Hedge funds are a very fluid industry. As Alan Greenspan once said: “One of the problems with hedge funds is that they are changing so rapidly. If you have the balance sheet that closed business last night, by 11 A.M. this morning, that won’t tell you very much about what they’re doing.” In this article we take a look at fluctuations within two firms and one industry: Atlas Impact Partners, Elliot Management and the oil industry.
A new hedge fund has been launched by Atlas Impact Partners. The firm – set up last year, uses “a long-short absolute return strategy designed to capture investment opportunity at the nexus of innovation, disruption, and impact.” It has just now opened its first fund geared toward investing in firms that are focused on coming up with creative ideas for enhancement in environmental and social spheres. At the same time, it bets against business stocks that are potentially damaging in these areas. Company founders are: a former Generation Investment Management partner (David Lowish); former research head at Just Capital (Rob Brown); David Castricone and Richad Billing.
Now we look at a hedge fund quite the opposite to Atlas, at least in its age. Elliot Management Corporation has been around since 1977. After a year of talks it has now acquired Barnes & Noble for a price of approximately $638 million. Last year the hedge fund also bought Waterstones.
Between Brent, NYMEX, ICE West Texas Intermediate, US gasoline and US heating oil, 122 million barrels have been sold in the week ending May 28. This marked the largest amount of barrels sold in the timeframe since October 2018.