Related Research Articles
A hedge fund is an investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction and risk management techniques to improve performance, such as short selling, leverage, and derivatives. Because of its use of complex techniques, financial regulators typically do not allow hedge funds to be marketed or made available to anyone except institutional investors, high net worth individuals and other investors who are considered sufficiently sophisticated, such as being an accredited investor.
A closed-end fund (CEF) or closed-ended fund is a collective investment model based on issuing a fixed number of shares which are not redeemable from the fund. Unlike open-end funds, new shares in a closed-end fund are not created by managers to meet demand from investors. Instead, the shares can be purchased and sold only in the market, which is the original design of the mutual fund, which predates open-end mutual funds but offers the same actively-managed pooled investments.
A mutual fund is an open-end professionally managed investment fund that pools money from many investors to purchase securities. These investors may be retail or institutional in nature. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe and open-ended investment company (OEIC) in the UK.
An exchange-traded fund (ETF) is a type of investment fund and exchange-traded product, i.e. they are traded on stock exchanges. ETFs are similar in many ways to mutual funds, except that ETFs are bought and sold throughout the day on stock exchanges. An ETF holds assets such as stocks, bonds, currencies, and/or commodities such as gold bars, and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur. Most ETFs are index funds, that is, they hold the same securities in the same proportions as a certain stock market index or bond market index. The most popular ETFs in the U.S. replicate the S&P 500 Index, the total market index, the NASDAQ-100 index, the price of gold, the "growth" stocks in the Russell 1000 Index, or the index of the largest technology companies. With the exception of non-transparent actively managed ETFs, in most cases, the list of stocks that each ETF owns, as well as their weightings, is posted daily on the website of the issuer. The largest ETFs have annual fees of 0.03% of the amount invested, or even lower, although specialty ETFs can have annual fees well in excess of 1% of the amount invested. These fees are paid to the ETF issuer out of dividends received from the underlying holdings or from selling assets.
Net asset value (NAV) is the value of an entity's assets minus the value of its liabilities, often in relation to open-end or mutual funds, since shares of such funds registered with the U.S. Securities and Exchange Commission are redeemed at their net asset value. It is also a key figure with regard to hedge funds and venture capital funds when calculating the value of the underlying investments in these funds by investors. This may also be the same as the book value or the equity value of a business. Net asset value may represent the value of the total equity, or it may be divided by the number of shares outstanding held by investors, thereby representing the net asset value per share.
Active management refers to a portfolio management strategy where the manager makes specific investments with the goal of outperforming an investment benchmark index or target return. In passive management, investors expect a return that closely replicates the investment weighting and returns of a benchmark index and will often invest in an index fund.
Alpha is a measure of the active return on an investment, the performance of that investment compared with a suitable market index. An alpha of 1% means the investment's return on investment over a selected period of time was 1% better than the market during that same period; a negative alpha means the investment underperformed the market. Alpha, along with beta, is one of two key coefficients in the capital asset pricing model used in modern portfolio theory and is closely related to other important quantities such as standard deviation, R-squared and the Sharpe ratio.
Bridgewater Associates is an American investment management firm founded by Ray Dalio in 1975. The firm serves institutional clients including pension funds, endowments, foundations, foreign governments, and central banks.
Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Kenneth Griffin, the company operates two primary businesses: Citadel, one of the world's largest alternative asset managers with more than US$32 billion in assets under management; and Citadel Securities, one of the leading market makers in the world, whose trading products include equities, equity options, and interest rate swaps for retail and institutional clients.
Oaktree Capital Management is an American global asset management firm specializing in alternative investment strategies. It is the largest distressed securities investor in the world and is one of the largest credit investors in the world.
Joel Greenblatt is an American academic, hedge fund manager, investor, and writer. He is a value investor, alumnus of the Wharton School of the University of Pennsylvania, and adjunct professor at the Columbia University Graduate School of Business. He runs Gotham Funds with his partner, Robert Goldstein. He is the former chairman of the board of Alliant Techsystems (1994-1995) and founder of the New York Securities Auction Corporation. He is also a director at Pzena Investment Management, a high-end value firm.
