Hedge Fund LIM Focusing More on Distressed Trading in Asia (Bloomberg)
Hong Kong-based hedge fund LIM Advisors is focusing more on buying high-yield and distressed bonds and loans in the Asia-Pacific region after the pandemic roiled markets earlier this year. “A year ago, we were doing more direct private lending and less distressed debt,” said George Long, chief investment officer at LIM Advisors, who founded the firm in 1995. “Because of the Covid-19 shock, there has been more distressed debt in Asia.”
Greenlight Capital Q3 2020 Letter (Seeking Alpha)
GreenLight Capital, Inc. is an employee owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It invests in the public equity and fixed income markets. The Greenlight Capital funds returned 5.9%1 in the third quarter compared to 8.9% for the S&P 500 index. We established medium-sized new long positions in SYNNEX Corporation (SNX), ams AG (Switzerland: AMS) and NCR Corporation (NCR).
A Top Exec at a $1.8 Billion Hedge Fund Asked His Followers for Their Favorite Election Trades. Here are the Best Responses. (Business Insider)
Wall Street is finalizing its election-night bets. Some lock their insights within client-exclusive analyst notes and strategy calls. Others are sounding off in a Twitter thread. Joseph Mauro, head of markets at hedge fund Light Sky Macro, asked his 5,353 followers on Thursday what their first post-election trade would be if Florida is called early and points to “the most overwhelming blue wave in the history of American politics.” The hypothetical is far from unlikely. Recent polls suggest former Vice President Joe Biden maintains a healthy lead in the presidential race, and that Democrats will take control of the Senate. An early reading from Florida is also within the realm of possibilities, as the swing state is among those where mail-in ballots can be counted ahead of Election Day.
EU Rolls Brexit Tanks Onto U.K. Hedge Fund Lawn (Bloomberg)
As negotiations about the terms of the U.K.’s departure from the European Union rumble on interminably, it’s pretty clear that the future relationship will be fractious at best. For the asset management industry, the fight around cross-border arrangements for overseeing investments is reigniting, with London’s hedge funds stuck in the crosshairs. The shoe is pinching around so-called delegation rights, the rules that allow funds to be marketed and sold in one country and managed from another.
Exclusive: Activist Investor Pushes Powerboat Maker Mastercraft to Explore a Sale, Sources Say (Reuters)
(Reuters) – The Donerail Group LP, an investment firm led by former activist hedge fund Starboard Value LP executive William Wyatt, is pushing Mastercraft Boat Holdings Inc MCFT.O to explore a sale, people familiar with the matter said on Tuesday. Donerail has amassed a stake of a little less than 5% in Mastercraft and has told the recreational powerboat manufacturer that it is not happy with its performance, the sources said.
Lack of Polling Volatility Puts Trump “Out of the Money” in US Election Race, Says Derivatives Hedge Fund Capstone (Hedge Week)
Capstone Investment Advisors, the global volatility and derivatives-focused hedge fund, believes the lack of volatility both in the US election polls and president Donald Trump’s personal approval ratings suggests Democrat challenger Joe Biden is on course to win the 3 November election. The firm, which manages USD7.9 billion in assets across a broad range of volatility-focused, derivatives-based strategies, says Trump’s approval rating has been the least volatile of the last 14 US presidents, while polling data suggests 2020’s race is much less volatile than the 2016 battle. Jason Goldberg, senior portfolio manager at Capstone, says a lack of movement in the polls indicates Trump is “a known quantity”, with most voters appearing to have strong opinion on him which is unlikely to change.
UBS to Plug $200m into Fintech Startups and Ties Up with Venture Capital Firm Anthemis (Financial News)
Swiss bank UBS is to invest $200m in building a portfolio of stakes in fintech startups as part of its new innovation venture capital fund UBS Next. It will also sign a strategic deal with London-based venture capital firm Anthemis, the bank said on 27 October, which has previously backed the likes of wealth manager eToro, and digital banks Monese and Tide.