Hedge Funds

Hedge Funds

With global hedge fund assets at roughly $3.45 trillion (and growing by double-digit percentages each year), money managers have a greater influence on public and private markets than ever before. DailyAlts covers every element of the hedge fund industry – from changing performance structures to manager strategies, from regulatory oversight to activist holdings, and from new fund launches to the liquidation of underperformers. This channel is your one-stop-shop for daily news and insights for the influential and topical hedge fund space.

Top Story

Despite Turbulence, Hedge Funds Achieve Q2 Gains

July 10, 2020

Hedge Funds Up Amid Volatile Markets.   Hedge funds were up nearly two percent in the month of June.  This means that the industry faced its third monthly gain in a row.  Although the industry aggregate  — as measured by the HFRI Fund Weighted Composite Index — is still down, hedge funds are doing well considering…

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More Stories on Hedge Funds

Billionaire Bill Ackman

Hedge Funds: Bill Ackman Prepares Investors for Coronavirus

March 4, 2020

Pershing Square Capital founder Bill Ackman sent a letter to investors about the threat of coronavirus on Tuesday. His statement came shortly after the Federal Reserve slashed interest rates by 50 basis points. 

Activist Manager Wants Jes Staley Off Barclays Board of Directors

March 4, 2020

Edward Bramson and his fund Sherborn Investors Management is waging a campaign to oust Jes Staley from the helm of Barclays (NYSE: BCS). According to reports, Sherborne is seeking his ouster due to Staley’s relationship with the deceased financier and convicted sex offender Jeffrey Epstein. In a letter sent to shareholders, the firm urged the board to “rescind their unanimous recommendation to re-elect Staley” as a director at its next annual shareholder meeting. 

Hedge Funds: Nikola Corp. Plans to Go Public with Reserve Merger

March 3, 2020

Electric vehicle manufacturer Nikola Corp. has plans to go public and merge with a publicly traded special purpose acquisition company. That SPAC is backed by hedge fund ValueAct and Fidelity. According to reports, the firm will engage in a reverse merger with VectoIQ Acquisition Corp. (NASDAQ: VTIQ). The new company will trade under the name Nikola Corp. and carry a valuation of $3.3 billion. 

Hedge Funds: Activist Hedge Fund Elliott Management Targets Twitter

March 3, 2020

Twitter Inc (NYSE: TWTR), which owns the social media and tweeting platform so loved by President Trump, is under siege. Elliott Management, the feared activist hedge fund owned by billionaire Paul Singer, has accumulated a sizable stake in the company, led by Jack Dorsey.

Hedge Funds: Chris Hohn Looks to End Coal Production as We Know It

March 2, 2020

Hedge fund billionaire Chris Hohn has launched a platform aimed at reducing financing for coal-fired power plants. The ESG crusader wants central banks to effectively stop the financing of coal power plants that he deems a threat to the global climate.

Berkshire Hathaway

Hedge Fund: Whitney Tilson Pumps Berkshire Hathaway as Top Retirement Stock

February 27, 2020

Former hedge fund manager Whitney Tilson has called Berkshire Hathaway (NYSE: BRK.A) the to retirement stock. Tilson, who now writes for Empire Financial Research, issued a note this week praising Warren Buffett’s firm as the “No. 1 Retirement Stock in America.”

New Preqin Report

Preqin: Hedge Fund AUM Hits All-Time High in 2019

February 26, 2020

Hedge fund assets under management (AUM) reached an all-time high for the industry by the end of 2019.

A new report by Preqin shows that assets reached $3.66 trillion thanks to strong performance offseting redemptions.

During the fourth quarter, Preqin says that outflows totaled $15.4 million. It was the seventh-straight quarter of outflows. 

Activist Hedge Fund Looks to Shake Up Insurance Giant Prudential

February 25, 2020

Activist hedge fund Third Point has taken aim at the 172-year-old insurance giant Prudential (LON: PRU). According to a new filing, Dan Loeb’s shop wants to split the firm into two operations and shutter its British office. This would effectively end the country’s 18-decade presence in England. 

Santander Asset Management Launches New Hedge Fund: Santander Patrimonio Diversificado.

February 24, 2020

Santander Asset Management announced it has launched a new hedge fund called Santander Patrimonio Diversificado.

Its portfolio will invest in fixed income, equities, and absolute return funds. It will also dabble in venture capital, private debt funds, and real estate

According to a press release, the fund will focus on the U.S., Europe, Japan, and emerging markets. It has also set a weight limit for diversification at 5%. The fund will also have a sustainable bias and will focus on aligning with the firm’s broader ESG goals.

Pierre Andurand and His Hedge Fund Struggle in January

February 21, 2020

Pierre Andurand and his hedge fund had a tough start to the year. Andurand Capital Management shed 8% last month due to the slump in oil-and-gas commodities, according to a report from the Financial Times. Last month, crude oil temporarily rallied after the U.S. and Iran appeared on a path toward war. However, once tensions died and concerns about coronavirus and global growth emerged, crude prices went in reverse. 

Elliott Investment Management Takes Stake in NN Group

February 20, 2020

Elliott Investment Management has built a 3.04% stake in Dutch insurer NN Group (OTCMKTS: NNGRY), according to a filing with AFM this week. Paul Singer’s hedge fund said that the investment is a reflection that it believes “in the material and sustainable value-creation opportunity that exists at the company.” Under rules with the Dutch regulator, companies must file when they breach the 3% ownership level. 

