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Ark Invest's Cathie Wood built a sizable stake in Meta Platforms Monday after the innovation investor missed out on the recent rally in artificial intelligence winner Nvidia . Wood snapped up 150,459 shares of the Facebook parent for her flagship ARK Innovation ETF in the previous session. META YTD mountain Meta Platforms Meta has been a popular tech and AI play for hedge fund investors, including David Tepper, Daniel Sundheim and Philippe Laffont. Meta recently announced AI computer chips, which will power more advanced metaverse-related tasks, such as virtual reality and augmented reality, as well as generative AI. Wood revealed that her reason for dumping Nvidia was its high valuation as the stock was "priced ahead of the curve."
Persons: Wood, David Tepper, Daniel Sundheim, Philippe Laffont, Meta Organizations: Nvidia, Tesla, Taiwan Semiconductor, ARK Autonomous Technology & Robotics Locations: ARKK
June 10 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, is leaving Odey Asset Management following allegations of sexual misconduct, the firm's executive committee said on Saturday. Here are some key facts about Odey, his London-based hedge fund, the allegations, and the fallout:WHO IS CRISPIN ODEY AND ODEY ASSET MANAGEMENT? Odey Asset Management (OAM) is known for highly leveraged bets trading global equities, debt, currencies and commodities. Besides Odey Asset Management, the group also runs Brook Asset Management and Odey Wealth, a private wealth unit. Brook Asset Management and Odey Wealth, both part of the Odey Group, are run by different portfolio managers such as James Hanbury and Peter Martin, the chief executive of Odey Asset Management.
Persons: Crispin Odey, Odey, CRISPIN ODEY, Kwasi Kwarteng, ODEY, James Hanbury, Peter Martin, Goldman Sachs, Morgan Stanley, Schroders, Carolina Mandl, Nell Mackenzie, Dhara Ranasinghe, Daniel Wallis Organizations: Odey, Management, Financial Times, WHO, Conservative Party, Odey Asset Management, Asset Management, Securities and Exchange Commission, Reuters, Financial, Authority, Inc, JPMorgan, UBS, Carolina, Thomson Locations: London, New York
This year, it remains the top-performing multistrategy fund, just ahead of Steve Cohen's Point72. Here's how multistrategy hedge fund giants fared in May, from Citadel to Millennium. Billionaire Ken Griffin's Citadel continues to lead the competitive multistrategy hedge fund performance race this year, despite being bested for the month of May by Izzy Englander's hedge fund. Returns are still rolling out, but the major hedge fund players did not see major movements within their flagship funds. In other hedge fund news: London-based hedge fund Marshall Wace's Eureka flagship fund, an equity fund managed by founder Paul Marshall, climbed 1.74% in May and is up 1.70% year to date.
Persons: Ken Griffin's, Steve Cohen's Point72, Ken Griffin's Citadel, Izzy Englander's, Marshall, Paul Marshall Organizations: Millennium, Point72, Wellington, Nvidia, Tactical Trading Locations: Citadel, Wellington, Miami, London
However, Ark Invest's flagship Ark Innovation ETF (ARKK) exited its position in Nvidia entirely in early January —before the chipmaker enjoyed a powerful rally that propelled it to a $1 trillion market capitalization. We saw this potential for deep learning and enjoyed a lot of that ride," said Frank Downing, a research director at Ark Invest. The growth of the industry and the urgent need for powerful AI hardware has led to an increase in the number of companies entering the market. Ark Invest hasn't been alone in trimming an Nvidia stake. However, despite exiting a portion of their Nvidia positions, both Ark Invest and Damodaran maintain a favorable outlook for the company.
Persons: Ark, , We've, Frank Downing, Downing, CNBC's, we've, Aswath, University's Organizations: Tech, Nvidia, AI, Innovation, Ark Invest, ARK Autonomous Tech, Robotics, Google, Amazon, AWS, AMD, Intel, University's Stern School of Business, NYU's Stern School of Business, Ark, Damodaran Locations: New
Andreessen Horowitz partner Marc Andreessen Justin Sullivan | Getty ImagesVenture capitalist Marc Andreessen is known for saying that "software is eating the world." When it comes to artificial intelligence, he claims people should stop worrying and build, build, build. Andreessen writes that there's a "wall of fear-mongering and doomerism" in the AI world right now. Andreessen writes that people in roles like AI safety expert, AI ethicist and AI risk researcher "are paid to be doomers, and their statements should be processed appropriately," he wrote. In Andreessen's own idealist future, "every child will have an AI tutor that is infinitely patient, infinitely compassionate, infinitely knowledgeable, infinitely helpful."
