Report: Steven Cohen’s Point72 to Take Out $750M from NY Hedge Fund (Stamford Advocate)
STAMFORD – The Steven Cohen – founded hedge fund Point72 is reportedly pulling out the $750 million investment it made last year in an embattled hedge fund run by one of Cohen’s former colleagues. Stamford-based Point72 will redeem its investment “in portions over time, starting shortly,” according to unnamed sources cited by Bloomberg.
Billionaire Investor Ray Dalio Breaks Down the ‘Very Difficult Trade-Off’ the Fed Must Make to Fight Inflation – and Tells Us How to Diversify a Portfolio in this Environment (Business Insider)
An interest rate that controls inflation is too high for financial markets, Ray Dalio says. With inflation at 7%, a projected interest rate of 2% by December won’t rectify the problem. He advises investors to stay away from cash and debt assets and instead diversify. The Federal Reserve is meeting this week to start scaling back the economic support it has provided since the outbreak of the COVID-19 pandemic. Central to this meeting is a widely expected interest-rate hike on Wednesday, its first adjustment since it cut rates nearly to zero in March 2020.
South African Hedge Fund Benefits from Long Book in February (Opalesque)
A hedge fund in Johannesburg that focuses on South African equities benefited from its long book in February and remains buoyant about the country’s economic prospects. The 36ONE Offshore Portfolio, a Caymans-domiciled feeder fund that feeds into an equity long/short hedge fund with a low net equity bias, invests predominantly in South African listed equities and other financial instruments. The $63m fund is up 2% YTD after returning 1.1% in February, annualising 10.3% since its May 2008 inception, with an annualised volatility of 5.8%.
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Hedge Funds Cut Both Long and Short Bets on US Stocks (Hedge Week)
Prime brokers are reporting cuts to both long and short position in US equities by their hedge fund clients as managers look to mitigate the impact of big swings in US markets brought on by Russia’s invasion of neighbouring Ukraine. According to a report by The Financial Times, fund clients of some of the largest Wall Street banks, including Morgan Stanley, Goldman Sachs and JPMorgan Chase, have moved rapidly to close out bets on either rising or falling prices in what Charlie McElligott, a strategist on Nomura’s trading desk is quoted as calling a ‘nowhere to hide market’.
Chelsea Sale: Chicago Cubs Owners and Citadel Billionaire Ken Griffin Team Up to Bid for Champions League Holders (CNBC)
The owners of the Chicago Cubs and Ken Griffin, the billionaire hedge fund tycoon, have joined forces to table a blockbuster bid for Chelsea Football Club. Sky News can exclusively reveal that the Ricketts family and Mr Griffin have formed an investment group that will lodge a formal offer for last season’s Champions League winners on Friday – the deadline set for bids to be in.
US Foods, Pressured by Hedge Fund, Eyes Board Shakeup – Sources (Reuters)
March 16 (Reuters) – US Foods Holding Corp (USFD.N) is interviewing potential candidates for its board as the food distributor tries to fend off a challenge from activist investor Sachem Head Capital Management, two people familiar with the matter said.
AMC’s Gold Miner Investment Makes Perfect Sense to the Investing Faithful (Bloomberg)
Faithful investors who helped pull AMC Entertainment Holdings Inc. back from the financial brink are cheering its unorthodox investment in Hycroft Mining Holding Corp., a troubled gold and silver mining company. The investment follows a challenging run for Hycroft, which went public in early 2020 through a merger with a special purpose acquisition company backed by hedge fund manager Jason Mudrick. It had lost around 80% of its value since its debut, and the company asked its lenders to grant it some breathing room on its debt last month.
Viking Long Fund Master Ltd Investing In High-Quality Talents As It Has Become One of the Top Hedge Fund Companies (Globe Newswire)
New York, NY, March 16, 2022 (GLOBE NEWSWIRE) — Viking Long Fund Master Ltd, a cryptocurrency investment management company under Viking Investment, is accelerating the pace of recruitment to take advantage of the upsurge of talents entering digital assets. Its founder said that the number of employees of the company increased by more than 200% to nearly 200 last year. This year, the company has expanded the scale of 45 people.
Tuesday 3/15 Insider Buying Report: SATS (Nasdaq.com)
On Monday at EchoStar, there was insider buying on Thursday, by Director R. Stanton Dodge who bought 20,500 shares at a cost of $24.17 each, for a total investment of $495,485. This purchase marks the first one filed by Dodge in the past year. EchoStar is trading up about 5% on the day Tuesday.
Insiders Sell More Than $321M Of 4 Stocks (Benzinga)
Canoo: The Trade: Canoo Inc. (GOEV) 10% owner Champ Key Ltd sold a total of 10,500,000 shares at an average price of $6.53. The insider received around $68.56 million from selling those shares. Southern Copper: The Trade: Southern Copper Corporation (SCCO) +2.5% Director, Chairman of the Board German Larrea Mota Velasco sold a total of 200,000 shares at an average price of $74.94. The insider received around $14.99 million from selling those shares.
