Standard General Says Only FCC Approval Left for Tegna Deal (Reuters)
Hedge fund Standard General said on Tuesday that its proposed acquisition of TV station operator Tegna Inc (TGNA.N) only needs the approval of the Federal Communications Commission after the U.S. Department of Justice reviewed it without mounting any challenge. Standard General added it now expects the deal with Tegna to close in March or April, subject to approval by the Federal Communications Commission.
Microsoft, Amazon, Meta Most Favoured by Hedge Funds (AFR.com)
Technology stocks dominate the most owned stocks by hedge funds, according to an analysis by Goldman Sachs, with Microsoft, Amazon, Meta Platforms and Alphabet the top four. Uber Technologies, Apple and Netflix also were among the top 10, with Visa, Activision Blizzard and Mastercard representing the balance. These “stocks that matter most”, Goldman said, were the positions that appear most frequently among the top 10 holdings within hedge fund portfolios.
Hedge Fund Managers Pour Millions into Own Funds to Reassure Investors (Financial News)
Hedge fund managers are betting big with their own money in a bid to reassure their investors. The average investment by managers in their own funds stood at 8% of total assets under management in 2022, up from 6% in 2019, according to report by the Alternative Investment Management Association. Small hedge fund managers are more likely to invest their own capital than large funds. On average, hedge funds with assets below $1bn invested 9.3% of their own money, compared to 6.95% for funds with assets above $1bn.
Fuchs’s BFAM Hedge Fund Gains 7.5% in Initial Sign of Recovery (Bloomberg)
Benjamin Fuchs’s BFAM Partners (Hong Kong) Ltd. posted gains in both its main hedge fund and a side pocket of illiquid Chinese credit in January, according to people familiar with the matter, paving the way for a turnaround after a bruising year. The hedge fund of the $1.2 billion firm surged about 7.5% for the month, after a 26% loss in 2022, said the people, who requested not to be named because the matter is private. BFAM’s $400 million side pocket, mostly Chinese property credit assets, was up about 3.5% last month, rebounding from an even steeper drop than the main fund last year.
Wednesday 2/22 Insider Buying Report: RCM, FIS (Nasdaq.com)
At R1 RCM, a filing with the SEC revealed that on Tuesday, Chief Executive Officer Lee Rivas bought 71,767 shares of RCM, for a cost of $13.93 each, for a total investment of $1.00M. So far Rivas is in the green, up about 12.0% on their purchase based on today’s trading high of $15.60. R1 RCM is trading up about 6.3% on the day Wednesday. This purchase marks the first one filed by Rivas in the past twelve months. And on Friday, Director Brian T. Shea purchased $158,056 worth of Fidelity National Information Services, purchasing 2,300 shares at a cost of $68.72 a piece. This purchase marks the first one filed by Shea in the past year. Fidelity National Information Services is trading up about 1% on the day Wednesday. Bargain hunters can pick up FIS at a price even lower than Shea did, with shares changing hands as low as $67.47 at last check today — that’s 1.8% under Shea’s purchase price.
Hyatt Hotels, Charles Schwab And 2 Other Stocks Insiders Are Selling (Benzinga)
Morningstar: The Trade: Morningstar Inc (MORN) Executive Chairman Joseph Mansueto sold a total of 5,347 shares at an average price of $237.30. The insider received around $1.27 million from selling those shares. Hyatt Hotels: The Trade: Hyatt Hotels Corporation (H) Director Cary McMillan sold a total of 1,790 shares at an average price of $113.93. The insider received around $203.93 thousand from selling those shares. Charles Schwab: The Trade: Charles Schwab Corporation (SCHW) Director Charles Ruffel sold a total of 5,176 shares at an average price of $80.88. The insider received around $418.66 thousand from selling those shares.
