Ken Griffin Sues IRS Over Tax Privacy Breach That Also Affected Other Billionaires (The Wall Street Journal)
Billionaire hedge-fund manager Ken Griffin sued the Internal Revenue Service and Treasury Department on Tuesday, seeking damages after disclosure of his tax records. Tax data about wealthy people such as Elon Musk and Jeff Bezos were published by the news organization ProPublica starting in June 2021, in an unusual breach of the confidentiality of tax returns. The news site published articles mentioning Mr. Griffin and using information from his tax records in April and July this year.
Hedge Fund EDL Laments November ‘Bloodbath’ in Forex – Letter (Reuters)
Hedge fund EDL Capital described November as “bloodbath” month in foreign exchange markets in its latest investor letter, but Edouard de Langlade, the star manager of his eponymous fund, predicted recent weakness in the dollar would be temporary. “We were short JPY, CHF, CNH, NZD and GBP, which was a bloodbath this month,” said the $945 million hedge fund manager in a letter released on Tuesday and seen by Reuters.
Ray Dalio and James Cameron Sink Cash into a Company Making Submarines for the Uber-Rich (Fortune)
Billionaire investor Ray Dalio and Oscar-winning filmmaker James Cameron have become part-owners of a company that makes submarines for the ultra-wealthy. Florida-based Triton Submarines announced on Monday that Dalio and Cameron were “joining the company to help supercharge the next generation of ocean exploration technology.” The amount they invested in the firm was not disclosed, but the deal means Triton is now co-owned by Dalio, Cameron and Triton co-founder Patrick Lahey.
Pixabay/Public Domain
Investors Remove $14 Billion from Hedge Funds in October (AI-CIO.com)
Investors continued redeeming their hedge fund investments in October, maintaining a theme that has prevailed through 2022. Net outflows from hedge funds totaled $14 billion in the month, though positive investment gains narrowed the overall loss of assets to only $12.4 billion, according to a recent report from Nasdaq’s eVestment. Funds using a market-neutral strategy were the only category of hedge funds that saw net inflows during the month of October.
Hedge Funds Returning to form as Year-End Approaches (Hedge Week)
Hedge funds extended gains in November with the investable HFRI 500 Fund Weighted Composite Index advancing 0.8% for the month, as directional equity hedge and interest rate sensitive relative value arbitrage strategies led the way. The HFRI Fund Weighted Composite Index advanced 0.95% in November, cutting its YTD decline to 4.1%. Dispersion in hedge fund performance meanwhile, widened slightly in November, as the top decile of the HFRI constituents advanced by an average of 12.8%, while the bottom decile fell by an average of 8.7%, representing a top/bottom dispersion of 21.5%. By comparison, the top/bottom dispersion was 18.6% in October.
