The Securities and Exchange Commission will vote on a delay to hedge fund disclosure requirements to Oct. 2026, delivering what would be another break for the industry from the Biden-era rules https://t.co/g8AosZHpF6 ...

Business Model & Fee Structure - Qube Research & Technologies has started charging performance fees on employee investments in its hedge funds [1] - This aligns employee investment fees with those paid by clients [1]

Brazilian hedge funds beat benchmarks as currency rises and inflation cools https://t.co/zh4yrhliZs ...

Company Overview - Arrowpoint Investment Partners plans to raise up to $400 million in fresh capital by Q1 2026 to expand its investment teams [1] - The firm currently manages $1.2 billion in assets and aims to reach $2 billion by the end of 2026, with some commitments already secured [2] Business Model and Strategy - Arrowpoint employs a business model similar to larger global hedge funds, distributing capital among various investors who utilize different strategies [2][3] - The firm emphasizes its focus on evolving capital markets in Asia, competing with other firms like Dymon Asia Capital and Polymer Capital Management [3] Performance and Market Context - Arrowpoint began trading in July 2023 and reported a return of 7.3% in the first eight months of 2025, following a 3% gain in August [4] - Despite its performance, the overall market for multistrategy hedge funds has seen a decline in investor interest, prompting Arrowpoint to highlight its regional focus [4] Talent Acquisition - The firm is set to welcome You Jiong as its ninth Asia macro portfolio manager, who previously held a senior position at Citigroup and has experience with Millennium and ExodusPoint Capital Management [5][6] - Wei Wei joined as a portfolio manager in August, and Jacky Yeung joined earlier this year, both bringing valuable experience from their previous roles [7]

Group 1: Hedge Fund Performance - Bill Ackman's Persian Square Holdings Fund has achieved a year-to-date return of 33%, significantly outperforming the S&P 500, which is up 12% [1] - Over the past five years, the fund has increased by 127%, although it is listed on the London Stock Exchange, making shares difficult to obtain in the U.S. [1] Group 2: New ETF Launch - A new ETF named Target 15 Activist Distribution has been launched, allowing investors to trade like Ackman with a target of 15% annual income paid monthly [2][3] - The ETF captures Ackman's publicly available portfolio and employs a covered call strategy to generate the targeted income [3][4] Group 3: Income Strategy - The ETF aims to provide stable monthly income of 1.25% from the portfolio, with dividends from underlying holdings reinvested into the net asset value (NAV) [5] - The management fee for the ETF is 95 basis points, which is lower than typical hedge fund fees [6] Group 4: Portfolio Composition - The ETF includes a selection of Ackman's high-conviction long-term investments, such as Uber, Alphabet, and Brookfield, focusing on undervalued companies [7][9] - The strategy allows for capturing changes in Ackman's portfolio on a quarterly basis, making it an active ETF [9] Group 5: Additional ETF for Warren Buffett - Another ETF called OMAH has been launched to allow investors to mimic Warren Buffett's investment style, with a similar income strategy of 15% paid monthly [11][12] - OMAH has reached over $500 million in assets since its launch in March, focusing on publicly traded holdings within Berkshire Hathaway [12][13]

Core Insights - The individual has extensive experience in the investment banking sector, particularly as a "professional bear" for approximately 30 years, indicating a focus on short-selling strategies [1] - The career includes significant roles at various hedge funds and a strong foundation in macroeconomic analysis, influenced by Austrian economics [1] - The establishment of a blog, the Credit Bubble Bulletin, reflects a commitment to providing contemporaneous analysis of financial developments that are often overlooked by mainstream media [1] Group 1 - The individual began their career as a treasury analyst at Toyota during significant economic events, which sparked an interest in macro analysis [1] - The experience in the nineties bull market as a trader and analyst provided invaluable learning opportunities, highlighting the importance of market cycles [1] - The individual has a strong academic background, graduating summa cum laude in Accounting and Finance and later obtaining an MBA, which supports their analytical capabilities [1] Group 2 - The individual emphasizes the importance of understanding current global financial bubbles, suggesting that insights from historical economic events can inform present-day analysis [1] - The reference to Benjamin Anderson's writings indicates a belief in the value of historical context in economic analysis, particularly during periods of significant financial change [1] - The individual’s work with Dr. Richebacher and the influence of Austrian economics underscore a commitment to exploring unconventional economic theories and their implications for investment strategies [1]

