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In the week ending July 07th 2023, HFR reported that new hedge fund launches were steady to begin 2023 as managers positioned for opportunities in Technology, Artificial Intelligence, and Cryptocurrency. Launches were concurrent with a sharp rise in financial risks in banks associated with the increases in interest rates and inflation over the past year, according to the latest HFR Market Microstructure Report Broadridge's latest digital transformation study finds 58% of hedge funds say digital transformation is their most important strategic initiative. A failure to invest in new technology or update legacy systems could leave managers disadvantaged in a difficult environment for raising capital. Hedge funds are allocating substantial resources to technology: respondents say 26% of their overall IT budget is currently allocated to digital transformation, a jump from 2022 when that figure stood at 13%. In performance news, Philippe Laffont's Coatue Management posted a gain of about 6% for its hedge fund last month, beating the broader stock market, as some of its biggest equity holdings surged; The Andurand Commodities Discretionary Enhanced Fund, a hedge fund managed by Pierre Andurand, took a stunning loss in the first six months of 2023, with its flagship fund down 51% amid this year's drop in energy prices, while the hedge fund headed by David Einhorn has placed its huge Green Brick Partners stake into special-purpose vehicles - the value-driven hedge fund headed which took a 1.3 percent loss in the first quarter, posted a 6.9 percent gain in June and is now up 13.1 percent for the first half of the year. In new launches, 16Rock Asset Management LLC has launched a new hedge fund aimed at using a mu...................... To view our full article Click here |
Alternative Market Briefing Weekly
Saturday, July 08, 2023
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