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The ‘Long Magnificent Seven’ trade, a strategy focused on mega-cap US technology companies, is the most crowded trade for the 15th consecutive month, according to report by MarketWatch citing Bank of America’s Global Fund Manager Survey.Â
Sona Asset Management, a London-based alternative asset manager investing across credit, has successfully raised $800m for its second capital solutions fund, targeting businesses struggling to secure financing amid a retreat by traditional banks, according to a report by Bloomberg.Â
Hedge fund managers focusing on mergers and acquisitions have outperformed those using other strategies, achieving a 7.7% return in the first five months of 2024, according to a report by Reuters citing a Goldman Sachs client note.Â
Steve Cohen’s Point72 Asset Management is planning to raise approximately $1bn for a new hedge fund focusing on AI, marking the firm’s first new hedge fund in decades, according to a report by Bloomberg.Â
While Wall Street strategists are bullishly raising their targets for the S&P 500 Index, hedge funds are exercising increased caution towards equities, according to a report by Bloomberg citing a note by Goldman Sachs’s prime brokerage desk.Â
Cliff Asness’s AQR Capital Management has touted the resurgence of convertible arbitrage, a niche strategy that capitalises on debt convertible into equity, according to a report by Bloomberg.Â
Deutsche Bank’s rates trading team in London faces a new wave of traders exiting the firm to hedge funds and trading firms, a trend starting earlier this year with senior departures, according to a report by eFinancialCareers. Â
 Strategists at TD Securities have observed that the unwinding of the carry trade—a strategy where investors exploit interest rate differentials between countries—is gaining traction among clients, according to a report by MarketWatch.Â
Philip King, CIO at Regal Funds Management, has initiated a short position in the shares of Commonwealth Bank of Australia, pointing to what he describes as one of the world’s most expensive valuations, according to a report by Bloomberg.Â
ExodusPoint Capital Management, the $12bn multi-strategy hedge fund firm founded by Michael Gelbrand, has appointed Nabeel Abdoula as a London-based senior portfolio manager, according to a report by Financial News.Â
