The Hedgeweekender | Ackman pulls the plug, yen bears retreat, Keystone’s $3bn boom
This week in hedge funds?
Pershing Square has abruptly cancelled the IPO of Pershing Square USA, just days before it was set to debut on the New York Stock Exchange, and months after founder Bill Ackman suggested it would be one of the largest IPOs ever.? Read more??
Hedge funds have made their most significant retreat from bearish yen bets since 2011 as the once-popular carry trade strategy falters, with leveraged investors cutting 56,639 net short positions on Japan’s currency over the two weeks ending 23 July, according to data from the Commodity Futures Trading Commission.? Read more???
Several high-profile hedge funds including Balyasny, Man Group, Winton and Bridgewater Associates are rekindling their interest in portable alpha strategies, which seek to ‘decouple’ alpha from beta to capture market-beating returns.? Read more??
New York-headquartered multi-strategy hedge fund firm Walleye Capital is to close its Houston office, with Jim Rowe, Senior Portfolio Manager and Managing Director, also leaving the business. ? Read more??
Jeremy Kohler, a former portfolio manager at Segantii Capital Management, has joined quant hedge fund firm Squarepoint Capital in London also as a PM, having completed six months of gardening leave.? Read more???
New York-headquartered multi-strategy hedge fund firm Schonfeld Strategic Advisors has added Jack Greenwood as a portfolio manager to its discretionary macro team in Dubai. Read more?
The week in numbers??
$2.6bn — Keystone Investors, a two-year-old Singapore-based, Asia-focused hedge fund firm, has grown its assets to over $2.6bn, with existing client commitments pushing the total to $3bn.? Read more??
28% – Despite the recent selloff in AI stocks, Asian hedge funds have maintained the strong confidence in technology companies which has supported an otherwise stellar start to the year. FengHe Fund Management’s $3.6bn fund reported gains of 11.3%, while CloudAlpha Capital Management’s Singularity Tech Fund saw a remarkable 28% increase in H1.? Read more? ?
22% – Illinois-based hedge fund Magnetar Capital’s Structured Credit Fund was a standout performer in H2 with a 22% gain as credit-focused hedge funds saw mainly modest gains, according to the Gapstow Alternative Credit Hedge Fund Composite Index, which is up 4.6% year to date.? Read more???
?3.5% – APAC-focused hedge funds outperformed their North America- and Europe-focused peers in Q2 with an average net return of 3.5%, versus 0.18% and 1.44% respectively, according to Preqin’s Hedge Funds Q2 2024 report.? Read more?
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