Persons: Andreessen Horowitz, Marc Andreessen Justin Sullivan, Marc Andreessen, Andreessen, It's, it's, Bill Gates, Sam Altman, Demis Hassabis, Ben Horowitz Organizations: Getty Images Venture, Nvidia, Microsoft, Center, AI Safety, Tech Locations: China
Visitors look out to St. Paul's Cathedral from a rooftop in the City of London, UK, on Thursday, March 2, 2023. "I absolutely know there was strong appetite from investors in the U.K. for Arm. And it was always going to be a both sides of the Atlantic trade. The fact that, actually, the U.S. had to fight as hard as they did to get it, I think illustrates how strong our proposition actually is." London reform
Persons: Julia Hoggett, CNBC's Arjun Kharpal, Hoggett, Japan's SoftBank Organizations: City of, Bloomberg, Getty, London Stock Exchange, Nvidia Locations: St, Paul's, City, City of London, New York, U.S, Amsterdam, London
CHONGQING, CHINA - MAY 4, 2023 - Young technicians test the quality of electronic chips at a dust-free production workshop in Chongqing, China, May 4, 2023. CFOTO | Future Publishing | Getty ImagesIndustry analysts are optimistic that Chinese chip makers will develop their own advanced semiconductors despite Washington's attempts to cut the country off from accessing or manufacturing the technology. Washington also reportedly urged South Korea to not let its chip makers fill Micron's void in China. China is pouring more than 1 trillion Chinese yuan ($140 billion) into its chip industry, according to a Reuters report. Domestic chip makers already benefit from government subsidies and state-backed research projects.
Persons: Daniel Newman, Paul Scharre, Washington, Jensen Huang, Huang Organizations: Getty Images Industry, Futurum Group, CNBC, Nvidia, Huawei, Wall Street, New, Micron Technology Locations: CHONGQING, CHINA, Chongqing, China, New American, May, South Korea, Taipei
Billionaire Ken Griffin's Citadel internship program is attracting more students than ever before. Citadel, the $57 billion hedge fund, and market maker Citadel Securities recruit hundreds of undergraduate and graduate students every year for an 11-week summer internship program. The internship starts Monday, with a kickoff week at the Four Seasons in Fort Lauderdale and Palm Beach. "We think of campus recruiting very much the same way that other firms think of executive recruiting," Mitro said. "All of it is geared towards simulating what life would be like for them if they were to join the firm," Mitro said.
Persons: Ken, Matt Mitro, Griffin, Mitro, It's, it's, commerciality, UT Austin — Organizations: Citadel, Citadel Securities, New, Wayback, NASA, US Army, MIT, UC Berkeley, Harvard, Stanford, Princeton, UT Austin, Mathematical Association of America, Intercollegiate, Discover Citadel Locations: Fort Lauderdale, Palm, Citadel, Miami, New York City, Singapore, Paris, Palm Beach, New York, Chicago, London, Hong Kong
But Chuck Royce, who has focused on investing in smaller companies for more than 50 years, did exactly that. "We were early in identifying this as a category for investing even before Russell showed up," he told Insider in a recent interview. Royce is the chairman of Royce Investment Partners, which manages $11.8 billion in assets — and 98% of that is invested in small caps. Big success with small capsDespite his deep roots in small-cap stocks, Royce didn't start out with a specific interest in smaller companies. Instead, after some early struggles, he found that buying high-quality smaller companies and putting together diversified portfolios was a good way to limit losses.
The expansion comes as Grayscale is embroiled in a lawsuit with the Securities and Exchange Commission over the company's attempt to convert its $17 billion Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The SEC has repeatedly declined to approve spot bitcoin products, citing concerns about manipulation in the underlying crypto market. One of the new ETFs that Grayscale filed for on Tuesday could be seen as something of a substitute for a spot bitcoin fund. The Grayscale Global Bitcoin Composite ETF, which would have the ticker "BTC" upon launch, would invest in spot bitcoin products outside the U.S. as well as the equities of bitcoin mining companies. The other prospective funds are the Grayscale Ethereum Futures ETF (ETHG) and the Grayscale Privacy ETF (PRVC).
