Two Sigma’s Flagship China Macro Fund Posts Further Losses After March Drawdown
Two Sigma’s flagship onshore China macro fund, Juliang Macro, posted a 0.9% loss in April after a 7.9% decline in March, marking its worst month since launch. The downturn was triggered by Middle‑East tensions that drove a crude‑oil rally and pressured Chinese equities, hurting both short and long positions. Despite the volatility, the fund has generated a 14.2% annualised return since inception. In contrast, the Dingliang Index Enhanced Strategy rebounded with a 15% April gain, delivering 23% year‑to‑date returns and outpacing its benchmark.
ECB Flags Hedge Fund Leverage as Potential Threat to European Bond Market Stability
The European Central Bank warned that hedge funds are using roughly 25‑times leverage in euro‑area bond basis trades, raising financial‑stability risks. Highly leveraged relative‑value strategies could force rapid deleveraging during market stress, amplifying price swings in sovereign debt. The ECB...
Whale Rock Rotates Into AI Infrastructure Bets with $910m Allocation
Whale Rock Capital Management dramatically re‑balanced its AI bets in Q1, allocating roughly $910 million to three AI‑infrastructure specialists while cutting exposure to Nvidia. The hedge fund bought about $394 million of MKS Instruments, $336 million of Advanced Energy Industries, and $180 million of...
Bolloré Voices Opposition to Pershing’s Proposed €55bn UMG Deal
Bill Ackman's Pershing Square has offered roughly $59 billion to acquire Universal Music Group, but the Bolloré family – UMG’s largest shareholder with about one‑third of the stock – publicly opposed the bid. Cyrille Bolloré cited concerns over valuation, cash commitment,...
Vanguard Increases Exposure to Venezuelan Distressed Debt as Restructuring Hopes Lift EM Credit
Vanguard Group has more than tripled its exposure to Venezuelan sovereign and PDVSA bonds, raising the weight in its $5.6 billion Emerging Markets Bond Fund to about 1.4% from 0.4% at year‑end. The move aligns Vanguard with other traditional asset managers...
Paul Tudor Jones Makes $8bn Bet on Small-Cap Volatility
Billionaire hedge fund manager Paul Tudor Jones has taken an $8 billion options position tied to the iShares Russell 2000 ETF, comprising roughly $5.1 billion in puts and $3 billion in calls. The structure resembles a volatility‑focused straddle, indicating expectations of large price swings...
Bainbridge Partners’ Florian Denie on Why Manager Selection Beats Strategy in a Volatile Regime
Bainbridge Partners’ CIO Florian Denie says the current wave of contradictory market signals has pushed the firm into a defensive, manager‑led stance. The firm is stripping away factor, sector and asset‑class exposures to chase idiosyncratic alpha and tighter risk control....
Emerging Consensus Suggests Oil to Remain Capped Near $100 over Next Year
A Bloomberg Intelligence survey of 126 asset managers finds consensus that Brent crude will trade between $81 and $100 per barrel over the next 12 months. Despite the Iran‑US conflict tightening the Strait of Hormuz and creating a 3‑7 million‑barrel‑per‑day supply...
Ex-FTX Exec Taps Crowd-Sourced Strategy Signals for New AI-Driven Trading Platform
Perpetuals.com, founded by former FTX executive Patrick Gruhn, launched UpsideOnly, an AI‑driven platform that converts crowd‑sourced simulated trading ideas into live trades using the firm’s own capital. The system evaluates thousands of submissions across equities, commodities and energy, selects the...
CFTC Probes $800m Oil Trading Spike
U.S. regulators are probing an $800 million spike in crude oil futures trading that unfolded minutes before a Trump‑issued social‑media post on March 23, which hinted at possible U.S. action against Iran’s energy infrastructure. The surge generated sharp price drops after the...
Digital Assets Funds See Outflows of $1.07bn
Digital asset funds experienced a net outflow of $1.07 billion in the latest reporting period, marking a sharp reversal from earlier inflows. The retreat reflects sustained declines in major cryptocurrency prices and heightened regulatory scrutiny across key jurisdictions. Investors cited concerns...
