Mixed January For Prominent Hedge Funds

Feb 11 2010 | 8:14am ET

Hedge funds had a very mixed January, according to early indications from industry indices, and the biggest names in the industry were no exception.

Take Moore Capital Management. The New York-based hedge fund has seen its $7.2 billion Global Fund—managed by Louis Bacon—gain a modest 0.49% this year, according to HSBC Private Bank. Meanwhile, the Moore Emerging Market fund, managed by former GLG star Greg Coffey, is up 1.02%. But the firm’s Macro Managers fund is down slightly in 2010, dropping 0.25% in the early going.

Likewise BlueCrest Capital Management: It’s International fund has surged 3.34% this year, while its BluetTrend fund has dipped 2.94%.

Joining Coffey’s fund among the winners this year is RAB Capital, whose Special Situations fund is up 5.17%, and Harbinger Capital Partners, which is up 4.42%. Third Point is up 3.6%. CQS has added 1.41%, Millennium Management’s International fund 1.3% and Capula Investment Management’s Global Relative Value Fund 1.03%.

Greenlight Capital edged up 0.75%, Caxton Associates 0.6%, the Horseman Global Fund 0.15% and Tyrus Capital—one of last year’s biggest hedge fund launches—0.05%.

There are losers in the early weeks of 2010, as well. Pershing Square Capital Management’s International fund has tumbled 5.5%. The Man Group’s flagship AHL Diversified strategy has shed 3.22%. Renaissance Technologies’ Institutional Equities Fund is down 1.75%, and Tudor Investment Corp.’s flagship B.V.I. Global Fund has lost 1.11%.

Those declines are modest, however, compared to the hardest-hit hedge funds of the young new year. The Cipher Diversified Fund plummeted 13% in January alone. The Tulip Trading Fund fell 11.06% over the same period, and the Eagle Global Fund 10.11%.

The biggest winners through the first week in February were the Merchant Commodity Fund, up 9%, HSBC’s Distressed Opportunity Fund, up 8.9%, and RAB’s Energy fund, up 6.89%.


In Depth

Q&A: TCA Fund Management's Bob Press on Small-Cap Private Equity

Aug 25 2016 | 8:55pm ET

The emergence of private credit as a replacement for traditional bank financing...

Lifestyle

Kiawah: Island Reversal

Aug 24 2016 | 9:59pm ET

Looking for real estate investments but the typical real estate fare isn’t cutting...

Guest Contributor

Old Hill Partners: Embrace Illiquidity

Aug 9 2016 | 2:39pm ET

The age-old financial concept that higher yields are the result of higher risk and...