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☆ Why Citadel's longest-running equities unit is focused on shorting stocks
▼ + stars: | 2024-10-29 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

Justin Lubell, Citadel's Global Equities head, said shorting has been a big driver of returns. There's less competition in the space compared to going long on stocks, he said. Anthony Bozza, the founder of Lakewood Capital, called those who know who to short stocks a "dying breed." AdvertisementWhile some big bets against specific stocks have blown up in hedge funds' faces in recent years, there's still a focus on shorting at Citadel's longest-running equities unit. Related storiesEven investors known for bold short bets have moved away from the practice.

Persons: Justin Lubell, shorting, Anthony Bozza, —, there's, Ken Griffin's, Lubell, Robin, Gavin Baker, Lee Ainslie, Steve Cohen's Point72, Gabe Plotkin's Melvin Capital, Pershing, Bill Ackman, Bozza Organizations: Citadel's Global, Service, Citadel's, Citadel Global, Robin Hood Investors Conference, Business, Management, Lakewood Capital, Maverick Capital, GameStop, Lakewood Locations: Lakewood Capital, New York

☆ Bill Ackman's IPO of Pershing Square closed-end fund is postponed, NYSE says
▼ + stars: | 2024-07-26 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Billionaire investor Bill Ackman is postponing the highly scrutinized listing of Pershing Square's U.S. closed-end fund, according to a notice on the New York Stock Exchange's website. The initial public offering of Pershing Square USA Ltd., with the ticker PSUS, has been delayed until a date to be announced, according to the website. Pershing Square declined to comment further. Most of its capital is in Pershing Square Holdings, a $15 billion closed-end fund that trades in Europe. The publicly traded closed-end fund is expected to invest in 12 to 24 large-cap, investment-grade, "durable growth" companies in North America.

Persons: Bill Ackman, Pershing, Ackman, — CNBC's Leslie Picker Organizations: Pershing Square's U.S, New York Stock, Pershing, USA, Pershing Square Holdings, New York Stock Exchange Locations: Europe, North America

☆ Bill Ackman says Warren Buffett's career inspired him to take Pershing Square funds public
▼ + stars: | 2024-07-14 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

In a virtual presentation to pitch his closed-end vehicle Pershing Square USA Ltd., the billionaire investor recalled discovering Buffett's writing in his early 20s and learning from the unusual career path of the "Oracle of Omaha." And that story was really the inspiration behind launching Pershing Square." The 58-year-old Ackman has mostly achieved that goal with almost 90% of Pershing's assets now in a permanent capital format . Most of its capital is in Pershing Square Holdings, a $15 billion closed-end fund that trades in Europe. So my ambition was to get to a very similar place as Warren Buffett as promptly and as practicable," Ackman said.

Persons: Pershing, Bill Ackman, Warren Buffett, Ackman, Buffett, Berkshire Hathaway, Warren, yank Organizations: Pershing, USA, Pershing Square Holdings, New York Stock Exchange Locations: Omaha, Berkshire, Europe, Ackman, Omaha , Nebraska

☆ This new ‘opportunistic’ ETF is an example of hedge fund strategies coming to the masses
▼ + stars: | 2024-03-24 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The Opportunistic Trader ETF, trading under the ticker "WZRD," launched on Wednesday and quickly surpassed $15 million in assets. Benedict is a former hedge fund manager who later founded The Opportunistic Trader, an information and education service about his strategies. And he's not the only hedge fund veteran trying out products that are open to retail investors. The WZRD ETF won't be a buy and hold strategy common among ETFs, according to securities filings and the Opportunistic Trader team. Rise of active ETFs The rise of hedge-fund like ETFs is part of a broader trend toward more active funds.

Persons: Larry Benedict, Jack Schwager, Benedict, Pershing, Bill Ackman, James Hickey, Hickey Organizations: Trader, SEC, Trust, Nvidia, JPMorgan Chase Locations: United States, WZRD

☆ Hedge fund billionaire Bill Ackman to launch a NYSE-listed fund for regular investors
▼ + stars: | 2024-02-07 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023. The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment grade, "durable growth" companies in North America, according to a regulatory filing. Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee. Ackman has become one of the world's most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns. The popular investor's hedge fund held only seven stocks at the end of 2023, including Alphabet , Chipotle Mexican Grill and Howard Hughes Corporation.

