Dubai Court Orders Hedge Fund Trader Sanjay Shah to Pay $1.25 bn to Danish Tax Authorities (CanIndia.com)
A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark’s tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said. The Dubai Court of Cassation issued a binding ruling this month, saying Shah must pay the amount as part of a civil case that was filed by Denmark’s tax authority (Skat) five years ago, The National reported.
Brahman Closes Hedge Fund After More Than Three Decades (Bloomberg)
The New York-based hedge fund lost money the past two years. Clients will get most of their capital back by mid-June. Brahman Capital Corp. is shuttering its stock-picking hedge fund and returning cash to clients after more than three decades, according to people familiar with the matter. The fund has lost money the last two years — including an 18% decline in 2022 — and has been flat this year through April, according to documents seen by Bloomberg.
Westport-Based Bridgewater Associates Pays Back CT Government Loan (Patch.com)
The hedge fund giant is now out from under the job-creation agreement, though it says it has no plans to move out of Connecticut. WESTPORT, CT — Westport-based hedge fund giant Bridgewater Associates has paid back a state loan that was designed to create jobs in Connecticut, reported the Connecticut Post. As a result, Bridgewater is forgoing millions of dollars worth of tax credits, though the company says it plans to stay in Connecticut. The publication wrote that Bridgewater is “Bridgewater is proud to be based in Connecticut,” Sarah Fass, Bridgewater’s chief human resources officer, told the Post in a statement. “We’ve called Connecticut home for over four decades, and we have no plans to relocate.”
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Hedge Fund Investors Pull Record $11.6bn in April (Hedge Week)
Hedge fund investors pulled $11.57 billion in April as the sector saw its biggest month of outflows so far this year, taking YTD outflows to £19.4 billion, according to eVestment’s latest Hedge Fund Industry Asset Flow Report. While outflows were seen across the board, equity hedge funds saw the biggest redemptions with $8.94 billion of funds removed during the month.
A Secretive US Hedge Fund has Likely Notched a $5 Billion Gain on Nvidia Stock this Year as the AI Boom Rages on (Business Insider)
A secretive US hedge fund has likely notched a $5 billion gain on Nvidia this year, making it one of the biggest winners from the microchip maker’s epic stock rally. Jennison Associates owned roughly 23 million Nvidia shares at the end of last year and at the end of March this year, regulatory filings show. The position jumped in value from $3.4 billion to $6.3 billion in the first quarter as Nvidia’s stock price soared. It would be now worth an astounding $8.6 billion, based on Thursday’s closing price.
How Fund Managers Eye Turkey Trades as Election Runoff Looms (Reuters)
Investment managers, including some hedge funds, are looking for ways to cash in on the volatility in Turkey’s markets as the country heads towards a presidential election runoff on Sunday. Since long-time leader Tayyip Erdogan came out on top in the first round vote on May 14, the lira has tumbled to record lows and Turkey’s dollar bonds and equities have plunged, while the cost of insuring exposure to Turkish debt has spiked.
David Einhorn Doubles-Down on These 2 Energy Stocks – Here’s Why You Might Want to Follow in His Footsteps (TipRanks)
David Einhorn’s hedge fund, Greenlight Capital, enjoyed some big gains in 2022, being one of the few to benefit from last year’s bear market. The conditions suited the value investor’s style, and the fund had its best year in a decade. However, it has been a different story so far this year, as Greenlight has been underperforming the broad markets. Einhorn, however, is not about to bang his head against the wall and try to fit a square into a circle. In a recent letter to shareholders, he stated, “Many have commented that what worked in 2022 didn’t work in the beginning of 2023, and vice versa. That seems about right to us.”
Asos Raises Funds as it Seeks Turnaround After £291m Loss (The Guardian)
Asos is raising £80m from shareholders and borrowing £275m from Bantry Bay Capital, the specialist lender which recently bailed out troubled retailers Superdry and Matalan, as it struggles to secure a turnaround after falling nearly £300m into the red. The online fashion specialist said it had raised the funds to give it the “financial headroom” to improve shoppers’ experience and return to profitability within a year by simplifying its processes, cutting costs and becoming more innovative. On Friday, the company said it had already secured £75m in new funding from institutional shareholders led by major investors – the Danish fashion entrepreneur Anders Povlsen’s Bestseller group and US hedge fund Camelot Capital Partners.
Friday 5/26 Insider Buying Report: AXON, CURO (Nasdaq.com)
At Axon Enterprise, a filing with the SEC revealed that on Thursday, Hadi Partovi bought 10,000 shares of AXON, for a cost of $190.75 each, for a total investment of $1.91M. Partovi was up about 3.6% on the purchase at the high point of today’s trading session, with AXON trading as high as $197.65 at last check today. Axon Enterprise is trading up about 1.3% on the day Friday. Before this latest buy, Partovi made one other buy in the past twelve months, purchasing $2.00M shares at a cost of $200.02 a piece. And at Curo Group Holdings, there was insider buying on Tuesday, by Chief Financial Officer Ismail Dawood who bought 200,000 shares for a cost of $1.09 each, for a total investment of $218,000. This buy marks the first one filed by Dawood in the past twelve months. Curo Group Holdings is trading up about 2.9% on the day Friday.
$9.6M Bet On Energy Transfer? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Akero Therapeutics: The Trade: Akero Therapeutics, Inc. (AKRO) Director Walmsley Graham acquired a total of 520,000 shares at an average price of 29.69. To acquire these shares, it cost around $15.44 million. Energy Transfer: The Trade: Energy Transfer LP (ET) Executive Chairman Kelcy Warren bought a total of 750,000 shares at an average price of $12.79. To acquire these shares, it cost around $9.59 million.
