Formuepleje’s 2020 Performance Turnaround (Hedge Nordic)
Stockholm (HedgeNordic) – Formuepleje’s Fokus fund is up by 7.11% for the year to November 11th, after a drawdown in the first quarter. In contrast, its benchmark had a larger drawdown and a shallower recovery – it is only up 0.23% for the year to the same date. The benchmark is the Nordea mortgages index applying the leverage of around four times. The Formuepleje Fokus strategy has not varied its leverage over 2020. Active management explains the outperformance.
Madoff Hedge Fund Victims Get Their Due (GreenStreet)
Twelve years after authorities charged Bernard Madoff with orchestrating the largest financial fraud in history, investors in a fund that funneled money to the crooked financier have finally been made whole, with an investment gain of 50.4% as something of a salve. And investors in a second fund that parked money with Madoff are expected to get their final distributions early next year, with a similarly robust return. Both vehicles, Ariel Fund and Gabriel Fund, were among four funds once run by disgraced hedge fund manager J. Ezra Merkin, who took in more than $400 million of management and performance fees through his Gabriel Capital for supposedly actively managing the funds when he in fact ceded control of much of the money to Madoff. Madoff, in turn, fabricated big returns and falsified assets, leading the investors to believe they were profiting handsomely.
Wednesday 12/16 Insider Buying Report: IGMS, ALXO (Nasdaq.com)
On Friday, IGM Biosciences’ Director, M. Kathleen Behrens, made a $4M buy of IGMS, purchasing 44,444 shares at a cost of $90.00 each. IGM Biosciences is trading up about 3.2% on the day Wednesday. Before this latest buy, Behrens made one other buy in the past year, purchasing $1.82M shares at a cost of $60.78 each. And on Monday, Director G. Walmsley Graham bought $1.52M worth of ALX Oncology Holdings, buying 20,000 shares at a cost of $76.00 each. Before this latest buy, Graham made one other buy in the past twelve months, purchasing $18.53M shares at a cost of $19.00 each. ALX Oncology Holdings is trading up about 2.6% on the day Wednesday. So far Graham is in the green, up about 11.4% on their buy based on today’s trading high of $84.68.
What Did This CEO Just Do with Personal Shares of SEACOR Holdings (NYSE: CKH)? (Analyst Ratings)
On December 14, the Executive Chairman and CEO of SEACOR Holdings (CKH), Charles Fabrikant, sold shares of CKH for $3.42M. Following Charles Fabrikant’s last CKH Sell transaction on March 24, 2020, the stock climbed by 14.8%. This is Fabrikant’s first Sell trade following 3 Buy transactions.
Elastic Nv (ESTC) CEO and Chairman Shay Banon Sold $59.4 million of Shares (Guru Focus)
CEO and Chairman of Elastic Nv, Shay Banon, sold 424,559 shares of ESTC on 12/15/2020 at an average price of $139.81 a share. The total sale was $59.4 million. Elastic NV has a market cap of $12.03 billion; its shares were traded at around $137.680000 with and P/S ratio of 22.54.
Insider Trading Conviction for Ex UBS Compliance Officer Upheld, Says Watchdog (Reuters)
LONDON (Reuters) – Britain’s Appeal Court has upheld the convictions of Fabiana Abdel-Malek and Walid Choucair for insider dealing, the Financial Conduct Authority (FCA) said on Wednesday. After an FCA investigation and a trial at Southwark Crown Court, in June 2019, former UBS compliance officer Abdel-Malik, and her day-trader friend Choucair were each convicted of five offences of insider dealing and were sentenced to 3 years’ imprisonment.
