Hedge Fund and Insider Trading News: Michael Burry, Chris Hohn, Fortress Investment Group, Magnetar Capital, Verde Asset Management, Lemelson Capital Management, Evli Factor Premia Fund, Renovacor Inc (RCOR), Assurant, Inc. (AIZ), and More

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Fortress Investment Group Recognized for “Diversity and Inclusion Achievement” at 2021 HFM US Performance Awards (BusinessWire)
NEW YORK–(BUSINESS WIRE)– Fortress Investment Group LLC (“Fortress”) was named the recipient of the inaugural “Diversity and Inclusion Achievement” award at the 2021 HFM US Performance Awards, which were held on November 4 in New York City. The prestigious awards celebrate US hedge funds and fund of hedge funds that have demonstrated exceptional performance and management over the last 12 months. “We are honored to receive this recognition from HFM, even as we recognize that the vital work of addressing diversity and inclusion in our industry is only just beginning,” said Drew McKnight, Fortress Managing Partner and a founding member of the firm’s Diversity Committee. “Our overriding objective is always to produce exceptional returns for our investors, and we believe the breadth of backgrounds, experiences and perspectives represented in a truly diverse workforce can only help us in achieving that goal. We will continually challenge ourselves to do more and to do better.”

CoreWeave Raises $50M for New Fund From Magnetar Capital (Coin Desk)
CoreWeave, the specialized cloud service provider and Ethereum miner, has raised $50 million from Magnetar Capital to provide high-performance computing infrastructure. “With this new round of growth financing, CoreWeave will expand its offering to make high performance computing available at the industry’s best performance-adjusted cost on a vastly broader scale,” CoreWeave CEO Michael Intrator said in a statement on Wednesday.

‘The Big Short’ Investor Michael Burry Says Tesla Stock could Plunge 90% – and Notes Elon Musk Said it was Overpriced at $160 Last Year (Business Insider)
Michael Burry suggested Tesla stock could plummet 90% in a now-deleted tweet on Tuesday. The investor of “The Big Short” fame drew a parallel to Amazon shares plunging when the dot-com bubble burst, and only soaring years later once the e-commerce giant transformed its business. “Can $TSLA fall 80, 90%? After 2000, many high flyers did. $AMZN fell 95% 2 decades ago, changed its whole biz, and thrived much later,” Burry tweeted.

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Brazilian Hedge Fund Verde Gets Stung by Bets on Local Stocks (Bloomberg)
Brazil’s Verde Asset Management, whose flagship fund is known for its outsized returns over the past two decades, had one of the worst months in its history after a wrong-way bet on local stocks. “We believed a lot of bad news was priced in, and that political actors had reasonable incentives not to breach the spending cap,” Verde said in a letter to clients. “That view has proved wrong.”

SEC Wins Fraud Jury Trial Against Hedge Fund Manager (Hedge Week)
Jurors in a Boston federal court have returned a verdict in the Securities Exchange Commission’s favour against a hedge fund adviser and his investment advisory firm. Gregory Lemelson and Massachusetts-based Lemelson Capital Management LLC were charged with fraud in September 2018 for reaping more than USD1.3 million in illegal profits by making false statements to drive down the price of San Diego-based Ligand Pharmaceuticals Inc. The SEC’s evidence at trial showed that after establishing a short position in Ligand through his hedge fund, Lemelson made a series of false statements to shake investor confidence in Ligand and lower its stock price, increasing the value of his fund’s position.






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