Brevan Howard Back-to-Back Monthly Losses Cut Into Record Gain (Bloomberg)
Brevan Howard Asset Management’s flagship macro hedge fund lost 0.6% in June, suffering back-to-back monthly losses and giving up some of its record gains from March. The decline follows a 0.9% loss in the $3.8 billion Brevan Howard Master Fund in May, according to letters to investors seen by Bloomberg. Preliminary estimates from Eurekahedge show that macro hedge fund peers made money, on average, in both months.
Warren Buffett Is Back in the Game (The New York Times)
Behind Warren Buffett’s first post-pandemic deal: Berkshire Hathaway swooped in to buy Dominion Energy’s gas pipeline network in a $9.7 billion deal after Dominion and Duke Energy canceled plans to build the controversial Atlantic Coast Pipeline. Berkshire will pay $4 billion for Dominion’s gas network assets, including more than 7,700 miles of natural gas storage and transmission pipelines and about 900 billion cubic feet of gas storage.
Elliott Pushes Crown Castle to Bolster Fiber Business (The Wall Street Journal)
Elliott Management Corp. is pressuring Crown Castle International Corp. to overhaul its approach to its fiber-cable business, which the hedge fund says has weighed on the company’s market value despite billions in investment in recent years. Elliott on Monday publicly released a letter it sent to the Crown board that criticized what it called disappointing returns tied to the $16 billion it has invested to build up the company’s fiber-cable business, including a $7.1 billion acquisition three years ago.
Rothschild & Co to Transfer Its Hedge Fund Business to Candriam (Reuters)
LONDON (Reuters) – Rothschild & Co Asset Management Europe plans to transfer its entire hedge fund business worth 350 million euros (£315 million) to global asset manager Candriam, a spokeswoman representing both companies told Reuters on Monday. The transaction, which will include the alternative investment “fund of funds” and a micro-finance unit, will take Candriam’s hedge fund assets to 600 million euros, the spokeswoman said.
Hedge Funds Hire Technology Interns Too (eFinancialCareers.com)
If you’re thinking of applying for a technology internship in finance for 2022, you don’t have to apply to an investment bank. Major hedge funds hiring technology interns too – although their application deadlines tend to be a little later. We’ve listed some of the hedge funds that run graduate hiring programs here. Some, but not all are looking for technology interns in the mix. Hedge funds that recruit technology interns include DE Shaw, which is already looking for software development and systems technology interns for New York in 2021, plus software developer interns for London. Applications opened in June and DE Shaw says intern hiring is typically completed by late winter or early spring.
Multi-Manager Hedge Fund Brummer Continues Positive Run in 2020, as Equities, Credit and Macro Drive H1 Profits (Hedge Week)
Brummer & Partners, the Stockholm-based multi-strategy hedge fund firm, has generated positive returns for the first half of 2020, with US long/short equity, credit and macro strategies all driving performance in its flagship strategy in recent weeks. Despite a recent spike in market volatility, the Brummer Multi-Strategy multi-manager fund – which invests in a range of single-strategy hedge funds – gained 1.5 per cent in June, while the Brummer Multi-Strategy 2xL (BMS 2xL) added 2.8 per cent.