, managing partner and founder of Cevian. “We are looking at this everywhere, when it comes to our current portfolio but also when we consider new investments,” he said in an interview in Stockholm.
Founders of Failed Crypto Hedge Fund Three Arrows Hit With 9-Year Ban (The Wall Street Journal)
Singapore’s financial regulator has slapped a lengthy ban on the two founders of Three Arrows Capital, a hedge fund whose collapse last year fueled a wider crisis in the crypto market. Su Zhu and Kyle Davies, who ran the fund from Singapore, have been banned from conducting regulated activity in the city-state for nine years. They can’t take senior positions at capital markets firms, or be major shareholders. The two former schoolmates founded the crypto hedge fund around a decade ago, and claimed to have around $3 billion in assets under management last April. Just a few months later, the firm went into liquidation.
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Hedge Fund Walleye Hires Energy Traders, Plans Dubai Office (Gulf News)
Dubai: Multi-strategy hedge fund Walleye Capital has made a string of hires to bulk up its energy trading capabilities and plans to open an office in Dubai as part of an ongoing expansion. The US firm appointed Raj Sethi earlier this year as head of global macro and fixed income, a role that includes overseeing commodities, according to people familiar with the matter who asked not to be identified because they weren’t authorized to speak publicly. Sethi was previously with Cravas Capital.
‘It has a Sniff of AMP’: Totus Takes Profit on Qantas short Bet (AFR.com)
Totus Capital says it has successfully shorted Qantas shares and that the airline, which is facing allegations it sold thousands of tickets on flights that had already been cancelled, had a “sniff of AMP” to it. The long short hedge fund which manages about $210 million of assets had previously told investors it was betting against the airline after identifying it had as an “over-earner” earlier in the year.
Most Descendants of Tiger Management Are Far From Recovering Their High Water Marks (Institutional Investor)
Several of the best performers in 2023 are also the funds that suffered the biggest losses over the past couple of years. Most of the major Tiger-related hedge funds in August continued to tack on another point or two to their long-short performance. That’s not bad considering the major market averages lost money last month. Of course, the funds’ investors remain well below their high water marks.
Brevan Howard Sees Outsized Returns From Digital Assets (Bloomberg)
Brevan Howard Asset Management is predicting a potential boom in digital assets similar to what the internet has seen in the past couple of decades and is looking to make “disproportionate returns.” Though there are a lot of challenges, blockchain and crypto are transformational technologies whose full potential has yet to be tapped, Gautam Sharma, chief executive officer of the digital investment unit of the hedge fund firm, said in Germany.
Ridge Capital’s Flexibility in the Nordic High-Yield Market (Hedge Nordic)
Stockholm (HedgeNordic) – The Nordic high-yield market, characterized by lower liquidity, limited transparency, a higher prevalence of smaller issuers, and a predominantly floating-rate structure in contrast to its European and American counterparts, has consistently commanded a credit premium of approximately 200 basis points. Recognizing these particular characteristics – which also present challenges – Christoffer Malmström and Måns Levin designed a specific strategy within a more alternative and flexible structure to seize opportunities in the Nordic high-yield corporate bond market.
Thursday 9/14 Insider Buying Report: SMLR, MEG (Nasdaq.com)
On Wednesday, Semler Scientific’s Director, Eric Semler, made a $2.15M purchase of SMLR, buying 77,771 shares at a cost of $27.61 each. So far Semler is in the green, up about 8.4% on their purchase based on today’s trading high of $29.94. Semler Scientific is trading up about 6.4% on the day Thursday. This purchase marks the first one filed by Semler in the past twelve months. And at Montrose Environmental Group, there was insider buying on Tuesday, by Director de Castro Jose Miguel Fernandez who purchased 10,000 shares for a cost of $32.94 each, for a total investment of $329,440. This buy marks the first one filed by Fernandez in the past twelve months. Montrose Environmental Group is trading up about 7.6% on the day Thursday. So far Fernandez is in the green, up about 5.3% on their purchase based on today’s trading high of $34.68.
QUALCOMM, McKesson And 2 Other Stocks Insiders Are Selling (Benzinga)
MongoDB: The Trade: MongoDB Inc. (MDB) Chief Revenue Officer Cedric Pech sold a total of 16,143 shares at an average price of $378.86. The insider received around $6.12 million from selling those shares. McKesson: The Trade: McKesson Corporation (MCK) CEO Brian Tyler sold a total of 25,246 shares at an average price of $422.58. The insider received around $10.67 million from selling those shares. QUALCOMM: The Trade: QUALCOMM Incorporated (QCOM) Chief Commercial Officer James J Cathey sold a total of 1,000 shares at an average price of $111.27. The insider received around $111,270 from selling those shares.
Tom Steyer Launches New $1 Billion Climate Investment Fund (Bloomberg)
Climate tech investments have dipped this year, but a new fund with more than $1 billion to spend is entering the sector. Galvanize Climate Solutions announced Thursday that it closed its Innovation + Expansion Fund, which will invest in startups aiming to provide climate benefits in the next decade. In doing so, the fund is looking for companies that can make a relatively immediate impact rather than asking if something is “going to work in the lab,” said Tom Steyer, Galvanize’s co-executive chair.
