Japanese Hedge Funds Gain as Bank Risk Spikes, Yen Falls to Historic Low as Nikkei Advances (Opalesque.com)
Opalesque Industry Update – Japanese and Emerging Markets hedge funds extended gains to begin 2023, driven by optimism toward peaking U.S. and global inflation, and the near end of the US-led interest rate increasing cycle. Asian currencies, including the Japanese Yen and Chinese Yuan, fell to historic lows against the US Dollar, driving strong gains in the Nikkei; the HFRI Japan Index advanced +1.8 percent YTD through May. Similarly, the HFRI 500 Emerging Markets Index added +1.3 percent YTD through May, with gains across Equity Hedge and Cryptocurrency exposures, as reported with the releases of the HFR Asian Hedge Fund Industry Report and the HFR Emerging Markets Hedge Fund Industry Report from HFR.
Dalio Predicts China-Like Boom for India (Hedge Week)
India will experience significant economic growth, similar to that seen during China’s economic transformation in the 1980s, according to a report by the Hong Kong Standard, citing Ray Dalio, the founder of hedge fund Bridgewater. Dalio praised the leadership of Minister Narendra Modi following a meeting with the Indian prime minister saying that his policies are enabling India to experience “the fastest growth rates and biggest transformations in the world.”
Justice Alito, Paul Singer and the Plague of Sore Losers (The Wall Street Journal)
ProPublica’s big story (“ProPublica’s Fishing Expedition,” Review & Outlook, June 22) is that Justice Samuel Alito went on the fishing trip and then agreed with six other justices who didn’t go on the fishing trip, forming a 7–1 majority? That isn’t exactly man-bites-dog news. Besides, the Supreme Court explains its decisions in written opinions. If the legal reasoning is in any way unsound, criticize that. But if the legal reasoning is sound, there’s no story.
Monday 6/26 Insider Buying Report: CMTL, BRO (Nasdaq.com)
On Wednesday, Comtech Telecommunications’s Director, Mark R. Quinlan, made a $888,570 buy of CMTL, purchasing 100,000 shares at a cost of $8.89 each. So far Quinlan is in the green, up about 11.9% on their purchase based on today’s trading high of $9.94. Comtech Telecommunications is trading up about 7.5% on the day Monday. This purchase marks the first one filed by Quinlan in the past twelve months. And also on Wednesday, Director Bronislaw Edmund Masojada purchased $263,120 worth of Brown & Brown, purchasing 4,000 shares at a cost of $65.78 a piece. This buy marks the first one filed by Masojada in the past year. Brown & Brown is trading off about 0.5% on the day Monday. Masojada was up about 1.6% on the purchase at the high point of today’s trading session, with BRO trading as high as $66.80 in trading on Monday.
Over $27M Bet On Zymeworks? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
RumbleON: The Trade: RumbleON, Inc. (RMBL) 10% owner Stone House Capital Management LLC acquired a total of 250,000 shares an average price of $10.45. To acquire these shares, it cost around $2.61 million. Zymeworks: The Trade: Zymeworks Inc. (ZYME) 10% owner Ecor Capital LLC acquired a total of 3,350,000 shares at an average price of $8.12. To acquire these shares, it cost around $27.2 million.
