Goldman’s Basket Tracking Hedge Funds is on Track for Its Best Return Ever — Here’s What’s in It (CNBC)
Hedge fund managers are finally thriving amid the pandemic-triggered volatility after years of muted markets and lackluster performance. Goldman Sachs’ basket tracking hedge funds’ favorite positions has nearly tripled the S&P 500′s return this year, on pace for its best annual excess return on record. The so-called hedge fund “very important position” basket contains the 50 stocks that appear most often on the top 10 holdings of fundamentally-driven hedge funds, according to the firm.
Why the Mets’ Steve Cohen Sounds Exactly Like the Kind of Owner Major League Baseball Needs (CBSSPorts)
Already we’re seeing signs that freshly minted New York Mets owner Steve Cohen is the kind of team steward that MLB badly needs — one who prioritizes winning and tending to the morale of players and fans alike. MLB right now has too many owners and ownership groups that view the teams they own as little more than portfolio holdings. Winning is secondary to maximizing profits and seeing their investment appreciate to unimaginable heights, even though the latter will be achieved almost no matter what ownership does.
Asia-Pacific’s Private Market AUM to Grow to $4.97tn in 2025, at a World-Beating CAGR of 25.2% (Opalesque.com)
Asia-Pacific’s private market AUM will grow from $1.62tn in 2019 to $4.97tn in 2025, at a world-beating CAGR of 25.2%, forecasts Preqin. This is faster than any other region and more than twice the forecasted growth rate of 9.8% for global private markets. Historically, private equity and venture capital have been the biggest drivers of deal activity in Asia-Pacific, with 7,567 deals worth $156bn inked in 2019, before COVID-19 hit. According to the report, Asia-Pacific will be a prime hunting ground for private equity funds going toward 2025. The new era of ‘slowbalization’ has accelerated a shift in the center of gravity away from the West and toward Asia.
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‘Big Short’ Investor Michael Burry, the Man Who Predicted the 2008 Housing Collapse, Dumped these 5 Stocks from His Portfolio in the Third Quarter (Business Insider)
“Big Short” money manager Michael Burry ditched about 50% of his bullish options positions in Alphabet and Facebook in the third quarter, according to a 13F filed with the SEC this week. The investor, who made millions by betting against subprime-mortgage bonds ahead of the 2008 US housing meltdown, also sold 38% of his fund’s position in video-game retailer GameStop.
Butterfly Network to List Via $1.5 billion Merger with Larry Robbins-Backed SPAC (Reuters)
(Reuters) – Butterfly Network Inc will be taken public via a merger with a blank-check company backed by Larry Robbins’ hedge fund Glenview Capital Management, valuing the digital health company at about $1.5 billion including debt, the companies said. The company will list its stock on the New York Stock Exchange under the symbol “BFLY” after its merger with special purpose acquisition company (SPAC) Longview Acquisition Corp LGVW.N.
Ex-Highland Capital Trio Launch Alpha-Focused Credit Manager Sycamore Tree (Hedge Week)
Three former Highland Capital Management partners have launched Sycamore Tree Capital Partners, a new alpha-focused private and alternative credit investment manager which aims to tap into value-oriented opportunities arising from credit market upheaval. The Dallas-headquartered firm is co-founded by alt-credit veterans Mark Okada, who will serve as CEO; Jack Yang, the firm’s president and head of business development; and chief investment officer Trey Parker. Sycamore Tree, which also has an office in New York, will initially focus on traded credit, structured products and special situations, drawing on the trio’s “deep experience across multiple cycles”.
Englander’s Millennium Is Returning $8 Billion to Investors (Bloomberg)
Izzy Englander’s Millennium Management plans to return $8 billion to investors at year-end as part of its effort to create a more stable capital base. The money will come from a share class that can be redeemed in full after a year, people with knowledge of the matter said. The firm’s shorter-term capital accounts for about 70% of its $47 billion in assets under management.
Friday 11/20 Insider Buying Report: MBI, PAND (Nasdaq.com)
At MBIA, a filing with the SEC revealed that on Wednesday, CEO & President William C. Fallon purchased 100,000 shares of MBI, at a cost of $6.17 each, for a total investment of $617,000. Fallon was up about 6.3% on the purchase at the high point of today’s trading session, with MBI trading as high as $6.56 in trading on Friday. MBIA is trading up about 6.5% on the day Friday. This buy marks the first one filed by Fallon in the past twelve months. And also on Wednesday, Director Daniel J. Becker purchased $449,400 worth of Pandion Therapeutics, purchasing 29,394 shares at a cost of $15.29 each. Before this latest buy, Becker made one other buy in the past year, purchasing $13.02M shares at a cost of $18.00 a piece. Pandion Therapeutics is trading up about 11.1% on the day Friday. So far Becker is in the green, up about 12.2% on their buy based on today’s trading high of $17.15.
Pinterest Inc (PINS) Chairman, President, CEO, Co-F Benjamin Silbermann Sold $20.3 million of Shares (Guru Focus)
Chairman, President, CEO, Co-F of Pinterest Inc, Benjamin Silbermann, sold 315,000 shares of PINS on 11/19/2020 at an average price of $64.46 a share. The total sale was $20.3 million. Pinterest Inc has a market cap of $40.76 billion; its shares were traded at around $65.95 with and P/S ratio of 27.82. GuruFocus has detected 1 severe warning sign with Pinterest Inc.
The CEO & President of EWI Inc. of Euronet Worldwide (NASDAQ: EEFT) is Buying Shares (Analyst Ratings)
Yesterday, the CEO & President of EWI Inc. of Euronet Worldwide (EEFT), Michael J Brown, bought shares of EEFT for $1.4M. Following this transaction Michael J Brown’s holding in the company was increased by 4.73% to a total of $232 million. Over the last month, Michael J Brown has reported another 3 Buy trades on EEFT for a total of $13.87M.
Agco Corp (AGCO) Chairman, President and CEO Martin Richenhagen Sold $27.1 million of Shares (Guru Focus)
Chairman, President and CEO of Agco Corp., Martin Richenhagen, sold 288,866 shares of AGCO on 11/18/2020 at an average price of $93.82 a share. The total sale was $27.1 million. AGCO Corp is a Georgia-based company which manufactures and distributes agricultural equipment and related replacement parts in various parts of the country. It sells a full range of agricultural equipment, including tractors, combines, among others.
