The Hedgeweekender | Citadel’s cash-out offer, DE Shaw’s double-digit gains, Third Point’s Birch Grove deal
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This week in hedge funds??
??Following a 15.1% gain in its Wellington fund in 2024, Citadel offered investors a cash-out option, but most opted to stay.?
??DE Shaw is planning to return billions of dollars to external clients after its flagship hedge funds delivered double-digit gains in 2024.???
???Bullish bets on oil surged to their highest levels in four months during 2024’s penultimate week following a Trump-inspired wave of hedge fund activity, according to CFTC data.??
??Third Point has agreed to acquire AS Birch Grove, an $8bn alternative credit fund manager, with current owner American Securities exiting the business.?
??Amid a market shift, hedge funds have reduced exposure to the tech and energy sectors, while increasing health care and consumer discretionary positions.??
??Hedge funds have significantly increased their stakes in US bank stocks, boosting their exposure to financial firms by 50% to a combined $340bn.???
The week in numbers
??2.6% – The amount of Universal Music Group equity Pershing Square will distribute to non-affiliated LPs, equivalent to approximately 47 million shares.?
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??￡79m – The minimum damages Odey Asset Management founder Crispin Odey is seeking from the Financial Times in a libel lawsuit.??
??15% – The 2024 gain achieved by Millennium Management, falling short of the S&P 500’s 23%.??
??$233m – The pay cut taken by TCI Fund founder Chris Hohn while his hedge fund donated around ￡340m to charitable causes.??
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