SGA U.S. Large Cap Growth Equity Q2 2021 Firm Profile
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Julian Robertson: a Tiger in the Land of Bulls and Bears
STRACHMAN_FM_pages 6/29/04 11:35 AM Page i Julian Robertson A Tiger in the Land of Bulls and Bears Daniel A. Strachman John Wiley & Sons, Inc. STRACHMAN_FM_pages 6/29/04 11:35 AM Page i Julian Robertson A Tiger in the Land of Bulls and Bears Daniel A. Strachman John Wiley & Sons, Inc. STRACHMAN_FM_pages 6/29/04 11:35 AM Page ii Copyright © 2004 by Daniel A. Strachman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permis- sion of the Publisher, or authorization through payment of the appropriate per- copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-646-8600, or on the web at www. copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fit- ness for a particular purpose. -
Cryptocurrencies Exploring the Application of Bitcoin As a New Payment Instrument
Cryptocurrencies Exploring the Application of Bitcoin as a New Payment Instrument By Shinnecock Partners in association with Sophia Bak, Jimmy Yang, Peter Shea, and Neil Liu About the Authors Shinnecock Partners undertook this study of cryptocurrencies with the authors to understand this revolutionary payment system and related technology, explore its disruptive potential, and assess the merits of investing in it. Shinnecock Partners is a 25 year old investment boutique with an especial focus on niche investments offering higher returns with less risk than more traditional investments in long equities and bonds. Sophia Bak is an analyst intern at Shinnecock Partners. She is an MBA candidate at UCLA Anderson School of Management with a focus on Finance. Prior to Anderson, she spent five years at Mirae Asset Global Investments, working in equity research, global business strategy, and investment development. She holds a B.S. in Business Administration from Carnegie Mellon University with concentration in Computing and Information Technology. Jimmy Yang is a third-year undergraduate student at UCLA studying Business Economics and Accounting. Peter Shea is a third-year undergraduate student at UCLA studying Mathematics, Economics and Statistics. Neil Liu is a third-year undergraduate student at UCLA studying Applied Mathematics and Business Economics. Acknowledgements We are grateful to the individuals who shared their time and expertise with us. We want to thank John Villasenor, UCLA professor of Electrical Engineering and Public Policy, Brett Stapper and Brian Lowrance from Falcon Global Capital, and Tiffany Wan and Max Hoblitzell from Deloitte Consulting LLP. We also want to recognize Tracy Williams and Steven Kroll for their thoughtful feedback and support. -
Hedge Fund Billionaires Attack the Hudson Valley Wall Street Goes All in to Save Tax Breaks for the Wealthy
HEDGE PAPERS No.39 HEDGE FUND BILLIONAIRES ATTACK THE HUDSON VALLEY WALL STREET GOES ALL IN TO SAVE TAX BREAKS FOR THE WEALTHY Hedge funds and billionaire hedge fund managers are destroying our economy, corrupting our government, hurting families and communities and exploding inequality. It’s happening all over America, and increasingly all over the world. And now it’s happening in the Hudson Valley. A tiny group of hedge fund billionaires have targeted the congressional campaign in the 19th House District of New York, spending millions of dollars to support GOP candidate John Faso and attack Democratic candidate Zephyr Teachout. SIX HEDGE FUND BILLIONAIRES HIT THE HUDSON VALLEY WITH $5.5 MILLION IN CAMPAIGN CASH The amount of campaign cash is amazing: we’ve found that six billionaire hedge fund managers from New York City, Connecticut and Long Island have given $5,517,600 to PACs and Super PACs active in the Teachout-Faso campaign in this electoral cycle. These same six men have given $102,768,940 in federal and New York state campaign contributions in the past two decades. They’re not doing it for nothing -- they want something in return. These hedge fund billionaires and their colleagues at hedge funds and private equity firms get billions of dollars in special tax breaks under the “carried interest loophole” – and they want to keep the loophole wide open. Closing the loophole would save the federal government an estimated $18 billion per year, according to an analysis by law professor Victor Fleischer.[1] But huge sums of lobbying and campaign cash directed at Congress – and Congressional candidates – by hedge funds and private equity firms have stymied reform in Washington and fueled continued obstructionism. -
Fit to Be King: How Patrimonialism on Wall Street Leads to Inequality Megan Tobias Neely*
