François-Xavier BAUD

Happy Father of 3. Convertible bonds, Event-driven, Ruby on Rails fan and WindFoil addict. My tweets are my own views...

[François-Xavier BAUD @FXBAUD]

Record number of megadeals agreed in first quarter of the year https://t.co/UGqRltzzN9 via @ft

[Nishant Kumar @nishantkumar07]

This month is proving painful for macro traders: Brevan Howard Master Fund: -6% (MTD through March 20), -0.5% YTD Brevan Howard Alpha Strategies: -3.7% (MTD through March 20), +0.6% YTD Taula: -9.6% (MTD through March 20) Caxton Macro: -15% (MTD through March 20)

[Justina Lee @justinaknope]

GS prime brokerage estimates for hedge fund performance on Weds (crazy momentum unwind day):

Quant: -0.82% (+2.5% YTD)
Fundamental L/S: -0.93% (+2.2% YTD)
Multistrat equity: -1.9% (worst since April) (+3.9% YTD)

Weds was largest US single-stock degrossing since October

[François-Xavier BAUD @FXBAUD]

Hedge fund investors haven’t had it this good since the aftermath of the global financial crisis https://t.co/NWTJRIO44M

[COATUE @coatuemgmt]

Chart of the Day:

The dot-com boom ran on debt. The AI boom runs on balance sheets. That difference matters. Good take by @GoldmanSachs.

[Nishant Kumar @nishantkumar07]

𝐒𝐜𝐨𝐨𝐩: Not all cash is going to multistrat hedge funds. Credit trader 𝐒𝐨𝐧𝐚 added $6.6 billion last year, lifting AUM to $16.6b, with its flagship fund up 12.8%. Also: sona means 𝐠𝐨𝐥𝐝 in Hindi and 𝐟𝐨𝐫𝐭𝐮𝐧𝐚𝐭𝐞 in Irish. Seems apt so far! https://t.co/6Un3P31YQD

[Nishant Kumar @nishantkumar07]

𝐒𝐜𝐨𝐨𝐩: Eisler Capital’s final months were costly for investors. The shuttered multistrat lost 7.35% in Dec, pushing 2025 losses to 14.3%, largely due to pass-through expenses. A reminder that multistrats are pricey not just to run but to unwind. https://t.co/BOyZJc8ocu

[Nishant Kumar @nishantkumar07]

EXCLUSIVE: Michael Platt’s private investment firm BlueCrest just had yet another normal year of gains! Up 73%

[François-Xavier BAUD @FXBAUD]

Bridgewater’s flagship money pool posted record gains, while D.E. Shaw’s strategies soared as much as 28% to rank among the biggest hedge fund winners of 2025 when tariff-fueled market uncertainty presented a fertile hunting ground for traders https://t.co/Mstv5L01mF

[François-Xavier BAUD @FXBAUD]

Paramount’s hostile bid to snatch Warner Bros. from under the nose of Netflix encapsulates the themes that have shaped a banner year for mergers and acquisitions https://t.co/bOM7vuOTpj

[François-Xavier BAUD @FXBAUD]

@DamonCentola Such a book! This is one of the most insightful I read for other 2 decades! thank you @DamonCentola !

[François-Xavier BAUD @FXBAUD]

AI cloud firm Nebius signs $3 billion deal with Meta, posts more than four-fold rise in revenue | Reuters https://t.co/9afl7UVWcW

[Michael Mauboussin @mjmauboussin]

This week we published an updated version of Capital Allocation: Results, Analysis, and Assessment. This is comprehensive study of how public companies in the U.S. spend money. We extend most of the analysis back to 1970, update the data through 2024, and discuss results for the first half of 2025 where practicable.

[Nishant Kumar @nishantkumar07]

A growing number of hedge fund founders are managing cash for a single investor via SMAs rather than launching a co-mingled fund. This route is becoming more viable due to the increasing dominance of large multistrategy firms
https://t.co/ieqXrk4uCt

[Nishant Kumar @nishantkumar07]

A team of traders specializing in convertible bonds at multistrategy hedge fund LMR Partners is on track for record yearly gains as a surge in issuances and a pickup in corporate actions create a fertile hunting ground for the arbitrageurs https://t.co/Wy0fHxJmLy

[François-Xavier BAUD @FXBAUD]

something tells me it could continue... https://t.co/elTQGtFdyF

[J.P. Morgan @jpmorgan]

🤝 Dealmaking in European tech is picking up, supported by abundant private and public capital, rising investor interest, and a focus on innovation-driven growth. Strong fundamentals and long-term vision will set companies apart in attracting capital and partnerships.

[zerohedge @zerohedge]

Citadel has emerged as the 2nd largest holder of NNE. Meanwhile short interest hits new record 32% of float

[Nishant Kumar @nishantkumar07]

MILESTONE: Assets in the global hedge fund industry have surged to a record $5 trillion bolstered by inflows and performance gains. HFRI Fund weighted index +9.5% YTD, asset weighted 7% https://t.co/MMMUiUpxLy

[Nishant Kumar @nishantkumar07]

SCOOP: Edward Eisler is closing his eponymous investment firm after weak returns, shrinking assets and ballooning staffing costs hindered his efforts to push into the multistrategy hedge fund world https://t.co/TFOTVGfv7Y