Steve Cohen Takes On A-Rod in Push to Buy New York Mets (Bloomberg)
Steve Cohen hasn’t given up on buying the New York Mets. The hedge fund billionaire, who’s already a part-owner of the franchise, has been connected to the sale of the Major League Baseball team since last year. Mets fans believe that Cohen — who has a net worth of $10.1 billion, according to the Bloomberg Billionaires Index — will be able to spend more aggressively on free agents if he can take control from the current owners, the Wilpon family. The Point72 founder is among those who have bid to buy the team, according to a person with knowledge of the matter.
“A Healthy Dose of Scepticism”: How Cheyne Capital’s Richard Woolf is Building Success with Thematic Equity Hedge Fund (Hedge Week)
As manager of Cheyne Capital’s Thematic Long/Short Fund, Richard Woolf brings what he describes as a “healthy dose of scepticism” to his portfolio management style and trading approach. His contrarian perspective on markets is underpinned by a broader mix of ideas influenced by technological disruption, societal changes, and economic dislocations arising from the ongoing coronavirus pandemic.
PE Daily: PE Deal Volume Plummets | Oaktree’s Airline Lifeline | Pandemic Alters Secondary Game (The Wall Street Journal)
Happy Friday! Many U.S. readers may still be on vacation after the Independence Day holiday. For those at work, first-half fundraising and deal numbers are streaming in, and both are heading lower after the coronavirus brought travel to a halt and shifted deal-sourcing and due-diligence online. As Laura Cooper writes this morning, U.S. private-equity investments fell, with the dollar value of deals falling more sharply than the number of deals. Meanwhile, Oaktree Capital Management is offering a $1.3 billion bankruptcy lifeline to one of Latin America’s biggest airlines, and our latest survey of secondary investors illustrates…
Pressmaster/Shutterstock.com
A $6 Billion UBS Hedge Fund Crushes Peers (Bloomberg)
A UBS Asset Management hedge fund beat peers in the first half with relative-value trades that shorted pandemic-struck stocks, and is now pouncing on the market’s next dislocations. The $6.1 billion UBS O’Connor fund gained 11.5% through the end of June, according to a person with knowledge of returns who declined to be identified as the data isn’t public. A spokesman for the firm declined to comment on performance. Funds that follow a similar approach lost 5.1% over the period, according to Hedge Fund Research Inc.
This Hedge Fund Is Betting On a Transformation in the Economy. So Far, It’s Right. (Institutional Investor)
Worm Capital has gained more than 100 percent this year. Here’s how. Worm Capital founder Arne Alsin’s belief in a transformative economy has become this year’s biggest hedge fund success story.The La Jolla, Calif. firm’s long-short equity fund jumped 21.35 percent for the month, giving it an eye-popping gain of 131.29 percent for the first half of 2020.
Hedge fund managers grudgingly accept Mayfair life will stay in the ‘Zoomosphere’ (FNLondon.com)
Many in the hedge funds industry, which is among the most relationship-based in finance, realise that life may be slow to return to normal. For the $3tn hedge fund industry – which heavily revolves around networking, meetings, in-person conferences and events – remote working has been a wake-up call. Tech apps like Zoom, and the UK government’s easing of lockdowns and reopening of pubs and restaurants have come as little comfort to workers in one of the most relationship-dependent corners of the industry.
Satori Capital buys into hedge fund manager Mountain Cove Capital Management (AltAssets.net)
Satori Capital, a Texas-based private equity house it says is founded on the principles of “conscious capitalism”, has agreed to back investment firm Mountain Cove Capital Management. Satori, which has more than $1bn in assets under management has committed to invest $10m in Mountain Cove as part of its Satori XL Partnership Program, which forms strategic acceleration partnerships with talented emerging investment managers.
Kyle Bass Takes on a Widowmaker Currency Trade (Bloomberg)
Hong Kong has maintained a strict relationship between its currency and the U.S. dollar since 1983. The Hong Kong Monetary Authority has intervened whenever the Hong Kong dollar has threatened to breach a designated trading band, most recently set in 2005 at HK$7.75 to HK$7.85. As other fixed-currency regimes have come and gone, this one has been phenomenally successful. Nevertheless, hedge fund manager Kyle Bass reckons its days are numbered.
Broadcom Inc (AVGO) President and CEO Hock E Tan Sold $18.1 million of Shares (Guru Focus)
President and CEO of Broadcom Inc, Hock E Tan, sold 57,171 shares of AVGO on 07/07/2020 at an average price of $315.86 a share. The total sale was $18.1 million. Broadcom Inc is engaged in designing, developing and supplying analog and digital semiconductor connectivity solutions. Its product portfolio serves wired infrastructure, wireless communications, enterprise storage and industrial and other end markets. Broadcom Inc has a market cap of $129.3 billion; its shares were traded at around $321.50 with a P/E ratio of 57.51 and P/S ratio of 5.87.
The CEO of Ligand Pharma is Exercising Options (Analyst Ratings)
Today it was reported that the CEO of Ligand Pharma (LGND), John L. Higgins, exercised options to buy 4,315 LGND shares at $70.01 a share, for a total transaction value of $302.1K. Following John L. Higgins’ last LGND Buy transaction on July 31, 2019, the stock climbed by 20.5%. This recent transaction increases John L. Higgins’ holding in the company by 2.19% to a total of $22.91 million.
LGI Homes Inc (LGIH) CEO and Chairman of the Board Eric Thomas Lipar Sold $2.5 million of Shares (Guru Focus)
CEO and Chairman of the Board of Lgi Homes Inc, Eric Thomas Lipar, sold 25,000 shares of LGIH on 07/08/2020 at an average price of $101.44 a share. The total sale was $2.5 million. LGI Homes Inc is a residential building company. It is engaged in the design, construction, marketing and sale of new homes in markets in Texas, Arizona, Florida, Georgia, New Mexico, South Carolina, North Carolina, Colorado, Washington and Tennessee.