Dallas-based NGP is working with investment banks to sell the oil producers, Tap Rock Resources and Hibernia Resources, in auction processes that are expected to kick off in the coming weeks, the sources said. Efforts to cash out on the assets come as higher energy prices boost valuations of oil producers. The oil firm could fetch NGP around $5 billion, according to the sources. Hibernia, which operates in the Midland part of the Permian basin in Texas, could be worth upwards of $2 billion, the sources added. The buyout firm, which has deployed more than $20 billion in energy investments, began raising its NGP Natural Resources XIII fund late in 2022.
Cathie Wood said the Federal Reserve's interest-rate hikes hit Ark Invest's strategy "like an earthquake." "The valuation hit ... has been so severe to our strategy," Wood said in a CNBC interview. The famed money manager said her flagship fund ARKK logged a $2 billion loss from selling stocks during 2022's market rout. The weakness in equities weighed on ARKK's performance, with the fund plunging nearly 70% last year, as increased interest rates damped investor appetite for growth-focused stocks. "The valuation hit ... has been so severe to our strategy, ... and that was all related to the Fed jacking up interest rates 19-fold in less than a year.
Cathie Wood's Ark Invest has raked in $310 million in fees on its flagship ARK Innovation ETF fund since its inception, new research shows. ARKK's annual management fees of 0.75% of assets is double the average of actively managed ETF's, per FactSet. The data shows investors have remained loyal to Wood's ARK Innovation ETF (ARKK) despite its poor performance in 2022. Per Morningstar data, Wood's fund has lost $9.5 billion in investor money over the years with her risky bets. Wood's earnings from ARKK's management fees are still going strong in the new year.
If you missed Jerome Powell's remarks from his first day on Capitol Hill yesterday, the TLDR is that more rate hikes are coming because the economy's still running hot. The market response to Powell's testimony was anything but muted. The idea is to eventually lower inflation — which most recently clocked in at 6.4% — but the more rate hikes we see, the greater the risk of a recession. So in short: stocks sold off, bond yields jumped, and traders eyed greater potential for a bigger rate hike this month. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said.
Institutional Investor just released its annual rankings of the highest-earning hedge fund managers. The top 25 hedge-fund managers on the list together made $21.5 billion in 2022, the third highest total in the rankings' history. Griffin took the number one spot on the rich list for the first time in six years. Across the firm, assets under management ballooned to $53.7 billion, according to Institutional Investor. Overall, in 2022 Citadel brought in $16 billion, and returned roughly $7 billion to investors at the end of the year.
Connecticut-based Bridgewater, which manages $145 billion, launched the "Defensive Alpha" strategy in July last year, regulatory filings showed. The new strategy is an addition to other offerings from the 48-year-old hedge fund, best known for its All Weather and Pure Alpha funds. In that market last year, Bridgewater's flagship fund, Pure Alpha gained roughly 9.5% and outperformed global equities indexes. Pure Alpha actively bets on the direction of various types of securities — including stocks, bonds, commodities and currencies — by predicting macroeconomic trends. On Wednesday, Chief Executive Nir Bar Dea announced a major overhaul at the hedge fund, including restricting investments in Pure Alpha and plans to launch new products.
February performance figures show a mixed-bag at the top multi-strategy hedge funds. Citadel, continuing its winning streak, is up 2.8% so far, while Millennium is up just 0.5%. Some of the largest multi-strategy hedge funds had killer years in 2022 while much of the industry struggled. An unlikely winner is off to a torrid start after a challenging year in 2022: ExodusPoint is up 2.9% through February on the back of a 2% gain during the short month, according to people familiar with the matter. Citadel has continued its winning streak after record-breaking performance in 2022, up 2.8% this year, sources told Insider.
