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TOP STORY: Several of the world’s largest multi-strategy hedge funds – including Citadel’s flagship Wellington fund and Millennium Management – delivered only modest returns in May, trailing the broader equity market rebound led by the S&P 500, which gained 6.2%, its strongest monthly performance since November 2023, according to a report by Business Insider.
Arrowpoint Investment Partners, a Singapore-based multi-strategy hedge fund backed by Blackstone, Canada Pension Plan Investment Board, and Temasek’s Seviora, generated strong gains in May by exploiting market dislocations across equities, currencies, and fixed income, according to a report by Business Times.
Discretionary global macro hedge funds have surged to the top of institutional allocators’ priority lists, according to a report by Reuters citing Société Générale’s latest investor sentiment survey, amid persistent macroeconomic uncertainty and ongoing geopolitical tensions.
Carry trades are roaring back into favour, with hedge funds and asset managers ramping up allocations to high-yielding emerging market currencies amid a sharp drop in FX volatility and fading fears over aggressive US trade policy, according to a report by Bloomberg.
Hedge funds sharply reduced their bullish exposure to the Japanese yen last week, even as long-term asset managers modestly raised their positions – highlighting divergent views on the currency’s direction amid rising market uncertainty, according to a report by Bloomberg.
Millennium Management has made two senior additions to its fast-expanding credit franchise – Jonathan Grau, previously a partner at Laurion Capital, and Christopher Reich, a credit index trader from Brevan Howard, according to a report by Bloomberg.
Major hedge funds presented a globally diversified slate of investment ideas at this year’s Sohn Hong Kong Investment Conference, with picks ranging from China’s autonomous driving sector and India’s healthcare market to South Korea’s nuclear infrastructure buildout, according to a report by Reuters.
Hedge funds have significantly increased bearish bets on crude oil, positioning for a potential downside as OPEC+ mulls a fresh wave of supply increases and geopolitical developments weigh on sentiment, according to a report by Bloomberg citing data from ICE Futures Europe.
Palliser Capital, the UK-based activist fund led by former Elliott Management execs, has quietly amassed a ~3% stake in Japanese tyre manufacturer Toyo Tire, increasing pressure on the company to unlock value through capital returns and a possible sale, according to a report by the Financial Times.
Jonathan Finney, Managing Director and Head of Asia-Pacific Business Development at Citadel Securities – Citadel founder Ken Griffin’s market-making business – has exited the firm, according to a report by Bloomberg citing sources familiar with the matter.
