Today's Exclusives

• CVC Capital racks up $6.5bn for its latest European direct lending fund [more]

  Laxman Pai, Opalesque Asia: CVC Credit, the global credit management business of CVC Capital Partners, has closed its third European direct lending fund, EUDL III, at €6.3 billion ($6.5 billion). The Luxembourg-based French private equity and investment advisory firm said in a press rele

• Alternatives in retail investor portfolios a $1 trillion-plus market opportunity [more]

  B. G., Opalesque Geneva: The rise of digital platforms that enable investors to own stakes in art, wine, farmland, metals and other alternative assets (alts) has democratized an asset class once only available to institutional and ultra-high net worth investors, according to a recent survey of ac

• Opalesque Roundup: Hedge fund redemptions grew $178.38bn for the 12-months through September: hedge fund news, week 44 [more]

  In the week ending December 2nd 2022, Barclay Fund Flow Indicator revealed that for the 12-months through September, the hedge fund industry experienced $178.38 billion

Today's Other Voices

• Other Voices: DOL finalizes ESG investing rules [more]

  By: Danette Edwards, Johnjerica Hodge, Nikita Yogeshwarun from Katten Muchin Rosenman LLP On November 22, 2022, the U.S. Department of Labor (DOL) announced a final rule promulgated by the Employee Benefits Security Administration that allows retirement plan fiduciaries to consider environme

More Exclusives

• 01. Dec. | Opalesque Exclusive: Marks delves into what really matters [more]

  B. G., Opalesque Geneva: Howard Marks, co-founder and co-chairman of Oaktree Capital Management, weighs what should and should not matter for investors in his latest memo last week. Among the things t

• 01. Dec. | Opalesque exclusive: Investors eye private credit [more]

  Bailey McCann, Opalesque New York: Private credit fund managers have continued to expand their lending activity according to a new report from the Alternative Credit Council. Private credit funds reported a 20% increase in their lending volumes in 2021 and the sector retains a positive outlook t

• 30. Nov. | Opalesque Exclusive: Private capital fundraising slows down [more]

  Bailey McCann, Opalesque New York: While many investors are sticking by private equity and private credit, that doesn't mean everything is smooth sailing. According to PitchBook's private capital fundraising report, raising new capital got harder in the third quarter. Aggregated fund

• 29. Nov. | Opalesque Exclusive - Investors continue to allocate to private equity despite headwinds [more]

  Bailey McCann, Opalesque New York: Despite market headwinds and broad uncertainty, investors are still increasing their allocations to private equity, according to new survey data from Swiss private equity firm Montana Capital Partners. The survey includes responses from more than 60 family o

• 28. Nov. | Opalesque Roundup: Global macro hedge funds register strong returns at 4.06% in 3Q: hedge fund news, week 43 [more]

  In the week ending November 25th 2022, Citco reported that about half of hedge funds generated positive returns during the third quarter, albeit with a wide divergence by strategy. The best-performing strategy during the third quarter was global macro, with a 4.06% weighted average return, followed

• 25. Nov. | Opalesque Exclusive: Chessica market neutral hedge fund ready for upward stock correction [more]

  B. G., Opalesque Geneva: "October offered equity traders a moment's respite from the otherwise relentless flogging it has had on offer throughout 2022," said Ben Crawford from hedge fund data provider BarclayHedge. "Wasting no time, risk appetites rebounded and the valuations o

• 22. Nov. | Opalesque Exclusive: Disciplined Alpha positioned for value stocks' outperformance [more]

  B. G., Opalesque Geneva: The last 12 months have mostly been less painful for value investors than their growth-oriented counterparts. And this is likely to continue for the foreseeable future, according to some. The MSCI World

• 21. Nov. | Opalesque Roundup: Event-driven was the top-performing hedge fund strategy in October: hedge fund news, week 42 [more]

  In the week ending November 18th 2022 a report revealed that, the Eurekahedge Hedge Fund Index gained 1.3% in October. Following the uptick, global hedge funds have reduced their YT

• 14. Nov. | Opalesque Roundup: Hedge funds industry advances +2.1% in October as equity markets posted a strong recovery: hedge fund news, week 41 [more]

  In the week ending November 11th 2022, Barclay Hedge Fund Index compiled by BarclayHedge revealed that as equity markets enjoyed substantial gains in October, the global hedge fund industry

• 14. Nov. | Opalesque Exclusive: After FTX, users should consider every exchange potentially insolvent unless proven otherwise [more]

  B. G., Opalesque Geneva: As FTX is filing for bankruptcy, investors, including crypto hedge fund Galois, VC firms and about 1.2 million registered users are counting their losses, hackers are moving millions out of the platform, and agencies, the police and lawyers are investigating. Investors sh

• 11. Nov. | Opalesque Exclusive: After FTX, expect more volatility in both directions [more]

  B. G., Opalesque Geneva: Regulators in the Bahamas froze assets belonging to FTX, until recently the third-largest cryptocurrency exchange, on November 11. The exc

• 08. Nov. | Opalesque Exclusive: A Swiss managed futures strategy that can offer diversification to any portfolio [more]

