Managers
Electric vehicle (EV) maker Tesla, Gucci owner Kering, and Japanese chip manufacturer Advantest are among the large-cap stocks with the highest percentage of funds betting against them, according to a data from Hazeltree, a provider of treasury services to hedge funds and other institutional investors.
Viking Global Investors, US-based hedge fund founded by ‘Tiger Cub’ Ole Andreas Halvorsen in 1999, has reopened its flagship long/short hedge fund to new capital after being closed for over a decade, according to a report by Reuters.
Hedge funds have upped their short positions in US Treasuries as yields approach the highest seen so far this year, increasing their divergence from asset managers who are taking the long side of the trade, according to a report by Bloomberg.
Hedge funds Brevan Howard, Citadel, Millennium Capital Partners, Rokos Capital Management and Capula Investment Management are on a list of more than 50 City institutions to take part in the Bank of England’s first-ever stress tests involving the shadow banking sector, according to a report The Guardian.
Brevan Howard has added another senior recruit to its ranks with the appointment of veteran technologist Steven Kordik, who has an extensive history working at both hedge funds and investment banks, according to a report by eFinancial Careers.
Point72 Asset Management, the hedge fund firm founded by Steve Cohen, now employs more than 100 people in Singapore having upped its headcount in the city state by more than 50% since early 2022, according to a report by the Straits Times.
Hedge funds have lost more than $6bn this year betting against cruise lines, including Royal Caribbean and Carnival – two of the 10 most heavily shorted companies in the S&P 500 – and hotels, after underestimating the resilience of the US travel sector, according to a report by The Financial Times.
Tiger Global, the hedge fund firm founded by Chase Coleman in 2001, has built a big stake in private equity group Apollo Global as the firm pivots from the technology investments that have traditionally been its stock-in-trade, according to a report by The Financial Times.
The risk profile of Crispin Odey’s flagship hedge fund has been lowered by Freddie Neave after he took over its management in June following allegations of sexual misconduct against the Odey Asset Management founder, according to a report by Reuters.
A “much more challenging” short-selling environment has prompted activist hedge funds Third Point to cut back on the number of single-name short positions it holds in its portfolio, according to a report by Seeking Alpha.
The report cites Third Point CEO and Chief Investment Officer Dan Loeb as writing in an investor letter sent to clients this week that: “While we have not abandoned short selling, we continue to reduce our single name short exposure in favour of market hedges and short baskets.”
The firm has also reduced the position sizes of single short names, “limiting our vulnerability to short
