Opalesque Roundup: Leverage, the bond sell-off and a USD 30bn vote for multi-managers: hedge fund news... [more]A disorderly global bond sell-off sorted the hedge fund industry into winners and losers this week. Trend followers and the largest multi-managers held their ground, while concentrated rates bets were punished. Millennium's latest capital raise drew more than USD 30bn of demand, regulators on bo
Quant hedge funds profit from global bond sell-off as yields hit multi-decade highs... [more]Quantitative hedge funds are benefiting from the global government bond sell-off as persistent moves in rates, energy and currencies favor trend-following strategies. Graham Capital's Tactical Trend fund has gained about 31% this year, while Winton's Diversified Macro and Aspect Capital's flagship s
Hedge funds struggle for September gains as rate, AI swings bite... [more]Global hedge funds struggled in September as rising bond yields, higher oil prices and volatile AI shares hurt many strategies. Goldman Sachs data showed fundamental equity long-short funds lost an average 0.55%, while systematic equity long-short funds gained 3.46%, their best month this year, and
Hedge funds hit a rough patch as yields climbed... [more]Global hedge funds faced a difficult September as rising government bond yields, higher oil prices and sharp swings in AI-related stocks disrupted portfolios. Fundamental equity long-short funds lost an average 0.55%, while systematic equity long-short strategies gained 3.46%, highlighting the signi
Hedge funds have lost conviction while the VIX sleeps... [more]Hedge funds are still running big books, but conviction has collapsed. Gross leverage remains elevated while net exposure has fallen back toward Liberation Day lows, leaving plenty of positions but very little directional commitment.
The Fed confidence trade is near washed out. Goldman's Mone
Hedge funds built a $1.2 trillion Treasury trade on money they have to keep borrowing... [more]Hedge funds have built roughly USD1.2tn of Treasury basis positions by buying cash Treasuries, selling futures and borrowing most of the money needed to finance the bonds. Morgan Stanley estimates positions have fallen about 20% this year, but the strategy's reliance on short-term repo financing mea
Pension funds use gold as bond hedge weakens... [more]Gold is gaining a durable role in some pension fund portfolios as investors seek protection from inflation, market shocks and the weakening diversification benefits of bonds. Pension funds in the Netherlands, US, Britain and Australia have maintained allocations of roughly 2% to 5% through physical
How the French bond trade backfired on investors... [more]Hedge funds and other investors piled into leveraged trades buying French and Italian government bonds while selling safer German Bunds, expecting yield spreads to narrow. Instead, political uncertainty in France and the global bond sell-off drove the French-German 10-year spread as high as 1.55 per
Midterms: Hedge funds quietly placing short bets... [more]Wall Street investors are positioning for the US midterm elections, with hedge funds making short bets as they assess which companies and sectors could suffer from a change in the political landscape. The positioning reflects expectations that election outcomes and resulting policy changes could cre
Hedge funds are rebuilding short bets against Japan's yen... [more]Hedge funds have returned to bearish bets against the yen after two weeks of bullish positioning, as the currency remains under pressure despite the Bank of Japan's latest rate increase. CFTC data showed leveraged funds held 91,590 short contracts versus 77,429 longs as of September 29, leaving them
Bitcoin whale turns $70 investment into $1.7m after 15 years... [more]A Bitcoin wallet dormant for more than 15 years has moved 20.43 BTC now worth roughly USD1.7m. The coins were acquired for an estimated USD70 in 2011 when Bitcoin traded around USD3-4, representing a return of more than 20,000 times the original investment, while blockchain records show the address
Ken Griffin's $3bn Carnegie Mellon donation is 'a loss for' NYC, business leaders say... [more]Citadel founder Ken Griffin's USD3bn gift to Carnegie Mellon University is being viewed by New York business leaders as another sign of Miami's growing challenge to the city. Griffin is directing USD2bn toward a new 35-acre technology-focused Carnegie Mellon campus in Miami and USD1bn to its Pittsbu
Oregon senator who pushed to tax the rich watched his son build a $467m hedge fund... [more]Oregon Senator Ron Wyden, a prominent advocate of higher taxes on wealthy Americans, has a son who built ADW Capital Partners into a USD467m hedge fund portfolio. Adam Wyden's own stake has been estimated at as much as USD100m, although there is no evidence that his father used his political positio
Britain's second-richest billionaire flees UK for Monaco in huge blow to Labour... [more]Property billionaire David Reuben, 88, has moved from Britain to Monaco, joining his brother Simon in the tax-friendly principality. The brothers have a combined fortune of almost GBP28bn, and Reuben's departure follows moves by other wealthy UK residents including hedge fund managers Chris Rokos an
From haven to exit: The great wealth flight from Britain... [more]A series of wealthy financiers and businesspeople have left Britain as changes to the country's tax regime intensify debate about whether London is losing its appeal to the global rich. Hedge fund billionaires Chris Rokos and Alan Howard are among those who have shifted tax residence abroad, while L
Judge denies Sam Bankman-Fried new trial after financial fraud conviction... [more]A federal judge denied former FTX founder Sam Bankman-Fried's request for a new trial, rejecting his claim that newly discovered witnesses could provide exculpatory evidence. Judge Lewis Kaplan said Bankman-Fried knew of the witnesses before his 2023 trial and called his claims baseless; Bankman-Fri
I'm no Robin Hood but I'm helping UK investors, says City raider... [more]Saba Capital founder Boaz Weinstein says his activist campaigns against UK investment trusts have generated more than GBP600m for retail investors and pensioners by forcing changes at funds trading at persistent discounts to net asset value. Saba now has more than GBP2bn invested in UK-listed compan
Turkey: Stock market scandal hits half a million investors... [more]Around 455,000 Turkish investors have been affected by a market manipulation scandal involving investment funds, with more than 45 people arrested and 131 funds managed by seven asset managers set for liquidation. Authorities are investigating allegations that fund managers artificially inflated thi
LIM Advisors founder George Long: 'We've been here 30 years. We're going to be around'... [more]LIM Advisors founder George Long reflects on three decades running one of Asia's longest-established alternative investment firms, which began with Asian convertible bonds and now invests across corporate events, precious metals, China and Japanese activism. Long believes Japan's shareholder engagem
Millennium to hire Jera power trader in Japan energy push... [more]Millennium Management is set to hire Matthias Soreau, previously head of Japanese power trading at Jera Global Markets, as it expands into Japan's increasingly active electricity market. Soreau is expected to join Millennium's Tokyo team this month, while the USD97bn hedge fund is also discussing ad
And, finally: Right place, right time... [more]From Newsoftheweird: In a case of "right place, right time," a group of experienced skydivers were in their plane, preparing to jump, when they witnessed a small plane crash in a cornfield in East Troy, Michigan, on Sunday, Sept. 27, WISN reported. "[The pilot of the other plane] kind of banked up a
In an era of deepfakes, phantom fortunes, and narrative warfare, the challenge of distinguishing reality from illusion has never been more acute. For those stewarding generational wealth, the stakes are existential. This 11th edition of Horizons delves into the critical quest for clarity, offering a toolkit to navigate a world rife with deception and to build a foundation of verifiable trust.
Our journey begins with a chilling investigation into
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