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Hong Kong-headquartered Tiger Cub hedge fund Karst Peak Capital’s Sydney-based healthcare partner Hashan De Silva is starting his own fund, according to a report by the Financial Review. De Silva’s firm will launch with seed capital from Karst Peak Capital founder Adam Leitzes, who formerly worked at Julian Robertson’s Tiger Management.
The new VC-style healthcare fund – dubbed dubbed KP RX – will reportedly invest in Australian and New Zealand healthcare companies.
De Silva was Hong Kong-based Karst Peak’s first Australian hire in early 2021. He joined from joining from sell-side research at CLSA and Macquarie. The healthcare specialist’s buy-side stockpicks
Millennium, the long-running multi-manager hedge fund firm founded by Israel Englander, has hired Utkarsh Khandelwal as an emerging market equities analyst, according to a report by The Trade.
Khandelwal joins Millennium from Morgan Stanley, where he spent the 13 years, most recently as vice president, Asia equity sales for the past four years. Before that, he held the position of India specialist for institutional equity sales.
Earlier, Khandelwal held research associate positions in both the internet and media sector as well as in Morgan Stanley’s India equity strategy.
Citadel, the US hedge fund behemoth led by Ken Griffin, has built up short positions in 21 UK stocks, according to new Financial Conduct Authority (FCA) short selling disclosure data, as new IMF data shows a worsening economic outlook for the UK.
Citadel’s bearish bets emerge as new data published by the International Monetary Fund suggests the UK economy’s performance in 2023 will be the worst among the G20 nations.
Citadel, which has $62 billion in assets under management, has taken negative wagers against a diverse range of well-known UK companies, including ASOS, abrdn, Wetherspoons, boohoo, Deliveroo, The Gym Group
BNP Paribas has launched CapLink, a new digitalised reporting platform for hedge funds and other alternative fund managers and investors. The platform – which comprises CapLink Investor and CapLink Private – offers users simple and secure access to digitalised reporting, ESG insights and data analytics capabilities with the aim of enhancing transparency and support investment-making decisions.
CapLink Investor – aimed at hedge fund and liquid alternative managers, single hedge funds, fund of hedge funds and their investors – is a comprehensive platform for fund managers, investors, and authorised contacts, offering essential information and insights across their fund holdings.
CapLink Private offers
Hedge funds are retreating from yuan-denominated onshore Chinese stocks, and are instead piling into Chinese shares listed in Hong Kong and New York, according to a report by the South China Morning Post.
Hedge funds have reportedly clawed back close to half of the money spent on Chinese onshore stocks linked to the zero-Covid pivot there, Goldman Sachs data shows.
Following a retreat in March, the cutbacks by hedge funds represent some 43% of the purchases they made from November last year to January, Goldman Sachs said in a report last week.
As a result, net allocations to China have
CTAs and trend-following funds tanked following March’s upheaval in financial stocks, while other hedge fund strategies such as equity long/short, macro and event driven struggled to generate meaningful returns, according to Bloomberg data.
CTA strategies in the US lost -4.40% last month, while their EMEA counterparts ended March down more than -9%. Overall, on a global basis, trend-following hedge funds slumped -7.18%, as turmoil stemming from Silicon Valley Bank’s collapse and Credit Suisse’s losses sent markets into a tailspin.
Elsewhere, equity long/short hedge funds were marginally in the red, at -0.29% on a global basis, and almost -1.00% in the
Paul Singer, the hedge fund billionaire and head of activist firm Elliott Management, believes a credit collapse and deep recession may be needed to restore financial markets, according to an interview in The Wall Street Journal.
Following a decade of central bank policy underpinned by low interest rates, Singer said the current market turbulence may only be the start following the Federal Reserve’s decision to raise rates, adding this is “an extraordinarily dangerous and confusing period.”
He warned the Fed and other central banks could respond to the next downturn by slashing interest rates, and potentially resuming large-scale asset purchases.
Marshall Wace has built the biggest short position against NatWest ever recorded by the Financial Conduct Authority, as fears over the global banking system cause turbulence in financial stocks, according to a report by The Times.
Hedge funds are rebuilding their short positions in US equities amid worsening economic data and corporate earnings, according to a report by Bloomberg.
Short sellers are now the most bearish they have been on US markets since November 2011, following the downgrade of the US’s sovereign credit rating.
Large speculators, mostly hedge funds, grew their net short positions in S&P 500 e-mini futures to roughly 321,000 contracts as of Tuesday, data from the Commodity Futures Trading Commission shows. Data from JPMorgan Chase & Co.’s prime broker unit showed a similar pattern, with the firm’s hedge fund clients last week raising
Hedge funds’ performances in March were mixed as bank risk soared amidst instability and dislocations resulting from several bank failures and the acquisition of Credit Suisse by UBS, according to data released by HFRI.
The main HFRI Fund Weighted Composite Index dropped -0.8% for the month, and the investable HFRI 500 Fund Weighted Composite Index lost around -1.2%. Overall, close to half of hedge funds posted positive performance in March.
Equity Hedge funds, which invest long and short across specialized sub-strategies, led strategy gains for the month, with both the HFRI Equity Hedge (Total) Index and the investable HFRI 500
