‘08’s Laggards Lead Hedge Funds As ’09 Comes To A Close

Dec 22 2009 | 11:51am ET

Some of last year’s hardest-hit hedge funds have bounced back in a big way this year, with returns large enough to make last year’s losses a distant memory.

Glenview Capital plummeted 49% last year, a decline far worse than that of the average hedge fund, which lost about 20%. But the $4.5 billion firm, which focuses on equities, has soared 80% this year. And it isn’t alone.

Canyon Capital Advisors, the $7.5 billion distressed debt specialist, lost 28% last year. This year, it’s returned 56%, The Wall Street Journal reports.

And while it’s been a rough couple of weeks for SAC Capital Advisor’s Steven Cohen personally, it’s been quite a good year. The Stamford, Conn.-based hedge fund giant, which lost 19% last year, is up 26% this year.

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