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The hedge fund industry’s narrative around democratised technology suggests smaller managers should now compete on equal footing with established giants. Allocators aren’t buying it, and their cheque-writing behaviour proves the point.
Intel
Balyasny Asset Management delivered a 2.5% gain in November, bringing year-to-date performance to 15.3%, according to a report by Reuters. The $31bn multi-strategy manager has been ahead of many of its competitors through the first 10 months of the year.
Intel
Citadel’s flagship Wellington fund returned 1.4% in November, bringing year-to-date performance to 8.3%, according to a report by Reuters citing people familiar with the matter.
Intel
Lauro Asset Management’s David Mercurio has criticised what he called “timid” leadership after Greggs’s shares fell 44% this year, valuing the company at £1.6bn, with almost 10% of the stock is now on loan to short sellers, according to a report by The Sunday Times. Lauro, previously backed by GIC, is one of Greggs’s largest shareholders, and City sources say its concerns mirror those of other long-term investors.
Intel
Boaz Weinstein has revived his effort to replace the board of the Edinburgh Worldwide Investment Trust, less than a year after shareholders rejected similar proposals from his firm, Saba Capital Management, according to a report by Bloomberg.
Intel
Hedge funds ramped up bearish positions on UK domestically focused equities in the run-up to Wednesday’s Budget, according to a report by Reuters citing a Goldman Sachs client note circulated prior to Chancellor Rachel Reeves’s statement.
Intel
Billionaire investor Bill Ackman is targeting a $5bn initial public offering for his US-listed closed-end fund, to be launched alongside an IPO of his hedge fund firm Pershing Square Capital Management, according to a report by Bloomberg.
Intel
Ray Dalio, founder of Bridgewater Associates, has raised serious reservations about the viability of the “pod-shop” or multistrat hedge fund model over the long term, telling Bloomberg’s Odd Lots podcast that while it may work for investment management, it is “not a fine way for building a 50-year-old business.”
Intel
Bill Ackman is preparing a dual-offering structure through his firm Pershing Square Capital Management and a new closed-end investment vehicle, Pershing Square USA, according to a report by the Wall Street Journal citing sources familiar with the matter.
Intel
Hedge funds and institutional investors are continuing their legal challenge to 3G Capital’s $9.4bn acquisition of Skechers USA Inc, after early settlement talks over the value of the footwear maker fell through, according to a report by Bloomberg.