"Mad Money" host Jim Cramer makes a lot of stock market calls, and not all of them pan out. The Inverse Cramer ETF bets against the financial pundit, by shorting stocks he's bullish on. The product is the handiwork of the money manager known for shorting Cathie Wood's stock picks. The Inverse Cramer ETF (SJIM) shorts equities the well-known financial pundit is bullish on. The Inverse Cramer ETF is an actively managed portfolio that carries an equally-weighted 20-50 names, Tuttle told Bloomberg, with the product having an expense ratio of 1.2%.
The firm's CEO, Nir Bar Dea, said in a memo that it would lay off employees and restructure. Bar Dea had been a rising star at Bridgewater, which has transitioned leadership in recent years. Former co-CEO Mark Bertolini is also stepping out of the role and returning to Bridgewater's board as an independent director, leaving Bar Dea as sole CEO. "Over time, we expect this platform to produce the next round of growth in the business," Bar Dea wrote. 'Finding a home'As far as high finance executives go, Bar Dea has an unexpected background.
Billionaire 'Bond King' Bill Gross slammed the hype around Ark's top stock-picker Cathie Wood Monday. He pointed out her flagship ETF has lagged funds tracking top tech stocks over the past five years. Wood is known for her big bets on disruptive tech, including AI and blockchain stocks. "CNBC/media idolatry with Cathie Wood is absurd," the PIMCO founder said on Twitter Monday. Read more: 'Big Short' investor Michael Burry points to the steep drop in ARKK stock - and says Cathie Wood's flagship fund was always bound to collapse in value
FILE PHOTO: The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. REUTERS/Marco Bello/File PhotoLONDON (Reuters) -Galois Capital hedge fund founder Kevin Zhou said on Monday his flagship fund would close after “losing almost half” of the fund’s money when cryptocurrency exchange FTX collapsed. Zhou’s statement, released on Twitter, confirmed a report in the Financial Times that the hedge fund had decided to close its main fund and return its money to investors. In his tweet, Zhou also said Galois Capital had lost almost half of its assets “to the FTX disaster”. The newspaper report cited an investor letter which said the hedge fund was no longer viable, had stopped trading and exited its positions.
Cathie Wood's Ark Invest increased its Shopify holdings as the company's shares plummeted Thursday. The famed money manager snapped up 609,763 Shopify shares on Thursday for its ARK Innovation (ARKK) exchange-traded fund. Shopify is the eighth largest holding in Ark's flagship fund, with the ETF holding $391.3 million of the stock. Ark Invest took the stock price's decline as a chance to buy Shopify at a discount, a strategy Wood's firm has implemented many times before. As a selling point to investors for her innovation fund, the Ark Invest CEO said: "Look through [the Nasdaq] now, you will not find the kind of disruptive innovation, it certainly doesn't dominate those indexes."
I'm at the ETF Exchange Conference in Miami Beach, where 2,000 registered investment advisors and ETF providers have descended on the city for the industry's largest gathering. Think active, dividend, foreign debt and alternative income ETFs," Tom Lydon, of VettaFi, the conference sponsor, told me. "I believe fixed income ETFs are setup to have a historic year," Nate Geraci from the ETF Store said in January. This year, they're back, but despite the surge in thematic ETF performance to start the year, investors have yet to throw significant sums of money into the game. "Despite the surge in thematic ETF performance to start the year, investors are yet to start allocating again.
JB and I are not on speaking terms these days," said Ken Griffin, the billionaire hedge-fund manager, referring to JB Pritzker, the Democratic governor of Illinois. As Florida rolled back pandemic restrictions more quickly than Chicago, even more Citadel employees migrated south. Ken Griffin's hedge fund has had a run of eye-popping returns since 2020. Others worry that it gives Griffin's hedge fund an unfair advantage. Hundreds of Citadel employees, partners, and families gathered at the Orange County Convention Center in Orlando Florida.
Einhorn also said he is still short some 'bubble' names. Driving the stellar performance was a successful bet against what seemed to be the constituents of Wood's flagship ARK Innovation ETF (ARKK) . "In early 2021, we also identified an actively-managed ETF of so called 'innovation' stocks that appeared to us to have significantly similar characteristics to our bubble names," stated the letter. ARKK 1Y mountain ARK Innovation ETF's 1-year sell-off Einhorn said he created another "bubble" basket with 31 names totaling 6.5% of capital in January of last year. Einhorn said this bubble basket remained in the portfolio but he has covered some positions.
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