Persons: Bill Ackman, Pershing, Ackman Organizations: Pershing, Capital Management, Delivering Alpha, New York Stock Exchange, Grill, Howard Hughes Corporation, CNBC PRO Locations: New York City, North America

☆ Bill Ackman's Pershing Square increased its stake in this big tech stock last quarter
▼ + stars: | 2023-11-14 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square boosted its Alphabet stake in the third quarter, regulatory fillings show. Meanwhile, Ackman left Pershing's Class C stake, which has no voting rights, unchanged at nearly 9.4 million shares. Ackman's move came amid a strong quarter for Alphabet that allowed it to extend 2023 gains even as other tech stocks struggled. Ackman raised his Hilton Worldwide position by more than 10%, to over 10 million shares worth $1.55 billion. The hotel stock climbed about 3% in the third quarter and currently stands some 32% higher for the year.

Persons: Bill Ackman's, Ackman, Ackman's Organizations: Google, Pershing, Securities and Exchange Commission, Hilton Locations: North Carolina

☆ Treasury yields rise slightly as investors assess state of economy
▼ + stars: | 2023-10-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by 2 basis points at 4.86%. U.S. Treasury yields rose slightly on Wednesday, with the yield on the 10-year rate hovering below 5% but near multiyear highs, as investors considered the state of the economy. Investors have been closely following the Israel-Hamas war and assessing its impact on the global economy, especially the energy sector. The yield on the 10-year Treasury has been steadily climbing in recent weeks and has hit several multiyear highs this month. Several Fed officials have suggested that higher Treasury yields will create tighter financial conditions, which could slow the economy.

Persons: Pershing, Bill Ackman, Jerome Powell Organizations: Treasury, U.S, Federal Locations: Israel

☆ Treasury yields continue retreat after 10-year slips back below 5%
▼ + stars: | 2023-10-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

ET, the yield on the benchmark 10-year Treasury note was down around 2.4 basis points at 4.8145% while the yield on the 30-year Treasury bond slipped just over 3 basis points to 4.9559%. U.S. Treasury yields continued to moderate on Tuesday after slipping back below 5%, though they remained near 16-year highs. Yields fell after Pershing Square's Bill Ackman on Monday disclosed that he had covered his bond short position. Markets are all but certain that the Fed funds target range will remain unchanged next week, according to CME Group's FedWatch tool. Auctions will be held Tuesday for $75 billion of 42-day Treasury bills and $51 billion of 2-year notes.

Persons: Pershing, Bill Ackman, Ackman, Jim Reid, Reid, Jerome Powell, Powell Organizations: Treasury, Deutsche Bank, Treasurys, Federal Locations: London

☆ Bill Ackman covers bet against Treasurys, says 'too much risk in the world' to bet against bonds
▼ + stars: | 2023-10-23 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in NYC on Sept. 28th, 2023. Pershing Square's Bill Ackman revealed Monday he covered his bet against long-term Treasurys, believing that investors may increasingly buy bonds as a safe haven because of growing geopolitical risks, the latest of which being the Israel-Hamas war. The 30-year Treasury yield has risen more than 80 basis points since the end of August, making Ackman's bet profitable. Bond prices move inversely to yields, so Ackman's bet against bonds was, in effect, a gamble on higher rates. The 30-year Treasury yield fell 6 basis points to 5.01% on Monday after Ackman's comments.

Persons: Bill Ackman, Pershing, Ackman, Ackman's Organizations: Pershing, Capital Management, Delivering Alpha, Treasury Locations: Israel

☆ Ken Griffin’s hedge fund Citadel bucks the downtrend in September, up nearly 13% this year
▼ + stars: | 2023-10-05 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Billionaire investor Ken Griffin's flagship hedge fund rallied last month when the broader market was rattled by tight monetary policy as well as rising recession fears, according to a person familiar with the returns. Citadel's multistrategy flagship Wellington fund gained 1.7% in September, bringing its 2023 performance to 12.6%, the person said. The S&P 500 pulled back 4.9% last month, suffering its worst month of the year. Griffin, founder and CEO of Citadel, told CNBC last month he was skeptical that this year's rally, powered mostly by artificial intelligence-related stocks, can be sustainable. The Wellington fund soared 38% in 2022 for its best year ever.

Persons: Ken Griffin's, Citadel's multistrategy, Stocks, Pershing, Bill Ackman, Griffin Organizations: Treasury, Citadel, CNBC, Big Tech Locations: Wellington

☆ What the bond market is telling us about recession chances right now
▼ + stars: | 2023-10-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

The 2-year and 10-year Treasury yield curve initially inverted in March 2022, a phenomenon that has historically been a reliable recession predictor. The spread between the 2-year and 10-year Treasury yields tightened to 40 basis points on Tuesday, marking the smallest gap since May 5. "I always talk about the yield curve being inverted as a warning signal if you will... but it doesn't happen imminently. The notable bond investor said when the yield curve de-inverts, it's a strong signal of a recession and that it was very close to happening. EvercoreISI historical work found that the yield curve turns positively sloped just before a recession begins.

