Trades of Note for the week ending Aug. 24, 2025

A very few noteworthy manoeuvres managed to cut through the August torpor this week, each telling its own distinct story of conviction, be it in macro themes, strategic growth, or the brutal arithmetic of corporate events.

UCAM Ltd, the strategic vehicle for legendary macro investor Louis Bacon, has substantially increased its holding in Guardian Metal Resources PLC. Their conviction is seemingly shared; Stanley Druckenmiller's family office has also emerged as a significant shareholder. Both moves follow the award of $6.2 million in funding to Guardian from the U.S. Department of Defense to advance its critical tungsten project in Nevada. When two titans of macro investing simultaneously build positions in a small mining company that now enjoys the direct financial backing of the Pentagon, one tends to pay attention.

Briarwood Chase Management, a concentrated biotech investor run by ‘Tiger Cub’ alumnus Aalap Mahadevia, has increased its stake in Oxford BioMedica PLC. Rather than a simple market purchase, Briarwood participated directly in the company’s £60 million capital raise to fund crucial US expansion. This financing also drew in other notable names, including the Massachusetts Institute of Technology (MIT) and Novo Holdings. The move was preceded by a significant £300,000 purchase from a non-executive director, creating a compelling alignment of conviction between a specialist fund, key institutions, and company insiders.

A new name has appeared on the shareholder register of Deliveroo Holdings PLC: Glazer Capital, a $2 billion New York firm founded by Paul J. Glazer. Glazer is a specialist in merger arbitrage, a discipline concerned not with long-term value, but with profiting from the successful completion of takeovers. The firm’s sudden arrival with a significant stake, built largely through equity swaps, signals a firm belief that the rumoured acquisition of Deliveroo by DoorDash is not only credible, but has a high probability of closing.