Hedge Fund and Insider Trading News: Ray Dalio, Bill Ackman, Alden Global Capital, Oaktree Capital Management, Aravt Global LLC, Veritex Holdings Inc (VBTX), and More

Aravt Global Shutting Down as Hedge Funds Get Hit by Unraveling of ‘Growth Trade’ (The Wall Street Journal)
New York hedge-fund firm Aravt Global LLC is shutting down after sustaining significant losses recently, a sign of the severe pain the selloff in growth stocks is inflicting. Aravt’s hedge fund lost 8.5% in 2021 and was down by double digits this year through February – in line with the tech-laden Nasdaq Composite’s 12% loss including dividends for the period, said people familiar with the firm. Founded by former Ziff Brothers Investments principal Yen Liow, Aravt focused on what he called “horses,” companies that would reliably post above-average growth.

How Activist Investors are Wielding ESG to Push Their Agendas (Business Insider)
By now, investors know the tale well. A small startup hedge fund went toe-to-toe with one of the world’s largest oil and gas companies, and with the support of giant asset managers, it walked away triumphant with three seats on the board. Wall Street now considers Engine No. 1‘s unlikely victory against Exxon last summer a milestone in activist investing.

Lee’s Slate of Directors Elected, Alden Global Capital Takeover Attempt Blocked for Now (Poynter.org)
As expected, Lee Enterprises had its slate of three directors approved for three-year terms Thursday at its annual meeting. That closes at least a chapter in hedge fund Alden Global Capital’s hostile bid to take over the company. Alden had offered an unsolicited bid in late November at $24 a share. Lee quickly said no, arguing that the bid undervalued the company, which it claims is in the midst of a successful digital transition. Soon after, Lee stock quickly rose to the mid $30s.

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James Simons (Institutional Investor)
Jim Simons is back on top. For the fifth time in seven years, the 83-year-old founder of quant specialist Renaissance Technologies leads Institutional Investor’s Rich List, the definitive ranking of the highest-earning hedge fund managers. Simons retook the throne after earning $3.4 billion in 2021, supplanting last year’s leader, Israel “Izzy” Englander. The Millennium Management founder had to settle for second place after he made “only” $3.1 billion in 2021.

GoldenTree Appoints Head of New Digital Assets Subsidiary (Hedge Week)
Avi Felman has been appointed as a general partner of GoldenChain, a new wholly owned subsidiary of GoldenTree Asset Management which will manage the firm’s digital assets funds, accoding to a report by AlternativesWatch. Felman, who reports to partner and executive committee member Joe Naggar, will also be a principal at the USD47 billion firm.