Moore, Paulson, SAC Suffer In May

Jun 9 2010 | 12:37pm ET

Some of the biggest names in the hedge fund industry took a pounding in May, the worst month for hedge funds in a year-and-a-half.

While the average hedge fund fell between 2% and 3%, according to most industry indices, Moore Capital Management’s flagship lost 9.2%. That wipes out Moore Global Investments’ year-to-date gains, leaving it down 6.4% on the year, according to The Wall Street Journal.

While Moore chief Louis Bacon’s pain was most acute—Moore did even worse than the Standard & Poor’s 500 Index, which lost less than 8% during the volatile month—he was not alone in suffering. Third Point dropped 5.6% on the month, although Daniel Loeb can console himself with the fact that his fund is up 12.6% on the year.

Not so John Paulson, whose Paulson & Co. fell 4.9% in the month to drag it into the red, down 1.3% through May.

SAC Capital Advisors also fell in May, losing a more representative 2.3% and remaining up 5% on the year.

According to the Journal, Bacon, who in April blasted European efforts to keep Greece from defaulting on its sovereign debt, has since changed his tune. Unusually, it was his own trades that made up the bulk of Moore’s losses in May.


In Depth

Steinbrugge: Top 10 Hedge Fund Industry Trends for 2017

Jan 3 2017 | 9:03pm ET

Each year, Agecroft Partners' Don Steinbrugge predicts the top hedge fund industry...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

DarcMatter: The Top Trends in Alternative Investments for 2017

Jan 13 2017 | 8:22pm ET

The $7 trillion alternative investments industry is poised for continued growth...

 

From the current issue of

The U.S. Commodity Futures Trading Commission (CFTC) ordered The Goldman Sachs Group Inc., and Goldman, Sachs & Co. to pay a $120 million penalty for attempted manipulation and false reporting of ISDAFIX Benchmark Rates, a global benchmark for interest rate products.