  B. G., Opalesque Geneva for New Managers: TARO (R) Diversified is a Swiss algorithmic and systematic investment strategy that offers diversification benefits to almost any professionally managed portfolio through it

• 07. Nov. | Opalesque Roundup: Global investors to invest in distressed credit hedge funds: hedge fund news, week 40 [more]

  In the week ending November 4th 2022, a BNP Paribas survey found that global investors will ramp up allocations to distressed credit hedge funds next year, expecting opportunities to buy companies' debt on the cheap as tighter monetary policy from the Federal Reserve and other central banks weig

• 01. Nov. | Opalesque Exclusive: European asset managers wrestle with recession risk [more]

  Bailey McCann, Opalesque New York: 2022 has been a rough year for portfolios. As of this writing, portfolios have seen declines in the double digits. A new report from investment consultant Indefi suggests that asset managers may continue to struggle in 2023, now that recession risk has elevated.

More Other Voices

• 21. Nov. 2022 | Other Voices: Every crypto fund on which Castle Hall has conducted ODD has been "watch list" or "reject" [more]

  By Chris Addy, FCA, CFA, Founder and CEO, Castle Hall Diligence: Every crypto fund on which Castle Hall has conducted ODD has been "watch list" or "reject". This is not to say that we detected evidenced fraud with respect to the (relatively small number) of crypto managers

• 31. Oct. 2022 | Other Voices: SEC finalises major changes to investment company advertisement rules [more]

  By: Jon-Luc Dupuy, Abigail P. Hemnes, Marguerite W. Laurent, and Cal J. Gilmartin, from U.S. law firm K&L Gates. On 26 October 2022, the Securities and Exchange Commission (SEC) adopted final rule and form amendments (the Final Rules) representing major reforms to: 1) shareholder report

• 26. Oct. 2022 | Other Voices: European Crypto regulation on the verge of enactment [more]

  By: Daniel Forester, Melissa Baal Guidorizzi, Daniel Jones, Guy Stevenson of global law firm Orrick, Herrington & Sutcliffe LLP. The EU's Markets in Crypto-Assets (MiCA) regulations are now all but final and may take effect this year. MiCA will provide new regulatory frameworks, includi

• 21. Oct. 2022 | Other Voices: Road to COP27 - what does the future look like for sustainable finance [more]

  By: Reena Parmar, Peter Allen, Duncan Kellaway, FreshFields LLP The 2021 UN Climate Change Conference (COP26) was deemed by many to be a modest success, with some tangible positive progress achieved. We saw an increased focus on the role of finance in transitioning to a low carbon future, includi

• 28. Sep. 2022 | Other Voices: The SEC signals it is ready to enforce private funds marketing rules [more]

  By: Stuart Fross and Leslie Pinney from law firm Foley & Lardner LLP. On September 19, 2022, the Securities and Exchange Commission increased its pressure on private funds and their need to get into full compliance with the new Marketing Rule (Rule 206(4)-1) within the next month and a half. The

• 23. Sep. 2022 | Other Voices: France zeros in on private equity with new FDI guidance [more]

  By: Sophie Pele, from global law firm Dechert. On 8 September 2022, the French Ministry of Economy and Finance, in charge of approving foreign direct investments (FDI) into strategic sectors, issued its first guidelines, intended to make the process of FDI into France more transparent and clear.

• 30. Aug. 2022 | Other Voices: A decade-long quest to build a better fee structure [more]

  By Alicia McElhaney Thom Young has spent the better part of the past 13 years trying to better align the financial interests of investment managers and asset owners. The former hedge fund manager and consultant is now president at FARCapital, which helps investment managers implement fund ali

• 26. Aug. 2022 | Other Voices: Private equity firms battle headwinds in H1 [more]

  By: Oliver Brahmst and Luke Laumann, from US law firm White & Case. In line with overall M&A activity, US PE dealmaking in H1 lagged behind 2021 in terms of both value and volume. Total deal value of US$415 billion during the first half of the year represents a 28 percent fall year-on-year-yet t

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S&P FUTURES (@ES) – Daily

Currently: Long Looking to: Sell @ 4,118.75

As of 3/21/21 @ 7:58pm EST: 3,896

LAST WEEK: We suggested buying dips to 3,875 with stops on a close below 3,840 and with a target for selling longs / getting short at 4,118.75.

UPDATE: S&P futures had a terrible day Thursday and limped into the weekend. Right now, we put possible short-term ceilings at 3,918 or 3,950. If 3,918 holds as short-term resistance, we will look for a dip in the ES futures to 3,818 – 3,820. If 3,950 is tested and holds as resistance instead, we will look for a dip to 3,848 – 3,850 to follow. After this bounce and subsequent dip, we will be buying S&P futures aggressively (unless evidence presents itself that forces us to change our opinion) near one of those support levels.

We would look to buy dips to either 3,849 or 3,818.50 with stops honored on a close below 3,847 and 3,815, respectively. The upside target for either entry will be 4,119. NO SHORTING RIGHT NOW!