Hedge Funds: Kerrisdale Capital Takes Aim at Match.com

February 14, 2020

Activist hedge fund Kerrisdale Capital has taken a short stake in Match Group (NASDAQ: MTCH). The online dating operator owns Tinder and Match.com. The activist fund expects that shares will fall due to increasing threats around government regulation and intervention.

Hedge Funds: Rishi Sunak Takes Over Role as British Chancellor

February 13, 2020

Rishi Sunak has become the new U.K. Chancellor after the sudden resignation of Saji Javid. The news comes amid a shakeup in Prime Minister Boris Johnson’s cabinet. It was a sudden and surprising announcement given Sunak’s relatively short career in politics. The son-in-law of a billionaire had previously worked at Goldman Sachs and at hedge funds across London.

Hedge Funds: Kyle Bass Won’t Apologize for Twitter Feud on Coronavirus

February 10, 2020

Kyle Bass refuses to apologize for a deleted tweet that said the U.S. should allow coronavirus to “rampage through the ranks” of the Communist Party. Bass, the founder and CIO of Hayman Capital, found himself in a Twitter fight with the EIC of a Chinese newspaper.

Hedge Funds: Elliott’s Offensive on Evergy Unnerves Chamber of Commerce

February 10, 2020

Curtis Sneden, president of the Greater Topeka Chamber of Commerce is concerned about repercussions from activist hedge fund Elliott Management’s broadside against regional utility Evergy, Inc. (NYSE: EVRG). Feared activist hedge fund Elliott wrote to Evergy on January 21 requesting changes that would create value for shareholders. New York-based Elliott is owned by billionaire Paul Singer.

It owned an “economic interest” in Evergy worth $760 million as of the date of the letter.

Billionaire Bill Ackman

Hedge Fund: Pershing Square Capital Sells Starbucks Stake

February 6, 2020

Pershing Square Capital has exited its stake in Starbucks Corporation (NASDAQ: SBUX). According to reports, Bill Ackman’s hedge fund announced the divestiture during an investor presentation today. 

Hedge Funds: Starboard Value Pressures for Changes at eBay, Deal at Green Dot

February 4, 2020

Starboard Value is pushing for eBay (NASDAQ: EBAY) to sell or spin off its Classifieds Group. The hedge fund took a stake in the company one year ago beside fellow activist Elliott Management. Both firms have pushed for spending cuts and the divestiture of assets like online ticket marketplace StubHub.

Liquid Alts: China Urges Funds to Avoid Selling Shares

February 3, 2020

Chinese mutual funds are facing new regulatory scrutiny in the face of a sharp selloff Monday. During the first day since the Lunar New Year holiday, the Shanghai Index fell by 7%. Chinese officials are doing everything they can to prevent a sharper decline.

Hedge Funds: Citadel, Marshall Wace Take Aim at Airline Stocks

January 29, 2020

British Airways announced plans to suspend flights to mainland China this week. The coronavirus continues to deter commercial travel among tourists and business people. We’ve now seen hedge funds take direct aim at the stocks of major airline companies that service the Asian markets.

Hedge Fund: Martin Shkreli Faces New Charges in Drug Pricing Scheme

January 28, 2020

Martin Shkreli now faces new charges over the alleged price inflation of the drug Daraprim. The infamous “Pharma Bro” and his hedge fund bought the rights to the drug that treats malaria and foodborne illnesses.

Hedge Funds: Coffey’s Kirkoswald Asset Management To Stop Accepting New Cash

January 27, 2020

Effective end-March, global macro hedge fund manager Greg Coffey will not accept new money into his two-year-old portfolio.
Greg Coffey’s Kirkoswald Asset Management, which last year earned 28%, and trades in global equities, bonds, and currencies, will stop accepting new investments in a bid to protect returns.

Hedge Funds: With a 120% Gain, Bill Miller’s Value Partners 1 Fund Absolutely Crushed It in 2019

January 24, 2020

With a 120% Gain, Bill Miller’s Value Partners 1 Fund Absolutely Crushed It in 2019. Best of all, legendary investor Bill Miller scored that humongous return doing absolutely nothing in the last quarter.
That’s right, Miller neither sold or bought anything in the dying months of 2019. That takes some doing for an actively managed fund, but Miller kept his hands off a portfolio that held names such as Amazon (+23% in 2019), and small-cap biopharma Flexion Therapeutics (+83% in 2019).

Hedge Fund: Elliott Management Ditches Stake in Hyundai Motors

January 23, 2020

Hyundai Motor Group has shaken off activist hedge fund Elliott Management. According to South Korean media, Elliott Management ditched its stake in the auto giant at the end of 2019. The activist fund had previously attempted to secure board seats and pushed for large dividend payments.

Hedge Funds: The Top Ranking Hedge Funds since Inception-How They Fared in 2019

January 22, 2020

TCI and Lone Pine led the list of top-performing hedge funds for last year.
Chris Hohn’s TCI and Stephen Mandel’s Lone Pine Capital logged gains of $8.4 billion and $7.3 billion respectively in 2019. However, Ray Dalio’s Bridgewater ($58.5 billion) and Soros Fund Management ($43.9 billion) topped the list based on gains from the start date of the hedge funds.