Fasanara Capital’s Francesco Filia on the Opportunity in Fintech Lending
Fasanara Capital, led by Francesco Filia, now oversees more than $6 bn in assets and deploys capital through fintech platforms that lend to small‑ and medium‑size enterprises. The firm differentiates itself by systemising loan origination and focusing on the middle market, avoiding...
Hedge Funds Pile Into Bearish Sterling Options as UK Political Risk Drives Volatility
Hedge funds and asset managers sharply increased bearish bets on the British pound last week, flooding the market with sterling put options that dwarf call activity. The surge follows Greater Manchester Mayor Andy Burnham’s hinted move toward a parliamentary run, heightening...
Citigroup Steps up Asia Prime Brokerage Hiring Push
Citigroup is boosting its Asia‑Pacific prime brokerage team, targeting a 10% headcount rise by the end of 2026. The hiring wave will focus on Singapore and India, covering both client‑facing and technology roles. Citi aims to lift prime brokerage balances...
Skechers Raises Settlement Proposal in Delaware Buyout Dispute with Hedge Funds
Skechers USA has raised its settlement offer to $65 per share, two dollars above the original $63 price paid in the $9.4 bn take‑private deal with 3G Capital. The increase follows a failed $64‑per‑share proposal and aims to resolve an appraisal‑arbitrage...
Peltz’s Trian Explores Funding for Potential Wendy’s Take-Private Deal
Activist firm Trian Fund Management, led by Nelson Peltz, is courting external financiers to mount a potential take‑private of Wendy’s Company, valued at roughly $1.3 billion. The search includes Middle‑East co‑investors as Trian explores financing structures for the deal. Wendy’s has...
What Real Estate Fund Managers Get Wrong About Legal Compliance
Private real‑estate fund managers often assume a real‑estate attorney provides full legal coverage, overlooking broader securities and investment‑advisor regulations. Ron Geffner of Sadis & Goldberg highlights frequent registration failures under the Investment Advisers Act, improper fund structuring, and mistimed performance...
FundStudio and Derivitec Launch Integrated Risk and Operations Solution for Hedge Funds
FundStudio and Derivitec announced a strategic partnership to deliver an integrated, cloud‑based portfolio operations and risk‑management solution for hedge funds and alternative asset managers. The combined offering merges FundStudio’s reporting and back‑office tools with Derivitec’s multi‑asset risk analytics, including real‑time...
Palliser Capital Builds Stake in Intertek as EQT Takeover Pressure Intensifies
Palliser Capital has quietly built a roughly 5% stake in Intertek, valued at about $125 million. The purchase comes as private‑equity firm EQT intensifies its bid to acquire the testing and certification group. Palliser’s move is being read as a defensive...
Hedge Funds Pivot to Biofuel Crops
Hedge funds are rapidly increasing speculative exposure to biofuel feedstocks as the Iran‑related energy shock pushes oil above $100 a barrel. Net long positions in soyabean oil have nearly tripled, while corn bets have shifted to the strongest bullish stance...
Hedge Funds Hit Decade-High Buying Spree in Asian Equities
Global hedge funds have dramatically increased exposure to Asian equities, with weekly purchases in South Korea, Japan and Taiwan hitting their highest level in over a decade, according to Morgan Stanley data. Net inflows for the week ending May 7 pushed...
Hedge Funds Target Distressed Litigation Finance Assets Amid Industry Slowdown
Hedge funds and special situations investors are moving into distressed litigation finance assets as the sector slows. Deals are being struck at as low as 10 cents on the dollar, sometimes with no upfront cash and only contingent payouts. Regulatory...
Former KPMG Hedge Fund Adviser Launches AI-Driven Advisory Firm for Wealth Families
Tony Cowell, a former KPMG adviser to alternative‑asset managers, has launched Cynren, a boutique advisory firm that builds AI‑enabled tools into every client engagement. The firm uses agentic AI for rapid analysis, scenario modelling and real‑time monitoring while retaining senior...
Kiwi May Defy Hedge Fund Short Bets as RBNZ and Geopolitics Shift Outlook
New Zealand’s dollar (NZD) may buck heavy hedge‑fund short positions as the Reserve Bank of New Zealand hints at tighter monetary policy while Middle‑East tensions lift safe‑haven demand. Activist investors Carrousel Capital and Saba Capital are pressing for governance changes...
