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Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.</li><li>The worst performer, Orgueil Capital Global L/S Equity, lost 14.84 percent in the same month and is down 22.12 percent for the year.</li><li>The gap is 75.18 percentage points, up from 57.24 points four weeks ago , when Quantedge led at plus 42.45 percent and Saba Capital’s carry-neutral tail hedge was last at -14.79 percent.</li></ul>

LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.The worst performer, Orgueil Capital Global L/S Equity, lost 14.84 percent in the same month and is down 22.12 percent for the year.The gap is 75.18 percentage points, up from 57.24 points four weeks ago , when Quantedge led at plus 42.45 percent and Saba Capital’s carry-neutral tail hedge was last at -14.79 percent.

LYNX Up 53% as the 2026 Hedge Fund Performance Spread Widens to 75 Points

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>ADEA announced a licensing agreement with AMZN setting the path for greater free cash flow in 2025. ADEA has previously mentioned it was close to signing two major licensing agreements.   </li>
<li>We assume ADEA’s full year guidance includes catch-up revenue associated with the license since AMZN was never a licensee before.   </li>
<li>ADEA had already signed several video streaming licenses, but AMZN would serve as the largest to date. It gives the investment story a stronger foundation.</li>
</ul>


ADEA announced a licensing agreement with AMZN setting the path for greater free cash flow in 2025. ADEA has previously mentioned it was close to signing two major licensing agreements.   
We assume ADEA’s full year guidance includes catch-up revenue associated with the license since AMZN was never a licensee before.   
ADEA had already signed several video streaming licenses, but AMZN would serve as the largest to date. It gives the investment story a stronger foundation.


<ul>
<li>ADEA signed seven license agreements but none of them were the two large license agreements ADEA’s management promised could happen on the prior earnings calls.</li>
<li>ADEA has been suggesting it was on the cusp of signing one major video streaming and one major semiconductor license, but none was announced. </li>
<li>Six of the seven licenses signed in the quarter were renewals. The seventh was an ecommerce license with Neiman Marcus. </li>
</ul>


ADEA signed seven license agreements but none of them were the two large license agreements ADEA’s management promised could happen on the prior earnings calls.
ADEA has been suggesting it was on the cusp of signing one major video streaming and one major semiconductor license, but none was announced. 
Six of the seven licenses signed in the quarter were renewals. The seventh was an ecommerce license with Neiman Marcus. 


<ul>
<li>Q3 is coming to an end and ADEA has yet to announce new licensing deals its management has been asserting would happen this year. </li>
<li>ADEA has maintained a revenue forecast of $380 million to $420 million on the expectation there would be at least two major new licenses announced this year.   </li>
<li>Our earning model currently calls for ADEA to generate $400 million in revenue with the third quarter being a smaller step up in revenue compared to the fourth quarter.</li>
</ul>


Q3 is coming to an end and ADEA has yet to announce new licensing deals its management has been asserting would happen this year. 
ADEA has maintained a revenue forecast of $380 million to $420 million on the expectation there would be at least two major new licenses announced this year.   
Our earning model currently calls for ADEA to generate $400 million in revenue with the third quarter being a smaller step up in revenue compared to the fourth quarter.


<ul>
<li>ADEA signed several renewals in the second quarter extending out terms with current licensees and showing to investors that there is value from the portfolio of more than 11,500 patents. </li>
<li>The deals ADEA signed in the quarter were not the headline grabbing nature, unlike those in prior quarters and those we expect the Company to sign in coming quarters. </li>
<li>ADEA generating annual free cash flow of approximately $150 million should become a bigger factor to valuing the equity as the debt balance becomes visually smaller to investors.</li>
</ul>


ADEA signed several renewals in the second quarter extending out terms with current licensees and showing to investors that there is value from the portfolio of more than 11,500 patents. 
The deals ADEA signed in the quarter were not the headline grabbing nature, unlike those in prior quarters and those we expect the Company to sign in coming quarters. 
ADEA generating annual free cash flow of approximately $150 million should become a bigger factor to valuing the equity as the debt balance becomes visually smaller to investors.


United States

Adeia Inc. operates as a consumer and entertainment product and intellectual property licensing company. The Company media solutions for use with traditional linear television in connection with OTT, direct-to-consumer, and social media services that provide access to entertainment inside and outside the home on a broad array of devices. Adeia serves customers worldwide.

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Adeia (ADEA US)

LYNX Up 53% as the 2026 Hedge Fund Performance Spread Widens to 75 Points

LYNX Bermuda 1.5 gained 13.90 percent in September and now leads HSBC’s hedge fund performance table with a 53.06 percent return for 2026.

Hedge Fund Alpha

ADEA: AMZN License Announced

ADEA announced a license agreement with Amazon.com (AMZN). This is the first license between the two companies and helps establish higher baseline...

BWS Financial Inc

ADEA: Cash Flow, But No Major License

ADEA reported third quarter results without announcing one or two major licenses as was expected to be the case. Management is now suggesting one...

BWS Financial Inc

ADEA: Idea of a Scenario

ADEA has had several renewals in the quarter, but a license with a large video streaming service provider is what is expected to lead to ADEA...

BWS Financial Inc

ADEA: Streaming Loading

ADEA continues to generate positive free cash flow to reduce its debt level. The catalyst in owning the stock is ADEA's ability to add new licensees.

BWS Financial Inc

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