Hedge Fund Bridgewater Plans Restructuring Amid AI Push, Global Expansion (Reuters)
Bridgewater Associates said on Wednesday it will cut jobs as the hedge fund embarks on a firm-wide restructuring to expand its international footprint and develop AI technologies. The job cuts are expected to affect about 100 employees from the hedge fund’s total workforce of roughly 1,300, according to a Bloomberg News report citing an interview with the firm’s co-CEO.
Greenlight Ekes Out a Small Gain in February (Institutional Investor)
The value-driven firm was boosted by several of its largest long bets and a big new position. Greenlight Capital moved back into the black last month. The value-driven hedge fund headed by David Einhorn posted a strong 1.8 percent gain in February and is now up a slight 0.2 percent for the year.
Seth Klarman’s Baupost Fund has Likely Scored a $190 million Gain on Warner Bros. Discovery this Year as ‘Hogwarts: Legacy’ Sales Boom (Business Insider)
Seth Klarman‘s Baupost Group has likely scored a nearly $200 million gain on Warner Bros. Discovery since the start of this year. The hype around “Hogwarts: Legacy” has helped propel the media stock up 65% over the past two months, meaning WBD rivals Tesla as the S&P 500’s best performer so far this year. The billionaire investor’s hedge fund purchased 18 million shares of the TV, movie, and video-game company in the second quarter of 2022, Securities and Exchange Commission filings show.
Phongphan/Shutterstock.com
Oaktree Gets into Private Credit (Opalesque.com)
Asset management firm Oaktree has launched a private credit arm – Oaktree Lending Partners. Oaktree Lending Partners is targeting $10 billion in equity commitments from institutional investors for the group which will make senior secured loans of $500 million or more to private equity backed companies. Oaktree believes this market is especially attractive now, given the limited availability of debt capital to finance large leveraged buyouts (LBOs) and the record-high levels of committed private equity capital yet to be deployed, requiring financing.
What to Know About Michael “Big Short” Burry’s Latest Stock Purchase (The Street)
The Scion Asset Management manager revealed the purchase of seven new stocks in the last quarter. Here’s what investors need to know about Michael Burry‘s long positions. Michael Burry recently added seven new stocks to his hedge fund, Scion Asset Management, including Chinese e-commerce companies Alibaba and JD.com and technology firm Black Knight. Burry is betting big on the discretionary and industrial sectors, which generally benefit from economic growth. In January, Burry made predictions for an economic downturn in 2023. What Are Michael Burry’s Newest Long Positions? According to the latest 13F filing from famed investor Michael J. Burry’s Scion Asset Management, the hedge fund has added seven new stocks to its portfolio.
Kenny Friis Takes on Deputy CIO Role at Asgard (Hedge Nordic)
Stockholm (HedgeNordic) – Kenny Friis Gade has joined fixed-income boutique Asgard Asset Management as Deputy Chief Investment Officer as of March 1. Friis has joined Asgard after nearly eight years at SEB, where he worked as Head of Trading and Head of Markets. “Tomorrow is my first day at Asgard Asset Management. I’m very much looking forward to initiate this new adventure with the Asgard team,” Kenny Friis Gade writes on LinkedIn. “Thanks, Morten Mathiesen, for showing me the trust. Becoming an integral part of the team delivering top nudge performance and products to existing and new clients will be my top priority.”
Hedge Funds that Did Best in 2022 could Fare Worst in 2023 – BNP (Reuters)
Trend following hedge funds that outperformed rivals in 2022 will likely underperform this year, according to investors surveyed by BNP Paribas in a report published this week. The global survey of 185 investors in December and January also showed the investor community was undecided on putting money in hedge funds generally, given volatile markets.
Hedge Fund Seeks to Raise $500 Million to Invest in Football (Bloomberg)
Football is continuing to find new ways to attract money, with a London-based hedge fund teaming up with a sports-focused investment bank to create a product that aims to profit from clubs trading players. Fasanara Capital, which oversees $4 billion of assets, will work with boutique Tifosy Capital & Advisory to lend to clubs, targeting a maximum fund size of $500 million. Investors will be paid back from future income streams, such as player transfers or ticket sales. Once the playground for high net-worth individuals, sports investing has morphed into its own asset class in recent years, with private equity and family offices investing in everything from Formula 1 motor racing teams to the Spanish football league.
South African Hedge Fund AUM Up 30% in 2022 (Hedge Week)
The South African hedge fund industry saw growth in assets under management of 30% in 2022 finishing the year with AUM of ZAR113.01 billion (£5.07bn), up from ZAR86.92 billion (£3.89bn) at the end of 2021, according to a report by IOL. The report cites Hayden Reinder, the convenor of the Association for Savings and Investment South Africa’s (Asisa) hedge funds standing committee, as highlighting that the industry had had to endure several lean years following the implementation of crucial reform initiatives.
Wednesday 3/1 Insider Buying Report: WAT, WWW (Nasdaq.com)
At Waters, a filing with the SEC revealed that on Tuesday, Director Mark P. Vergnano purchased 3,185 shares of WAT, for a cost of $313.32 each, for a total investment of $997,927. Investors can snag WAT even cheaper than Vergnano did, with shares changing hands as low as $303.15 in trading on Wednesday — that’s 3.2% below Vergnano’s purchase price. Waters is trading off about 1.3% on the day Wednesday. This buy marks the first one filed by Vergnano in the past twelve months. And on Friday, Director Nicholas T. Long purchased $161,300 worth of Wolverine World Wide, purchasing 10,000 shares at a cost of $16.13 a piece. Wolverine World Wide is trading up about 1.6% on the day Wednesday. Long was up about 7.0% on the purchase at the high point of today’s trading session, with WWW trading as high as $17.26 at last check today.
Seagen, Delta Air Lines And 2 Other Stocks Insiders Are Selling (Benzinga)
Seagen: The Trade: Seagen Inc. (SGEN) CFO Todd E Simpson sold a total of 20,000 shares at an average price of $182.53. The insider received around $3.65 million from selling those shares. Entergy: The Trade: Entergy Corporation (ETR) EVP and General Counsel Marcus V Brown sold a total of 12,500 shares at an average price of $106.10. The insider received around $1.33 million from selling those shares.
