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Hedge Fund and Insider Trading News: Paul Tudor Jones, Bodenholm Capital, Kingstown Capital Management, Mettler-Toledo International Inc. (MTD), AvalonBay Communities Inc (AVB), and More

Hedge-Fund Legend Paul Tudor Jones: ‘I‘m Very Bullish on US Stocks‘ (StockDailyDish.com)
Hedge-fund manager said Monday he is bullish U.S. stocks this year, noting American equities will outperform their global counterparts. “I think this year we‘re going to continue to have U.S. exceptionalism and U.S. outperformance,” Tudor Jones told CNBC‘s Bob Pisani in an interview. “The S&P 500 will outperform its peers, it will outperform emerging markets.” “I think from that, you‘ll have to take all the correlated trades. Rates won‘t go down, they will probably go back up and I think the dollar stays firm,” Tudor Jones said. “I‘m very bullish in the U.S. stock market.”

Harvesting the Rewards (Hedge Nordic)
Stockholm (HedgeNordic) – Bodenholm and Ress Life Investments received three awards during last week’s ceremony of Hedge Funds Review European Performance Awards in London. The judging process relies on more than just numbers, and considers both risk and return characteristics, as well as qualitative factors. Stockholm-based long/short equity fund Bodenholm emerged as the winner in two award categories at the Hedge Funds Review European Performance Awards held last week. The fund founded by Per Johansson received an award for the “Best long/short equity hedge fund” in the “one-year performance” category for single managers. This category honours the best long/short equity fund in Europe over the 12 months to the end of June 2019.

The Hedge-Fund War for Talent (Bloomberg)
These are difficult times for hedge funds: Market-beating returns are elusive and underperformance is the norm. Those people who can consistently generate alpha, or market-beating returns, are highly sought after. Thus, the “war for talent,” says this week’s guest on Masters in Business, Ilana Weinstein, founder and chief executive officer of executive placement firm IDW Group, which has worked with hedge funds such as Citadel, Millenium and Point 72. Weinstein started IDW in 2003, when there were 3,000 hedge funds managing about $500 billion; today, there are more than 11,000 hedge funds managing $3.5 trillion. However, about two-thirds of these funds have assets of $250 million or less.

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Chad McDermott / Shutterstock.com

Hedge Fund of London Billionaire Crispin Odey Says Traders are ‘Gaming’ Iron Ore Markets (Stockhead.com.au)
It’s been a big year for iron ore prices, which surged to record highs on supply shocks caused by the Vale dam disaster in Brazil. And according to a fund manager at Odey Asset Management (OAM) – the hedge fund run by billionaire Crispin Odey – daily market prices are increasingly susceptible to manipulation. Rather than being set on trading exchanges, benchmark iron ore prices are established via price assessments, where index platforms such as S&P Global collect data on spot-market sales from producers, traders and steel mills.

Larry Berman: The Biggest Hedge Fund in the World has Added a Hedge (BNNBloomberg.ca)
When Ray Dalio – founder of Bridgewater, the largest hedge fund in the world – buys put protection on the S&P 500, people should pay attention. It was all over the business news media late last week. I’ve said for years that BNN Bloomberg viewers should read everything Dalio writes-including options. What Dalio may have done was use an option position called a collar. The purchase of a put paid for by writing (selling) a call. There are a number of ways this can be implemented. According to some reports, it looks like he added the strategy at a debit, meaning a cost to the fund of 70 basis points (0.7 per cent). Looking at the return-to-risk ratio of a costless collar in the diagram below is the basis for understanding how this strategy works. Dalio paid a premium to add the hedge, but it can be done for free.

Low Fees, Strong Returns (Hedge Nordic)
Stockholm (HedgeNordic) – Agenta Alternativa Investeringar, one of the lowest-cost hedge funds in the Nordics, has got off to a great start since launching at the beginning of 2019. The fund managed by Stefan Engström, who co-founded Stockholm-based asset manager Agenta with Peter Agardh almost 15 years ago, returned 6.6 percent in the first ten months of operations (posting nine positive months out of ten). A year-to-date return that exceeds the fund’s return target of five percent combined with low volatility leads to the happy result of a Sharpe ratio of 2.3.

Hedge Fund Managers are Warming Up to Custom Funds (Pensions&Investments)
The hedge fund industry is in transition as managers work to provide asset owners with exactly what they want: customization. Increasingly, hedge fund managers are acceding to demand from pension funds, endowments, foundations, hedge funds of funds and other allocators for custom versions of flagship hedge fund strategies that better meet their investment goals. Assets managed in separately managed customized hedge fund accounts have skyrocketed over the past five years, sources said.

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