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Global hedge funds’ upped their bearish positions in US stocks to their highest levels so far this year in April, with companies selling non-essential consumer products becoming the main focus of their attention in a sign that a slowdown in consumer spending is expected, according to a report by Reuters.
The report cites a Goldman Sachs note as revealing that hedge funds trading the stocks of US consumer discretionary companies offering flat-screen TVs and family vacations saw the largest notional net selling since October 2022. Bets on their stock prices falling outpaced bullish positions by almost two-to-one, according to Goldman.
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Several prominent hedge funds are making bets on Covid-19 business-interruption claims – the most prominent being a roughly $2 billion pandemic-related claim by Caesars Entertainment – despite a string of losses in state and federal courts, according to a report by the Wall Street Journal.
The report cites anonymous sources as revealing that distressed debt specialist Avenue Capital Group has paid roughly 10 cents on the dollar for a $330 million share of the claim filed by the casino and hotel owner in 2021 against a group of insurers including Allianz SE, Chubb Ltd, Markel Corp subsidiaries, and Aspen Insurance
Hilbert Capital, the asset management business of Hilbert Group AB has launched its third systematic fund which will aim to take advantage of volatility in digital asset markets through algorithmic trading and can take long as well as short positions.
The new Hilbert V30 Fund opened to external investors on 1 May 2023, although Hilbert first deployed capital to the strategy a year ago, just prior to the digital assets market collapse in May 2022.
Since then the wider crypto market is down around 35% while Hilbert V30 has generated positive returns of 17%, which the firm says represents more
The US Securities and Exchange Commission is to hold a vote today (Wednesday) on whether or not to adopt proposed new rules that would require hedge funds and private equity funds to promptly report major market events, according to a report by Reuters.
Digital asset investment products saw outflows for the second consecutive week last week, with investors pulling a total of $72 million, according to the latest Digital Assets Fund Flows Weekly Report from CoinShares.
The company says it believes the outflows are a reaction to the likelihood of further interest rate hikes by the US Federal Reserve.
Bitcoin saw the majority of the outflows totalling $46 million last week, while short-bitcoin also saw its largest outflows since December 2022.
Ether also suffered, seeing outflows totalling $19m last week, its largest week of outflows since the Merge in September 2022.
King Street Capital Management, a global alternative investment firm managing more than $22 billion in assets across public and private markets, has appointed William McGirr as a managing director in the firm’s Marketing and Investor Relations team.
As the demand for digital assets continues to grow, so does the need for high-quality services. Here at MG Stover, we are a proud leader and the longest tenured provider of fund administration and accounting services in digital assets. Recently, we were recognized for our innovative solutions to digital asset reporting, winning Hedgeweek’s US Digital Asset Award for Best Administrator – Technology.
Sean George, a portfolio manager at Millennium Capital Partners, is leaving the $50 billion multi-strategy hedge fund firm firm to return to his sell-side roots having first begun his finance industry career in banking with firms including UBS, Bank of American Merrill Lynch and Deutsche Bank.
Brevan Howard Asset Management has pulled the plug on its relationship with US hedge fund firm Commonwealth Asset Management after a $1 billion separately managed account it advised on suffered losses last month, according to a report by Bloomberg.Â
Several big-name hedge fund hedge fund firms, including Crispin Odey’s Odey Asset Management and James Hanbury’s Brook Asset Management have racked up big losses on the back of a 16% rally in the Nasdaq Composite so far this year, according to a report by the Financial Review.