Socio-Economic Review, 2018, Vol. 16, No. 2, 365–385 doi: 10.1093/ser/mwx058 Article Article Fit to be king: how patrimonialism on Wall Street leads to inequality Megan Tobias Neely* The Michelle R. Clayman Institute for Gender Research, Stanford University, 450 Serra Mall, Stanford, CA, 94025-2047, USA *Correspondence: [email protected] Abstract The hedge fund industry is one of the most lucrative and powerful industries in the USA, yet it mostly comprises white men. To understand why, I turn to Weber’s theory of patrimonialism, which primarily has been applied to historical or non- Western societies. I argue that patrimonialism—activated through trust, loyalty and tradition—restricts access to financial rewards and facilitates the reproduction of the white male domination of this industry. Using data from 45 in-depth interviews com- bined with field observations at industry events over a 4-year period, I investigate how hiring, grooming and seeding practices within and among firms enable certain elites to maintain monopolies over financial resources. Applying the theory of patri- monialism to a context with few women and minority men in power-holding posi- tions demonstrates how practices that reproduce elite structures are directly connected to inequality in the workplace. Key words: patrimonialism, trust, loyalty, social capital, elites, gender, race and ethnicity, social class, work and occupations, finance JEL classification: G24, J44, J62, J70, J71 1. Introduction Inequality in the USA has returned to levels unprecedented since the years before World War II. The rising incomes of the top 10% of earners are driving this increasing inequality (Piketty, 2014). -
Bain Capital Specialty Finance, Inc
SUBJECT TO COMPLETION, DATED NOVEMBER 7, 2018 PRELIMINARY PROSPECTUS 7,500,000 SHARES BAIN CAPITAL SPECIALTY FINANCE, INC. Common Stock We are an externally managed specialty finance company focused on lending to middle market companies that has elected to be regulated as a business development company (‘‘BDC’’), under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the ‘‘1940 Act’’). Our primary focus is capitalizing on opportunities within our Senior Direct Lending strategy, which seeks to provide risk-adjusted returns and current income to our stockholders by investing primarily in middle market companies with between $10.0 million and $150.0 million in annual earnings before interest, taxes, depreciation and amortization. We focus on senior investments with a first or second lien on collateral and strong structures and documentation intended to protect the lender. We may also invest in mezzanine debt and other junior securities, including common and preferred equity, on an opportunistic basis, and in secondary purchases of assets or portfolios, but such investments are not the principal focus of our investment strategy. We are managed by our investment adviser, BCSF Advisors, LP, a subsidiary of Bain Capital Credit, LP. This is an initial public offering of shares of our common stock. All of the shares of common stock offered by this prospectus are being sold by us. Shares of our common stock have no history of public trading. We currently expect that the initial public offering price per share of our common stock will be between $20.25 and $21.25. -
What Hedge Funds Really Do: an Introduction to Portfolio Management Copyright © Business Expert Press, LLC, 2014
ROMERO THE BUSINESS What Hedge Funds Really Do E C EXPERT PRESS Philip J. Romero and Jeffrey A. Edwards, Editors DIGITAL LIBRARIES An Introduction to Portfolio • Management BALCH EBOOKS FOR BUSINESS STUDENTS Philip J. Romero • Tucker Balch Curriculum-oriented, born- When I managed a hedge fund in the late 1990s, computer- digital books for advanced based trading was a mysterious technique only available to the business students, written by academic thought largest hedge funds and institutional trading desks. We’ve come What Hedge leaders who translate real- a long way since then. With this book, Drs. Romero and Balch lift world business experience the veil from many of these once-opaque concepts in high-tech into course readings and nance. We can all bene t from learning how the cooperation reference materials for Funds between wetware and software creates tter models. This book students expecting to tackle does a fantastic job describing how the latest advances in nan- management and leadership cial modeling and data science help today’s portfolio managers challenges during their solve these greater riddles. —Michael Himmel, Managing Really Do professional careers. Partner, Essex Asset Management POLICIES BUILT I applaud Phil Romero’s willingness to write about the hedge An Introduction BY LIBRARIANS DO HEDGE FUNDS REALLY WHAT • Unlimited simultaneous fund world, an industry that is very private, often amboyant, usage and easily misunderstood. As with every sector of the invest- to Portfolio • Unrestricted downloading ment landscape, the hedge fund industry varies dramatically and printing from quantitative “black box” technology, to fundamental re- • Perpetual access for a search and old-fashioned stock picking. -
Chase Coleman Makes a Killing
