Hedge Funds Are Back To The Value Rotation But With Pricey Growth Stocks (Forbes)
Hedge funds started the year off with a bang, but they’ve been struggling in the last six months. According to Goldman Sachs GS -1.6%’ Hedge Fund Trend Monitor, U.S. equity hedge funds are up 13% year to date but only 3% for the last six months. Additionally, the most popular hedge fund long positions have lagged the S&P 500 by 16 percentage points since February, which may explain why hedge funds are struggling.
Alphadyne’s Hedge Fund Loss Widens to 22% After November Rout (Bloomberg)
Hedge fund Alphadyne Asset Management’s losses worsened last month, putting the investment firm on course to post its first annual decline ever. Alphadyne’s macro hedge fund tumbled 6.4% in November, extending its decline for the year to 22%, according to a person with knowledge of the matter, who didn’t elaborate on what trades contributed to the losses. The fund logged a similar drop in October, when its macro and relative value trades backfired amid volatility in the interest rates market.
Friday 12/3 Insider Buying Report: Y, STGW (Nasdaq.com)
At Alleghany, a filing with the SEC revealed that on Thursday, President Joseph Patrick Brandon bought 8,500 shares of Y, for a cost of $655.25 each, for a total investment of $5.57M. Brandon was up about 1.7% on the buy at the high point of today’s trading session, with Y trading as high as $666.60 at last check today. Alleghany is trading up about 0.4% on the day Friday. And at Stagwell, there was insider buying on Thursday, by Director Eli Samaha who purchased 450,000 shares at a cost of $7.65 each, for a trade totaling $3.44M. Stagwell is trading up about 4.5% on the day Friday. Samaha was up about 10.5% on the buy at the high point of today’s trading session, with STGW trading as high as $8.46 at last check today.
Elon Musk Sells Another $1.01B Worth Of Tesla Stock To Pay His Tax Bill (Benzinga)
Tesla Inc (TSLA), CEO Elon Musk has sold another 934,091 shares worth nearly $1.01 billion in order to fulfill his tax obligations, as per filings made with the U.S. Securities And Exchange Commission Thursday. What Happened: The Tesla CEO also exercised options to purchase 2.1 million shares of the automaker at $6.24, as per one of the filings. In late November, Musk had sold $1 billion worth of Tesla shares.
The Chairman of Ares Strategic Mining (Other OTC: ARSMF) is Buying Shares (Analyst Ratings)
Yesterday, the Chairman of Ares Strategic Mining (ARSMF), Karl Marek, bought shares of ARSMF for $409.5K. This recent transaction increases Karl Marek’s holding in the company by 56% to a total of $1.16 million. This is Marek’s first Buy trade following 4 Sell transactions. The insider sentiment on Ares Strategic Mining has been positive according to 46 insider trades in the past three months. This sentiment is slightly higher than the average sentiment of company insiders in this sector.
SEC Charges Pharma CFO and Former Partner with Insider Trading (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged the former Chief Financial Officer of pharmaceutical company Immunomedics, Inc. and his former romantic partner with insider trading in the company’s stock. According to the SEC’s complaint, while serving as CFO of Immunomedics, Usama Malik learned that the FDA had permitted the company to halt a clinical trial for a breast cancer drug because the existing trial data provided compelling evidence that the drug was effective. The complaint alleges that Malik – who was subject to a trading “black-out” that prohibited him and anyone living in his household from purchasing Immunomedics stock – immediately tipped Lauren S. Wood, with whom he lived at the time, as well as three family members. According to the complaint, Wood and two of the family members then bought Immunomedics stock, as did an account in the name of the third family member’s spouse.