An alternative investment is an investment in any asset class excluding stocks, bonds, and cash. The term is a relatively loose one and includes tangible assets such as precious metals, art, wine, antiques, coins, or stamps and some financial assets such as real estate, commodities, private equity, distressed securities, hedge funds, exchange funds, carbon credits, venture capital, film production, financial derivatives, and cryptocurrencies. Investments in real estate, forestry and shipping are also often termed "alternative" despite the ancient use of such real assets to enhance and preserve wealth. In the last century, fancy color diamonds have emerged as an alternative investment class as well. Alternative investments are to be contrasted with traditional investments.
A portfolio manager is a professional responsible for making investment decisions and carrying out investment activities on behalf of vested individuals or institutions. The investors invest their money into the portfolio manager's investment policy for future fund growth such as a retirement fund, endowment fund, education fund, or for other purposes. Portfolio managers work with a team of analysts and researchers, and are responsible for establishing an investment strategy, selecting appropriate investments, and allocating each investment properly towards an investment fund or asset management vehicle.
Brevan Howard is a European hedge fund management company based in Jersey with its funds domiciled in the Cayman islands. The company was co-founded by Alan Howard and four others in 2002. It was once described as one of the largest "macro hedge funds" in the world with $40 billion in assets under management (AUM) as of October 2013 before downsizing to $18 billion in 2016. As of June 2019, the firm manages $7 billion. By September 2020, the fund was managing around $10-billion in investor assets across its six offices globally.
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group. These advantages include an ability to:
Samena Capital is an Asia, India and MENA-focused alternative investments group, co-established in 2008 by Shirish Saraf and key partners from a cross section of industries and regions. This name was chosen due to the markets that Samena invests in. These are the Indian Subcontinent, Asia, Middle East and North Africa – a region collectively known as SAMENA. Also in ancient Buddhist script, Samena means "together" or "collective", which reflects the collective investment model the company is based on. The company and its subsidiaries employ 26 people in 3 locations worldwide, and has 48 shareholders.
A special situation in finance is an atypical event which has the potential to alter the future course of a business, materially impacting the company's value. The notion covers corporate restructuring and corporate transactions such as spin-offs, share repurchases, security issuance/repurchase, asset sales, or other catalyst-oriented situations. A conflict of shareholders is also considered a special situation.
Pine River Capital Management L.P. is an asset management firm. The firm trades stocks, fixed income, derivatives, warrants and listed investment vehicles. As of 2018 the company manages approximately US$7 billion across three actively managed platforms: hedge funds, managed accounts and listed investment vehicles to support a number of strategies including interest rates, mortgages, equity long/short, event-driven equity, and global convertible bond arbitrage. The company is currently managed by founder and CEO Brian Taylor and 17 partners.
Atlantic Investment Management is a global alternative investment firm founded in 1988 by Alexander J. Roepers (“Alex”). Atlantic has 29 employees worldwide with offices in New York City and Tokyo. As of June 2019, the firm had $1.4 billion in assets under management.
Jamie Dinan
References
- 1 2 3 4 5 6 "The man who beat the SEC". CNNMoney. June 18, 2008. Archived from the original on October 18, 2013.
- 1 2 3 "Forbes panelist bio – Phillip Goldstein".
- 1 2 "Phil Goldstein of Bulldog Investors on Activist Investing: Interview". Market Folly. January 26, 2011.
- 1 2 "Investing with the Alpha Bulldog – An Interview With Hedge Fund Activist Phillip Goldstein Of Bulldog Investors". Seeking Alpha. June 12, 2013.
- ↑ "Why You Should Keep an Eye on the Special Opportunities Fund". Seeking Alpha. May 20, 2010.
- ↑ "Bulldog Investors Seeks Removal of Kevin Landis as Manager of Firsthand Technology Value Fund". The Motley Fool. May 29, 2013.
- ↑ "THE SHAKERS: 9 Badass Activist Investors And The Deals That Made Them Famous". Business Insider. January 25, 2012.