Persons: Jeffrey Gundlach, Gundlach, it's, Pershing, Bill Ackman, Ackman Organizations: Treasury, DoubleLine, CNBC, Federal Reserve

☆ Bill Ackman says the economy is starting to slow and the Fed is likely done hiking
▼ + stars: | 2023-10-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Pershing Square's Bill Ackman on Monday sounded alarms on the economy, which he believes has begun to decelerate on the back of aggressive rate hikes. I think the economy is starting to slow," Ackman said on CNBC's "Squawk Box." "I think the level of real interest rates is high enough to slow things down." "High mortgage rates ... high credit card rates, they're starting to really have an impact on the economy," Ackman said. "The 30 year Treasury is likely to go higher," Ackman said.

Persons: Pershing, Bill Ackman, Ackman Organizations: Federal Reserve, Treasury, Securities, Exchange Commission

☆ Billionaire investors Ken Griffin and Bill Ackman meet with Volodymyr Zelenskyy as Ukraine looks to rebuild its economy with private-sector funds
▼ + stars: | 2023-09-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Ukraine's president met with billionaire investors Ken Griffin and Bill Ackman to discuss the future of the country's economy. The meeting, hosted by JPMorgan, focused on the scope for private-sector funding to help rebuild Ukraine's economy. Zelenskyy introduced the proposal at the Permanent Mission of Ukraine to the United Nations in New York, in a meeting organised by JPMorgan. Zelenskyy had met with BlackRock CEO Larry Fink Wednesday, the outlet reported. AdvertisementAdvertisementUkraine's economy has been battered by a slew of problems - including high inflation and a persistent trade deficit - following Russia's invasion of the nation.

Persons: Ken Griffin, Bill Ackman, Eric Schmidt, Volodymyr Zelenskyy, Zelenskyy, Citadel's Griffin, Pershing Square's, Philipp Hildebrand, Larry Fink Organizations: JPMorgan, Service, Fox News, United Nations, Fox, BlackRock Locations: Wall, Silicon, Ukraine, New York, Russia

☆ Bill Ackman's Pershing Square adds to Google-parent Alphabet stake, slashes Lowe's bet
▼ + stars: | 2023-08-14 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Bill Ackman's Pershing Square Capital stepped up a bet in Google-parent company Alphabet while lowering a large stake in Lowe's during the second quarter, according to a regulatory filing. Pershing Square's stake in the Google parent's A shares was unchanged in the second quarter and stood at $261 million. Pershing Square also downsized holdings in Chipotle and Restaurant Brands International . Pershing Square now has a stake in the new company, known as Canadian Pacific Kansas City , worth $1.2 billion. Ackman's fund managed roughly $10.8 billion 13F securities at the end of the second quarter, according to WhaleWisdom.com .

Persons: Bill Ackman's, Pershing Organizations: Bill Ackman's Pershing, Capital, Google, Securities and Exchange Commission, Pershing Square's, Pershing, Restaurant Brands, Canadian Pacific Railway, Kansas City Southern, Canadian, Canadian Pacific Kansas City Locations: Lowe's, Chipotle, Canadian Pacific Kansas

☆ Stop searching for 'the next Warren Buffett' — The 'Oracle of Omaha' is impossible to copy
▼ + stars: | 2023-08-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Every so often, a hot new investor on the rise is crowned "the next Warren Buffett" by the financial media, followed swiftly by disappointing performance that proves they're no "Oracle of Omaha." "The next Warren Buffett" remains Warren Buffett alone. What makes Buffett so hard to duplicate? That makes Buffett, famously a student of Columbia University's legendary value investing professor Ben Graham, the most venerated investor of his, or succeeding, generations. "Berkshire's economic moat is more than just a sum of its parts," said Greggory Warren, Berkshire analyst at Morningstar.

Persons: Warren Buffett, Sam Bankman, Buffett, Pershing, Bill Ackman, Eddie Lampert, Chamath, Berkshire Hathaway, LBJ, Ben Graham, Greggory Warren Organizations: Berkshire Hathaway, BNSF Railway, Apple, Columbia, Morningstar, Berkshire Locations: Omaha, Berkshire, New England

☆ Hedge funds piled into these A.I. stocks during the first quarter
▼ + stars: | 2023-05-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Securities filings released this week signaled that many hedge funds also appear to be catching the AI bug. Betting on AI heavyweights Alphabet popped up as one of the most common AI plays among big investors in the first quarter. Microsoft bet billions on AI capabilities, funneling another multibillion-dollar investment in January into ChatGPT maker OpenAI. Beyond Alphabet and Microsoft Outside heavyweight giants Alphabet and Microsoft, many hedge funds beefed up other AI-related holdings in the first quarter. His Nvidia bet equaled roughly $1.4 billion at the end of March.

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