Core Viewpoint - The founder of the hedge fund company Point72, Steven Cohen, believes that the U.S. economy is likely to slow down due to tariff threats [1] Economic Outlook - Cohen stated that the Federal Reserve is unlikely to take immediate action as it remains concerned about inflation issues stemming from tariffs [1] - He projected that the U.S. GDP is expected to grow by 1.5% next year [1]

Group 1 - The probability of an economic recession in the United States is currently around 45% according to billionaire and hedge fund founder Steve Cohen [1] - Although the economy has not yet entered a recession, there is a significant slowdown in economic growth [1]

Eisler Capital已裁员约15%，以期在资产减少和交易亏损的情况下降低成本。据一位知情人士透露，这 项决定影响了这家总部位于英国伦敦的投资公司约45名员工，主要从事技术、中台和后台工作，因为该 公司正在利用技术来填补人员空缺。此次裁员还包括约五名投资专业人士，他们管理着Eisler 35亿美元 资产中的约3%。 ...

市场消息：对冲基金Eisler在重组中裁员15%以削减成本。 ...

Core Viewpoint - Bill Ackman has successfully negotiated a deal with Howard Hughes Holdings to create a diversified holding company, akin to a modern-day Berkshire Hathaway, with a significant investment from Pershing Square [1][10]. Investment Details - Pershing Square will invest $900 million in newly created shares, purchasing 9 million shares at a price of $100 each, resulting in a 46.9% stake in Howard Hughes [3][4]. - The investment will enable the company to build a portfolio of controlling stakes in high-quality public and private operating companies while continuing to grow its core real estate business [4]. Management Structure - Ackman will assume the role of executive chairman, while the current leadership team, including CEO David O'Reilly, will remain in place [5]. - A new position of chief investment officer will be created, to be filled by Pershing Square's CIO, Ryan Israel [5]. Fee Structure Changes - The management fee structure has been revised to a base fee of $3.75 million paid quarterly, approximately 0.4% of the current market cap annually, which aligns management incentives with shareholder success [6][7][8]. - Additionally, a quarterly management fee of 0.375% will be applied only to any increase in the company's market cap above a threshold of approximately $3.9 billion, adjusted for inflation [7]. Future Prospects - Ackman indicated that acquiring or building an insurance company may be part of the business strategy, similar to Berkshire Hathaway's model [11]. - The transaction does not require further shareholder approvals and was finalized on May 5, following the board's approval [11].

Core Insights - Renaissance Technologies is recognized as one of the world's most successful hedge funds, primarily due to its Medallion Fund, which achieved an annualized return of 39% after fees from 1988 to 2021 [1] - The firm has notable long equity holdings, including significant positions in Novo Nordisk, United Therapeutics, and Palantir Technologies, reflecting its investment strategies and market outlook [2][14] Group 1: Novo Nordisk - At the end of 2024, Renaissance's third-largest long equity holding was Novo Nordisk, with a stake valued at $715 million, indicating strong conviction in the company [3][5] - Novo Nordisk's stock generated a total return of approximately 480% from the end of 2017 to its peak in June 2024, but has since declined by 56% as of April 29 [4] - Renaissance reduced its holdings in Novo by around 9% from Q2 2024 to Q4 2024, while the stock is currently trading at levels similar to the end of 2022 [5] Group 2: United Therapeutics - Renaissance maintained a significant position in United Therapeutics, valued at around $737 million at the end of 2024, with a total return of approximately 285% since Q2 2019 [7][8] - The company has six FDA-approved medications, with its leading product, Tyvaso, generating over $1.6 billion in sales in 2024, reflecting a 31% growth from 2023 [9] - The continued large position in United Therapeutics suggests confidence in the company's ability to grow sales and develop new treatments for rare conditions [9] Group 3: Palantir Technologies - As of Q4 2024, Palantir Technologies became Renaissance's largest holding, with a position valued at over $1.7 billion, having increased by over 1,700% since the end of 2022 [11] - Renaissance reduced its stake in Palantir by over 40% from Q3 2024, which may have been a strategic move given the stock's significant rise of over 200% since that time [12] - Analysts have expressed concerns about Palantir's high forward price-to-earnings multiple, indicating potential downside risks [13]

知情人士透露，Point72 Asset Management宏观投资组合经理Yau Ng在这家 资产规模近370亿美元的对冲 基金巨头任职六年多后已经退休。另外，一位知情人士表示，驻迪拜的投资组合经理Alex Blanchard也 已离开该公司。 ...

Billionaire Ray Dalio is one of the most respected investors out there. Bridgewater Associates, the hedge fund he founded, is generally considered to be the largest hedge fund in the world, with assets under management topping out at $168 billion in 2022. The 75-year-old is known for his "all-weather" portfolio, including gold, balancing risks across asset classes to build a portfolio that can perform well in virtually any economic scenario. He pays close attention to the macro environment, and after a care ...

Core Viewpoint - Trump Media & Technology Group has requested an investigation from market regulators regarding "suspicious activity" after Qube Research & Technologies disclosed a significant short position against its stock [1][3]. Company Summary - Trump Media & Technology Group, which operates the Truth Social platform, reported that Qube has taken a short position of nearly 6 million shares, contributing to a total short interest of 10.7 million shares as of March 31, which increased to about 11 million by Wednesday [2][3]. - The company claims that the trading activity, combined with a history of suspicious trading surrounding its stock, could indicate illegal naked short selling [3]. - Shares of Trump Media rose approximately 7% in New York on Thursday, although they have declined by over one-third this year [4]. Hedge Fund Summary - Qube Research & Technologies, a hedge fund that spun out of Credit Suisse in 2018, manages about $23 billion in assets, placing it among the top 1% of hedge funds [6][7]. - The hedge fund has short positions in various UK-listed companies, including real estate firms and fashion retailer Boohoo, in addition to its position in Trump Media [8].

Core Insights - Steven Cress is a key figure in quantitative strategy and market data at Seeking Alpha, contributing to the platform's quantitative stock rating system and analytical tools [1][2][3] - The Seeking Alpha Quant Rating system aims to interpret data for investors, providing insights and saving time in investment decisions [1][2] - Cress is dedicated to removing emotional biases from investment decisions through a data-driven approach, utilizing algorithms and technologies for investment research [2] Company Background - Cress was the Founder and CEO of CressCap Investment Research, which was acquired by Seeking Alpha in 2018, enhancing its quant analysis and market data capabilities [3] - Prior to founding CressCap, Cress established the quant hedge fund Cress Capital Management and has extensive experience in proprietary trading at Morgan Stanley and international business development at Northern Trust [3][4] Experience and Expertise - With over 30 years of experience in equity research, quantitative strategies, and portfolio management, Cress is well-equipped to address a variety of investment topics [4]