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Hedge Fund and Insider Trading News: Elliott Management, CQS Cayman L.P., Bridgewater Associates, Peregrine Capital, Cloudflare Inc (NET), Church & Dwight Co., Inc. (CHD), and More CQS is shutting one of its best-performing strategies because the fund’s chief investment officer is leaving to join Citadel, adding to a string of departures from Michael Hintze’s hedge-fund firm. Prakash Narayanan, who ran CQS Global Relative Value, is exiting after more than three years, according to people with knowledge of the matter. He is joining Citadel’s Global Credit business as a portfolio manager to run a strategy similar to the one at CQS, a spokesman for Citadel confirmed. ....
Risk.net Risk Awards 2021: credit specialist proved its worth in the Covid crisis Boaz Weinstein In late 2019, Boaz Weinstein was seeing mispricings in credit markets on a scale he’d never seen before – the kind of twisted values that meant spreads on Sabre, a newfangled travel-tech company, were the same as for a solid credit like fast-food chain McDonald’s. “In my career, I had never seen such a tight packing between double-Bs that you would want to short and single-As you’d want to go long,” he says. By the end of the year and in the opening weeks of 2020, one of the main trades at Weinstein’s Saba Capital Management was to short a basket of riskier high-yield credits and go long a basket of quality names. “The market allowed you to do that basically for zero cost,” he says. ....
EDHEC-Risk Alternative Indexes: Hedge Fund Strategies End The Year On A Very Positive note Date
Some data from Short Selling funds have not been released yet by index providers. The month of December was characterized by a rather strong performance on the stock markets, with the S&P 500 registering a second consecutive month of profits (3.84%) and ending the year with an annual gain of 18%. Market implied volatility increased a bit to 22.75%, a value higher than its long-term average (around 21%), but below its average for the year (around 31%). The bond market also confirmed its profitability, moderate for regular bonds (0.02%) and quite strong for convertible bonds (5.81%). Concerning commodities market, the GSCI Commodity Spot index produced a strong performance (6.19%) for the second consecutive month. ....
EDHEC: Hedge Fund Strategies Consolidate Their Performances Date EDHEC has published the latest performance update of the EDHEC-Risk Alternative Indexes. The month of November was characterized by a strong rebound in the financial markets, following two declining months. The S&P 500 registered a strong positive return (10.95%), not only erasing previous losses, but also reaching its highest index level since the start of our study period (January 1997). Market implied volatility decreased sharply to 20.57%, exactly matching its long-term average. On the bond market, the situation also clearly improved, as both regular bonds (0.49%) and convertible bonds (10.37%) posted positive returns. Concerning commodities market, the GSCI Commodity Spot index strongly increased (13.15%) erasing all its losses since the beginning of the COVID-19 crisis. ....
This Week In Securities Litigation (Week of December 14, 2020) The exit continues at the Commission. This week Director of Enforcement Stephanie Avakian announced her departure from the agency at the end of the year. She has been preceded by the Director of Corporation Finance and the General Counsel. The Chairman previously announced his departure at year end. Last week Enforcement filed a series of cases. Two were based on false statements tied to financial issues, one against GE and another involving CheeseCake Factory. The agency also brought two offering fraud actions, a case involving digital assets and another tied to share class selection conflicts. ....