COVER STORieS THE WORLD’S RICHEST HEDGE FUNDS ILLUSTRATION BY ISTVÁN SZUGYICZKY Month 2012 BLOOMBERG MARKETS 29 CHASE COLEMAN’S TIGER GLOBAL FUND SCORED A 45 PERCENT GAIN AND THE NO. 1 SPOT. OtHER ACOLYTES OF TIGER MANAGEMENT FOUNDER JULIAN ROBERTSON ALSO THE DISTINGUISHED THEMSELVES IN A YEAR WHEN PERFORMANCE WAS GENERALLY DISMAL. THE WORLD’S 100 RICHEST HEDGE FUNDS TIGER CUBS ROAR BY ANTHONY EFFINGER, KATHERINE BURTON AND ARI LEVY ILLUSTRATION BY DAVID JOHNSON Left to right, Bill Hwang of Tiger Asia, Chase Coleman of Tiger Global, Julian Robertson of Tiger Management and Philippe Laffont of Coatue Management February 2012 BLOOMBERG MARKETS 31 THE WORLD’S 100 RICHEST HEDGE FUNDS TOP-P100ERFORMING LARGE HEDGE FUNDS CHARLES PAYSON ASSETS, IN YTD TOTAL 2010 Fund, Manager(s) Management Firm, Location Strategy BILLIONS RETURN RETURN COLEMAN III, KNOWN AS CHASE, 1 Tiger Global, Chase Coleman, Feroz Dewan Tiger Global Management, U.S. Long/short 6.0 45.0% 18.0% IS AS CLOSE AS ONE 2 Renaissance Institutional Equities, Peter Brown, Robert Mercer Renaissance Technologies, U.S. Quantitative 7.0 33.1 16.4 GETS TO AMERICAN 3 Pure Alpha II, Ray Dalio Bridgewater Associates, U.S. Macro 53.0 23.5 44.8 ARISTOCRACY. 4 Discus Managed Futures Program, Team managed Capital Fund Management, France Managed futures 2.5 20.9 –6.7 A descendent of Peter Stuyvesant, 5 Providence MBS, Russell Jeffrey Providence Investment Management, U.S. Mortgage-backed arbitrage 1.3 20.6 30.3 the last Dutch governor of New York, 6 Oculus, David E. Shaw D.E. -
Hedge Fund Wisdom a Quarterly Publication by Marketfolly.Com
Q2 2014 hedge fund wisdom a quarterly publication by marketfolly.com Background: table of contents Each quarter, hedge funds are required to disclose their portfolios to the Securities & Exchange Commission (SEC) via 13F consensus buy/sell lists: filing. p.02 Most popular trades These filings disclose long U.S. equity positions, American hedge fund portfolios: Depositary Receipts (ADRs), stock options (puts/calls), warrants, as p.06 Baupost Group well as convertible notes. They do not disclose positions in other p.08 Berkshire Hathaway asset classes (such as commodities, currencies, or debt). They also do not reveal foreign market holdings, short sales or cash positions. p.10 Greenlight Capital p.12 Lone Pine Capital Hedge Fund Wisdom, a quarterly publication by p.15 Appaloosa Management MarketFolly.com, aggregates, updates, and analyzes the latest p.18 Pershing Square Capital portfolios of top hedge funds. This issue reveals second quarter p.20 Maverick Capital holdings as of June 30th, 2014. p.23 Third Point p.26 Blue Ridge Capital In This Issue: p.29 Paulson & Co - Consensus buy & sell lists revealing which stocks were most p.32 Tiger Management frequently traded by these managers p.35 Soros Fund p.38 Bridger Capital - Portfolio updates on 25 prominent hedge funds: data tables, p.40 Omega Advisors expert commentary & historical context on each fund’s moves p.43 Coatue Management - Equity analysis section examining 2 stocks hedge funds were p.46 Fairholme Capital buying p.49 Tiger Global p.52 Passport Capital - To navigate the newsletter, simply click on a page number in p.60 Perry Capital the Table of Contents column on the right to go to that page p.62 Glenview Capital p.65 Viking Global Quote of the Quarter: p.68 Farallon Capital p.72 Icahn Capital “Despite strong recent data on jobs and manufacturing, it remains p.74 JANA Partners unclear whether growth will be robust enough to merit tightening action by the Fed this year. -
James Aldigé on the Investment Philosophy of Clio Asset Management
James Aldigé on the Investment Philosophy of Clio Asset Management We had the pleasure of speaking with James Aldigé, Managing Partner of Clio Asset Management LLC, based in Charlottesville, Virginia. In the wide-ranging interview, John speaks with James about his background and path in investing, the guiding principles and structure of his firm, the investment philosophy of Clio, and much more. The conversation took place in the spring of 2021. John Mihaljevic, MOI Global: You invest in a concentrated long-only way in public equities with a portfolio of eight to twelve exceptional businesses. That’s an approach many in the MOI Global community will appreciate. Let’s start with a little background on yourself and your path in investing. James Aldigé, Clio Asset Management: I was born in 1981, so I just turned forty earlier this year. I grew up in Alexandria, Virginia, just outside of Washington, DC. My parents both worked in and around the nonprofit sector. My mom founded a nonprofit related to cancer research when I was five, and my dad mostly worked in direct marketing. It was a for-profit business, but many of his clients were in the nonprofit and government sector. I got my introduction to investing at a fairly young age. I talked to my dad about the stock market. I also had classes at school as early as fifth grade where we looked at stocks. My grandmother had given me something like $500 in a handful of blue-chip stocks around that time, probably age 10 or 11, stocks like Disney, Coca-Cola, and JP Morgan. -
