Opalesque Roundup: Global Macro Hedge Funds Register Strong Returns at 4.06% in 3Q: Hedge Fund News, Week 43 (Opalesque)
In the week ending November 25th 2022, Citco reported that about half of hedge funds generated positive returns during the third quarter, albeit with a wide divergence by strategy. The best-performing strategy during the third quarter was global macro, with a 4.06% weighted average return, followed by event-driven funds at 3.66% and commodities at 2.99%. In performance news, Boston-based Disciplined Alpha’s long/short equity strategy returned 7.8% in October and 3.8% YTD, annualising 8.6% since inception in July 2013; Chessica LP, a market-neutral hedge fund, returned 5.8% in October and almost 10% YTD – annualising 11.8% since its early 2010 inception; Bill Ackman‘s hedge fund Pershing Square has notched up compounded net annual returns of over 16 percent since 2004, and Laffont‘s Coatue Management has grown to more than $70bn in assets since it launched with $50mn in December 1999 – its flagship hedge fund has gained an average of 11 percent a year since then.
Hedge Fund SPX Taps Former Goldman Trader for Asia Expansion (Bloomberg)
Brazilian hedge fund manager SPX Capital has enlisted a former Goldman Sachs Group Inc. trader to set up its new Singapore office, kicking off its expansion into Asia. William Bethlem, who joined SPX last year, will oversee the push, Bruno Pandolfi, a co-founder at the asset manager, said in an interview. The firm plans on opening the outpost in February, with a staff of Asia-focused researchers and traders, Pandolfi said, adding that an exact headcount hasn’t been defined yet.
Hedge Funds’ 2 and 20 Fee Structure is Facing Challenges, Former Bridgewater Exec Says (Financial News)
Many funds are likely to face challenges justifying their high fees following a period of weaker asset returns, according to Bob Elliott. As hedge funds battle plunging equity markets, rising inflation, and large outflows, they are set to face another challenge next year — their so-called 2 and 20 fee structure. The structure — charging a 2% management fee on total assets under management alongside a 20% performance fee on profits generated — has been used for decades across the industry.
Insider Trading: November 28, 2022 (BIV.com)
Insider John Edward Robins, director. Company: Gold Basin Resources Corp. (TSX-V:GXX). Shares owned: 4,677,357. Trade date: Nov. 10. Trade total: $719,540. Trade: Acquisition of 2,589,000 shares at prices from $0.19 to $0.36 per share. Insider Donald Jeffery Roberts, director. Company: Nexgen Energy Ltd. (TSX:NXE). Shares owned: 95,700. Trade date: Nov. 10. Trade total: $212,660. Trade: Acquisition of 49,000 shares at a price of $4.34 per share.
Monday 11/28 Insider Buying Report: IAC, SNAX (Nasdaq.com)
On Wednesday, IAC’s Director, Michael D. Eisner, made a $5.01M buy of IAC, purchasing 106,241 shares at a cost of $47.13 each. Eisner was up about 6.0% on the purchase at the high point of today’s trading session, with IAC trading as high as $49.96 in trading on Monday. Iac Inc is trading up about 0.7% on the day Monday. And also on Wednesday, CEO Christopher J. Boever purchased $106,566 worth of Stryve Foods, purchasing 166,863 shares at a cost of $0.64 a piece. Before this latest buy, Boever bought SNAX on 4 other occasions during the past year, for a total investment of $395,150 at an average of $0.94 per share. Stryve Foods is trading up about 8.8% on the day Monday. Boever was up about 36.2% on the buy at the high point of today’s trading session, with SNAX trading as high as $0.87 at last check today.
$2.5 Million Bet On Element Solutions? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Element Solutions: The Trade: Element Solutions Inc (ESI) Director Martin E Franklin acquired a total of 135,000 shares at an average price of 18.90. To acquire these shares, it cost around $2.55 million. Ryan Specialty Holdings: The Trade: Ryan Specialty Holdings, Inc. (RYAN) CEO Patrick Ryan acquired a total of 287,625 shares an average price of $37.98. To acquire these shares, it cost around $10.92 million.