Oil Liquidity Collapses as Traders Retreat Amid Iran Conflict Volatility
Liquidity in global oil markets has sharply thinned as escalating U.S.-Iran tensions and ongoing disruptions in the Strait of Hormuz push traders to the sidelines, Bloomberg reports. Brent futures open interest fell to its lowest level since August, reflecting a...
Citi Sets $700bn Prime Services Target
Citi announced a $700 billion target for its prime services franchise, underscoring a strategic push to capture more hedge‑fund assets amid intensifying competition. Bloomberg introduced a point‑in‑time macro dataset designed for quantitative research and systematic strategy testing, expanding the data toolkit...
Saba Secures Herald Investment Trust Tender Offer Deal
Saba Capital Management has secured a tender offer covering up to 66% of Herald Investment Trust’s share capital, giving shareholders the choice of cash or in‑specie exit at a price close to net asset value. The deal also appoints Aberdeen...
Workspace Explores Sale of Flagship London Asset Amid Saba Pressure
Workspace Group, the London‑listed flexible‑office provider, is weighing a sale of its flagship Salisbury House asset for roughly £125 million (about $170 million). The disposal would form part of a broader £200 million ($272 million) asset‑sale programme aimed at shoring up the balance sheet....
Negative Interest Rates May Be Closer than Hedge Funds Think: Fasanara’s Francesco Filia
Fasanara Capital CEO Francesco Filia warns that soaring public debt, ageing workforces and AI‑driven labour displacement could push central banks into negative‑interest‑rate territory after the next severe recession. He argues that conventional rate cuts may be insufficient once inflation is driven...
FCA Accuses Odey of “Creating False Reality” As Tribunal Hears Ban Appeal
The UK Financial Conduct Authority defended its £1.8 million (≈$2.3 million) fine and sector‑wide ban on hedge‑fund manager Crispin Odey, accusing him of a pattern of threats, fact‑distortion and falsifying records. At the Upper Tribunal, the FCA highlighted sexual‑harassment, bullying and governance...
European Gas Traders Rush Into Options as Winter Price Risks Mount
European gas traders are rapidly increasing their purchase of options as winter approaches, seeking protection against heightened price volatility. In the past month, volumes of TTF winter call options jumped roughly 45% year‑over‑year, pushing implied volatility to about 30%, the...
Alternative Views Roy Niederhoffer
Roy Niederhoffer, president of R.G. Niederhoffer Capital Management, explained why his firm has outperformed in recent months by emphasizing ultra‑short‑term trading horizons and a data‑driven approach. He detailed the evolution of short‑term models that ingest macro and geopolitical signals, allowing...
Rokos Capital Moving Forward with UAE Expansion After Securing Abu Dhabi Licence
Rokos Capital Management, the $22 bn hedge fund founded by Chris Rokos, has received a full licence from the Abu Dhabi Global Market to open an office in the emirate’s Sky Tower. The London‑based firm will use the new base to...
Former Senior Bank Traders Exit Verition’s Credit Trading Team
The hedge‑fund landscape saw a flurry of activity this week. Verition’s credit trading team lost two former senior bank traders, while activist firm ADW floated a $3 billion takeover bid for Roark’s Driven Brands. Point72 reshuffled its leadership as it scales,...
Activist ADW Proposes $3bn Takeover of Roark’s Driven Brands
Activist investor ADW Capital has lodged an unsolicited cash offer to acquire Driven Brands Holdings for roughly $3 billion, proposing $18 per share—a 40% premium to recent trading levels. ADW, which owns about 3.7% of the company, aims to displace majority...
Steve Cohen Reorganises Point72 Leadership Structure as Firm Scales
Steve Cohen is reshaping Point72 Asset Management’s leadership by replacing the president role with an executive committee, while retaining his chairmanship and CEO duties. Co‑chief investment officer Harry Schwefel will become president, linking macro and quantitative teams. The new committee...
CFTC Reviews Key Trader Positioning Report
The Commodity Futures Trading Commission has launched a review of its weekly Commitments of Traders (COT) reports, examining the reports' structure, publication frequency, and disclosure depth. CFTC Chair Michael Selig is seeking market feedback as new trading venues like Kalshi...