The BOOK of JARGON ® Hedge Funds
The BOOK of JARGON ® Hedge Funds The Latham & Watkins Glossary of Hedge Fund Slang and Terminology First Edition Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. Latham & Watkins practices in Saudi Arabia in association with the Law Office of Salman M. Al-Sudairi. In Qatar, Latham & Watkins LLP is licensed by the Qatar Financial Centre Authority. Under New York’s Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding our conduct under New York’s Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022-4834, Phone: +1.212.906.1200. © Copyright 2013 Latham & Watkins. All Rights Reserved. 2 The purpose of this publication is to assist the newest members of the hedge funds community in learning to talk the talk of hedge funds. It is intended to be a “Berlitz Course” for recent law school and business school graduates seeking initiation into the industry, and a desktop reference for not-so-recent graduates. In this book, you will find the key to the secret verbal handshakes that make up the code of the hedge fund community. The Book of Jargon®: Hedge Funds is one of a series of practice area-specific glossaries published by Latham & Watkins. -
Hedge Funds and the Technology Bubble
THE JOURNAL OF FINANCE • VOL. LIX, NO. 5 • OCTOBER 2004 Hedge Funds and the Technology Bubble MARKUS K. BRUNNERMEIER and STEFAN NAGEL∗ ABSTRACT This paper documents that hedge funds did not exert a correcting force on stock prices during the technology bubble. Instead, they were heavily invested in technology stocks. This does not seem to be the result of unawareness of the bubble: Hedge funds captured the upturn, but, by reducing their positions in stocks that were about to decline, avoided much of the downturn. Our findings question the efficient markets notion that rational speculators always stabilize prices. They are consistent with models in which rational investors may prefer to ride bubbles because of predictable investor sentiment and limits to arbitrage. TECHNOLOGY STOCKS ON NASDAQ ROSE to unprecedented levels during the 2 years leading up to March 2000. Ofek and Richardson (2002) estimate that at the peak, the entire internet sector, comprising several hundred stocks, was priced as if the average future earnings growth rate across all these firms would exceed the growth rates experienced by some of the fastest growing individual firms in the past, and, at the same time, the required rate of return would be 0% for the next few decades. By almost any standard, these valuation levels are so extreme that this period appears to be another episode in the history of asset price bubbles. Shiller (2000) argues that the stock price increase was driven by irrational euphoria among individual investors, fed by an emphatic media, which maxi- mized TV ratings and catered to investor demand for pseudonews. -
Like Tiger, Like Cub the Progeny of Julian Robertson Leave Tracks in the Master’S Footprints by Stan Altshuller, Joe Peta and Christopher Jordan
RESEARCH Like Tiger, Like Cub The progeny of Julian Robertson leave tracks in the master’s footprints By Stan Altshuller, Joe Peta and Christopher Jordan In the National Football League, it’s known as the “coaching tree.” By tracing the lineage of a team’s head coach to the different coaches he served under as an assistant, the head coach is said to belong to the coaching tree of a single patriarch. This discussion gained a following in NFL circles during the late 1990s, when a number of Bill Walsh’s assistants, having employed the same type of offensive system that Walsh pioneered, enjoyed considerable success in their own right. Walsh, dubbed “The Genius” by observers in and out of the NFL for his tactics and his analytical approach to the game, is lauded by many as one of the most innovative offensive coaches ever, and the unquestioned architect of the so- called “West Coast offense.” If he’s not the greatest coach of all time, he’s certainly in the photo. Walsh 2 > Novus Tiger Portfolio April 2014 NOVUS RESEARCH™ won three Super Bowls, and his assistants led what we’ll call Julian Robertson’s “investing tree” five other teams to the Super Bowl, winning three account for over $250 billion of AUM. more. The six championships won by Walsh and NFL coaches are ultimately judged by their win- his direct coaching decedents since 1982, when loss record and number of championships. Yet, Walsh won his first, only tell part of the story. As- to truly dissect a coach’s offensive and defensive sistants of his assistants have coached in virtually schemes, one must go to the film room to, in the every city with an NFL franchise, collecting anoth- parlance of football coaches, “break down the er five Lombardi trophies in the process.