Haidar’s Hedge Fund Losses Worsen to 48% After Decline in August (Bloomberg)
Said Haidar’s macro hedge fund suffered a further 15.7% slump in August, extending the worst-ever phase of trading losses since it started more than two decades ago. The Haidar Jupiter fund is now down 48% for this year, according to an investor update seen by Bloomberg. The hedge fund managed $1.6 billion at the end of July.
Citadel Posts Double-Digit Returns (Institutional Investor)
Ken Griffin’s multistrat fund continues to be one of the top performers in the category. Citadel posted solid results for August and continued to lead major multistrategy funds for the year. The hedge fund giant led by Ken Griffin is one of the only funds in the strategy that has posted double-digit performance gains this year, although all of the other funds made money in August.
Liontrust, GAM Bled €2bn from Funds During Failed Takeover (Financial News)
Morningstar figures show investors pulled billions of euros from the two groups’ funds during takeover talks. Liontrust and GAM bled more than €2bn from their European funds over the three months in which the London-headquartered asset manager was trying to acquire the struggling Swiss firm. According to data from Morningstar, UK-listed Liontrust suffered net outflows of €1.6bn over three months to the end of July. It tabled its £96m offer for GAM in May.
Image by Sergei Tokmakov Terms.Law from Pixabay
Man Group Completes Varagon Acquisition (Hedge Week)
Man Group has completed its previously announced acquisition of Varagon Capital Partners, a US middle market private credit manager with $11.8bn of assets under management and $15.4bn of total client commitments, having received all necessary regulatory approvals. Founded in 2014, Varagon has completed $24.5bn of financings to over 300 companies and 138 sponsors. The firm focuses on senior secured loans with multiple covenants to cash generative, high-performing sponsor-backed companies in non-cyclical industries, and typically serves as a lead or co-lead lender, with origination capabilities that support enhanced terms and differentiated returns for investors.
Hedge Fund Billionaire John Paulson Sued for Securities Fraud by Puerto Rico Partner (Bloomberg)
John Paulson was sued by his longtime business partner in Puerto Rico, who alleges the hedge fund billionaire made fraudulent claims to convince him to invest $17 million in a luxury automobile dealership on the island. Fahad Ghaffar filed suit Wednesday in federal court in Puerto Rico, asking for more than $50 million in damages from Paulson. Ghaffar claims Paulson told him in February 2022 that he would be investing his money in a convertible note that would eventually give him 50% ownership in the dealership, F40, which a Paulson family trust had just bought for $103 million.
One Year In, Danske’s GAO Marches Forward (Hedge Nordic)
Stockholm (HedgeNordic) – The success of a hedge fund’s launch often plays a crucial role in shaping its future. Danske Bank Asset Management’s Global Alternative Opportunities (GAO) had an impressive inaugural year launching in August of 2022. Despite debuting just ahead of the worst September for equity markets since 2002, Danske Invest Global Alternative Opportunities (GAO) has generated a cumulative return of 6.1 percent.
Summer is Fading. But Performance in August was Hot at Hedge Funds Including Citadel, D.E. Shaw, Millennium, and Sculptor (Business Insider)
Multi-strategy hedge funds had a strong August, while the broader stock market fell. Most managers posted positive performance, Sculptor and Citadel led the way. Millennium (+1.9%) and D.E. Shaw (+1.3%) also had strong performance. Multi-strategy fund managers remain as popular as ever. That isn’t necessarily a good thing, according to the industry’s top player.
The Raleigh Hedge Fund Manager Who Still Bets on Oil and Gas (BizJournals)
A longtime investor is sticking with oil and gas with his new Raleigh hedge fund, despite an increase in industry attention – and dollars – on renewable energy. Mark Corigliano, an eight-year veteran at DUMAC (formerly Duke Management Company), started Corigliano Investment Advisors last year with ambitions of a $100 million vehicle, to be called Energy Security Fund L.P.
Weinstein Group Revises Sculptor Bid After Board’s Concerns (Bloomberg)
Boaz Weinstein and his group of bidders revised their offer to buy Sculptor Capital Management Inc., seeking to address some of the concerns the board’s special committee outlined in a proxy filing last week, according to people familiar with the matter. While Weinstein’s bid remains at $12.76 a share, it has beefed up its equity commitments, eliminated risks associated with debt financing and increased the damages it would pay if it fails to consummate the transaction, the people said.
Wednesday 9/6 Insider Buying Report: BHRB, SR (Nasdaq.com)
At Burke Herbert Financial Services, a filing with the SEC revealed that on Friday, Director Shawn Patrick McLaughlin purchased 1,400 shares of BHRB, at a cost of $49.85 each, for a total investment of $69,794. McLaughlin was up about 3.8% on the purchase at the high point of today’s trading session, with BHRB trading as high as $51.75 at last check today. Burke Herbert Financial Services is trading trading flat on the day Wednesday. And at Spire, there was insider buying on Friday, by Treasurer Adam W. Woodard who purchased 1,000 shares at a cost of $58.70 each, for a total investment of $58,700. This purchase marks the first one filed by Woodard in the past year. Spire is trading up about 1.1% on the day Wednesday. Investors have the opportunity to grab SR at a price even lower than Woodard did, with shares trading as low as $57.29 at last check today — that’s 2.4% under Woodard’s purchase price.
McDonald’s, Moderna And 2 Other Stocks Insiders Are Selling (Benzinga)
Moderna: The Trade: Moderna, Inc. (MRNA) Director Noubar B. Afeyan sold a total of 15,000 shares at an average price of $115.46. The insider received around $1.73 million from selling those shares. McDonald’s: The Trade: McDonald’s Corporation (MCD) EVP – Chief People Officer Heidi Capozzi sold a total of 1,042 shares at an average price of $282.54. The insider received around $194,388 from selling those shares.