Citadel Founder to Meet NYC Leadership Amid Property Tax Tensions
Citadel founder and CEO Ken Griffin will meet New York Governor Kathy Hochul to discuss the state’s proposed “pied‑à‑terre” tax on second homes valued above $5 million. The levy, backed by Mayor Zohran Mamdani, aims to narrow New York City’s budget...
Ones to Watch 2026: The Year’s Most Exciting Hedge Fund Launches
2026 marks a surge of hedge‑fund launches, with five newcomers—AlphaBee Asset Management, The Maples Group, Omega Systems, Repool, and Caravel Capital Investments—positioning themselves to capture niche alpha sources. The wave reflects renewed limited‑partner appetite for AI‑driven, ESG‑centric, blockchain‑enabled, and emerging‑market...
Trump Nominates Key Square Hedge Fund Exec for Senior Treasury Role
President Donald Trump nominated G Hunter McMaster II, a former Key Square Group executive, as Assistant Treasury Secretary for Financial Markets. McMaster has been performing the duties of the post since July 2025 while serving as a counselor to the Secretary. The nomination...
Starboard Builds Significant Position in Dynatrace
Activist hedge fund Starboard Value disclosed a substantial stake in software observability firm Dynatrace, urging the board to boost margins and accelerate share repurchases. The fund argues the stock is undervalued, trading at about half the multiples of comparable infrastructure...
Ackman’s Pershing Square IPO Raises $5bn for Permanent Capital Strategy
Bill Ackman’s Pershing Square completed a $5 bn combined IPO, creating a closed‑end fund (Pershing Square USA Ltd) and an asset‑management company (Pershing Square Inc). The raise includes a $2.8 bn private placement and satisfies the condition of reaching at least $5 bn...
Wealthy Investors May Be Underestimating Private Credit Risk, Says Citadel’s Griffin
Citadel founder Ken Griffin warned that high‑net‑worth investors may underestimate liquidity risk in private credit. The sector has ballooned to over $3.5 trillion in assets as alternative lenders filled gaps left by banks. Many funds, including those from Blackstone, KKR and...
Citadel Among Creditors Pushing Back on Spirit Airlines Rescue Deal
Citadel, alongside a consortium of senior lenders, has formally objected to Spirit Airlines' proposed $1.5 billion rescue financing package. The deal, which would replace existing high‑cost debt with a new senior secured loan, also includes equity kicker provisions that creditors say...
Hedge Fund Short Covering Drives Demand in CATL’s $5bn Share Placement
Hedge funds dominated demand for CATL's $5 bn share placement, snapping up more than $3 bn of shares as they covered short positions. The Hong Kong‑listed H‑shares have traded at a widening premium to the Shenzhen‑listed stock, driving record short‑interest and borrowing costs...
Tariff Refunds: How Hedge Funds Are Structuring a New Short-Duration Credit Trade
Hedge funds have built a multi‑billion‑dollar secondary market buying U.S. tariff‑refund claims, offering businesses immediate cash in exchange for future reimbursements. After the Supreme Court ruled many Trump‑era tariffs illegal, claim prices jumped from roughly 20% to over 80% of...
Saba Capital Targets $1bn Fund to Acquire Distressed Private Credit Vehicles
Saba Capital Management is raising about $1 billion to launch a fund that will buy distressed, illiquid private credit vehicles such as BDCs and interval funds. The strategy targets assets trading at 30‑40% discounts to net asset value, mirroring past successes...
Redwood Targets $1bn for Long-Duration Illiquid Credit Strategy
Redwood Capital Management is launching a new fund to raise roughly $1 billion for long‑duration, illiquid credit investments. The strategy will deploy capital continuously, allowing the firm to stay invested through extended restructuring cycles rather than concentrating on brief market dislocations....
Ackman’s Pershing Square IPO Set to Raise $5bn
Bill Ackman's Pershing Square is preparing a New York Stock Exchange IPO that targets roughly $5 billion of new capital, potentially valuing the activist hedge fund at about $10 billion. The offering marks the largest hedge‑fund‑to‑public listing to date and follows a...
Short Sellers Double Down on US Life Insurers as Private Credit Exposure Fuels Concern
Short interest in U.S. life‑insurance stocks has more than doubled to over $5 billion in the last year, with traders adding roughly $3 billion of new short exposure. The rise coincides with a 130 percent jump in shares on loan and reflects growing...