Seth Klarman is Betting Big on Red-Hot SPACs, Picking Up Shares in Ackman and Beane’s New Deals (CNBC)
Seth Klarman’s Baupost Group piled into some of the most popular blank-check deals this year, seeking to capitalize on a burgeoning market. The hedge fund manager made a near $400 million bet on Bill Ackman’s historic special-purpose acquisition company Pershing Square Tontine Holdings as of the end of the third quarter, according to a new regulatory filing. The SPAC, which marked the largest deal ever when it debuted in July, has a market cap of about $4.6 billion.
Scaramucci’s $9.2B SkyBridge ‘May Seek Exposure to Digital Assets’ (Nasdaq.com)
Anthony Scaramucci’s mega hedge fund, SkyBridge Capital, just gave itself the ability to bet on cryptocurrencies from afar. In a series of filings with the U.S. Securities and Exchange Commission published Friday and Monday, the $9.2 billion asset manager helmed by the one-time spokesman of U.S. President Trump signaled that two of its funds “may seek exposure to digital assets.” The documents are meant to give SkyBridge the green light to invest in other funds that have money in the crypto markets or in the companies supporting the ecosystem.
Hedge Funder Buys Palm Beach Spec Home for Nearly $6M (The Real Deal)
The co-founder of a New York-based investment firm paid $5.5 million for a newly built spec home in Palm Beach. Records show Scott Goodwin and his wife, Kimberly, bought the home at 232 Bahama Lane from 232 Bahama Lane, LLC, a Florida company that links to Nannette Gammon of The Ecclestone Organization. Scott Goodwin is the co-founder and managing partner of Diameter Capital Partners. Before founding Diameter, Goodwin was a portfolio manager and the global head of trading at Anchorage Capital Group, according to a bio for Credit Suisse’s 2019 America’s Credit Forum.
How Women-Led Hedge Fund Firms can Gain Value (Hedge Week)
The hedge fund industry is dominated by men, with women and minorities controlling only a small fraction of US-based assets. Some financial observers say fixing this gender imbalance is long overdue. They bolster their argument with data showing hedge funds run by women have performed well in recent years, including during the pandemic, when they out-performed those managed by men.
Dan Loeb Makes New Bets on Pinterest, Palantir and PG&E – Here are the Highlights (CNBC)
Longtime hedge fund manager and activist investor Daniel Loeb, manager of Third Point, continued to bet on Disney and e-commerce giants in the third quarter, and added new positions in Pinterest, Palantir and Microsoft. Third Point released its positions from the end of the third quarter, showing a fund with more than $9.9 billion in equity positions.
Soros, Starboard, Rokes Make Big ETF Bets (Institutional Investor)
Several hedge fund firms disclose major new stock positions, including Seth Klarman’s Baupost Group. Several hedge funds used ETFs to make big directional bets on various financial markets in the third quarter, according to their latest 13F filings which disclose U.S. long equity-related positions on September 30.For example, as of the end of the third quarter, the SPDR S&P 500 ETF Trust was Starboard…