Core Insights - Capstone Investment Advisors is closing its Hong Kong office after approximately four years of operation, highlighting challenges faced by new entrants in the region against established firms [1][2] - The closure will affect six employees from the Hong Kong team, but the company remains committed to trading Asian markets from other locations [2] - Capstone, founded in 2004, specializes in derivatives and volatility trading, with assets increasing from $8.8 billion in June 2021 to $11 billion as of September 11 [3] - The decision to establish the Hong Kong office was made around 2021, with plans to allocate $1.5 billion of risk capital to Asia by Q2 2024 [4]

Group 1 - Donald A. Steinbrugge is the Managing Partner of Agecroft Partners, a global consulting and third-party marketing firm for hedge funds [1] - Agecroft Partners engages with over a thousand hedge fund investors monthly and conducts extensive due diligence on hedge fund managers [1] - Steinbrugge has 28 years of experience in the investment management industry, including leadership roles at major hedge fund organizations and institutional investment management firms [1] Group 2 - Steinbrugge was a founding principal of Andor Capital Management, which became the 2nd largest hedge fund firm globally at the time of his departure [1] - Prior to Andor, he held significant positions at Merrill Lynch Investment Managers and NationsBank, contributing to their rankings as the 3rd largest investment manager [1] - Steinbrugge is involved in various investment committees and boards, including the Hedge Fund Association and the University of Richmond's Robins School of Business [1]

Core Viewpoint - A former quantitative researcher at Two Sigma Investments has been indicted for fraud, manipulating algorithmic models to generate $23.5 million for himself while causing $165 million in harm to clients [1]. Company Summary - Two Sigma Investments, founded in 2001, is a New York-based hedge fund with over $60 billion in assets under management [3]. - The firm terminated Jian Wu's employment in 2024 after six years and repaid clients for the losses incurred due to his actions [2][3]. - Two Sigma's investment models are designed to analyze data and make predictions for trading, but Wu created models that circumvented the firm's requirements, leading to unintended trading strategies [4]. Incident Details - Jian Wu allegedly created or assisted in creating 14 models that duplicated existing predictions, which led to significant financial losses for clients [4]. - Wu was compensated $23.5 million in 2022, with part of the funds used to purchase a multimillion-dollar apartment in Manhattan [5]. - The fraudulent activities began to be uncovered in 2023 when employees noticed unusual correlations between Wu's models and others, prompting an internal investigation [5]. Legal Proceedings - Wu faces multiple charges, including wire fraud, securities fraud, and money laundering, and is currently a fugitive [1][2]. - The U.S. Securities and Exchange Commission (SEC) has also filed civil charges against Wu, and Two Sigma has canceled $8 million in performance grants but has not recouped $17.8 million in cash bonuses from him [2][6].

Group 1 - Ray Dalio warns that American markets are facing a financial "heart attack" due to rising US debt costs, which are constraining economic growth [1][6] - Dalio recommends that investors allocate 10% to 15% of their portfolios to gold, highlighting its unique uncorrelation with other assets and its tendency to rise during crises [2][3] - Gold is currently trading near record highs, with spot gold at $3,641.10 per ounce, reflecting a nearly 40% increase year-to-date, and gold futures at $3,680.60 per ounce [2][14] Group 2 - Dalio has consistently advocated for gold as a hedge against global risks, emphasizing its importance during periods of money printing and debt accumulation [3][4] - Despite stepping down from Bridgewater, Dalio continues to emphasize the need for investors to reassess their holdings in a debt-laden environment [6][7] - The surge in gold prices indicates that investors are shifting focus from equities to gold as a hedge against potential economic instability and geopolitical tensions [10][14] Group 3 - Central banks, including those in China, India, and Russia, have increased their gold holdings this year, diversifying away from the dollar [14] - Historical data shows that gold has performed well during market downturns, such as in 2008 and 2020, reinforcing Dalio's view of gold as a reliable insurance policy [15]