A pair of major New York hedge funds bucked swooning markets and the marginal losses suffered by its average peers with positive performance last month.
Greenlight Capital and Och-Ziff Capital Management both padded their year-to-date returns in August, although the former did so much more than the latter. Greenlight rose 4.1% net of fees, its Greenlight Capital Re said today. The return pushed the $6.8 billion hedge fund into the black for the third quarter and for 2010—it is now up 1.4% since the end of June and about 2% on the year.
By contrast, the average hedge fund fell slightly and the Standard & Poor’s 500 Index dropped almost 5%.
According to Greenlight Capital Re, Greenlight’s biggest positions are in CIT Group, Ensco, Pfizer, Vodafone Group and gold.
Och-Ziff’s four hedge funds posted much more modest returns, rising between 0.3% and 0.7% on the month. The small gains resulted in a relatively small increase in assets under management in August, with the $26.1 billion firm adding $200 million, just one-third the amount it grew by in July.
The firm’s flagship OZ Master Fund and its Asia Master Fund each returned 0.3% last month, with the former up 2.96% on the year. Its Global Special Investments fund added 0.5% in August and is up 5.4% on the year, while its Europe Master fund rose 0.7% in August.