Hedge Fund and Insider Trading News: Ray Dalio, Davidson Kempner Capital Management, Amber Capital, Trecora Resources (TREC), Capital Senior Living Corporation (CSU), and More

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Amber Capital Asks for Backing to Replace Lagardere Board – Letter (Reuters)
LONDON, April 15 (Reuters) – Activist hedge fund Amber Capital on Tuesday urged fellow investors to support proposals to replace the majority of Lagardere’s supervisory board members, according to a letter shared with Reuters on Wednesday. Amber, which has been a shareholder in the French multimedia conglomerate for four years and is the largest shareholder, urged investors to vote for its resolutions at the general meeting on May 5. The hedge fund accused Lagardere’s management and supervisory board of a “denial of reality” over the company’s poor financial performance.

Dalio Says Investors ‘Crazy’ to Hold Government Bonds Now (Bloomberg)
Bridgewater AssociatesRay Dalio, founder of of the world’s largest hedge fund, said investors would be “crazy” to hold government bonds now and possibly for years because of money-printing by central banks to rescue the global economy. “This period, like the 1930-45 period, is a period in which I think you’d be pretty crazy to hold bonds,” Dalio said Wednesday on the Bloomberg Invest Talks webcast. “If you’re holding a bond that gives you no interest rate, or a negative interest rate, and they’re producing a lot of currency and you’re going to receive that, why would you hold that bond?”

Sacramento County Commits $34 Million to 2 Funds (Pensions&Investments)
Sacramento County (Calif.) Employees’ Retirement Association committed a total of roughly $34 million to two investment funds at its Wednesday board meeting, documents from the $9.3 billion pension system show. The board agreed to commit €20 million ($21.8 million) to Summit Partners Europe Growth Equity Fund III; and a follow-on commitment of $12 million to Davidson Kempner Institutional Partners, a hedge fund run by Davidson Kempner Capital Management. SCERA had previously committed $32 million to the Davidson Kempner hedge fund in May.

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Jupiter’s Assets Take 18% Tumble Amid First-quarter Virus Panic (FNLondon.com)
UK fund manager says its purchase of smaller rival Merian Global Investors remains on track. Jupiter Fund Management posted net outflows of £2.3bn during the first three months of the year, with total assets falling by more than 18% as investors became spooked by the Covid-19 pandemic. The FTSE 250-listed group, which announced in February it was acquiring smaller rival Merian Global Investors, saw assets drop to £35bn at the end of March, down from £42.8bn at the end of 2019.

Hedge Fund Manager Claims Bitcoin is Hanging on the “Side of a Cliff” (Bitcoinist.com)
After reclaiming the key support that had been established at $6,800 yesterday, Bitcoin has once again lost this level, surrendering to bears as to navigates back towards its key short-term support that has been established around $6,600. This comes just days after a prominent hedge fund manager noted that he believes Bitcoin is a “textbook short” opportunity, with its strong resistance in the lower-$7,000 region possibly being enough to spark a lasting downtrend. The same fund manager is now doubling down on this bearishness, noting that BTC is currently hanging by its nails on the side of a proverbial cliff – a sentiment that suggests he believes a capitulatory downtrend is imminent.

Bain Capital Credit Owns 9.8% of doValue: filing (Reuters)
MILANO (Reuters) – U.S. credit specialist Bain Capital Credit Member held 9.8% of Italy’s biggest bad loan specialist doValue (DOVA.MI) as of April 6, a regulatory filing showed on Wednesday. The stake is held indirectly trough Sankaty European Investments. The filing also reported that hedge fund EJF Capital cut its stake in doValue to 1.9% from a previous 10.7% as of the same date.

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