Three Hedge Funds Heat Up In August

Sep 3 2010 | 1:16pm ET

August was a lost month for much of the hedge fund industry, but at least three firms didn’t wilt in the summer heat. Bernheim Dreyfus & Co., Lyford Group International and Quantitative Investment Management each posted above-average returns last month, and all boast at least one fund in their stable with stellar returns on the year.

New York-based Lyford’s Global Macro Fund jumped 3.7% last month. The $90 million portfolio is up 8% on the year.

Bernheim, based in Paris, saw its Enhanced Fund jump 2.93% in August to bring its euro-denominated share class to 16.61% on the year. The four-year-old event-driven and merger arbitrage specialist, which manages about US$100 million, credited growing corporate activity in the U.S. for its success this year.

“Growing activity in M&A and corporate activity in the U.S., and soon in Europe, is very interesting to us,” partner Amit Shabi told FINalternatives.

Bernheim’s Diva Synergy Fund also posted above-average returns in August, rising 1.06%. That portfolio is up 5.98% on the year.

Results were much more mixed for QIM. The firm boasted that its flagship Global Program enjoyed its “best month of 2010 in August,” with the $3.9 billion fund rising 1.38% on the month. But it is still down 6.05% on the year—and its three-times levered version is down an estimated 17.29% on the year.

But QIM does have one remarkable success story for 2010: it’s Tactical Aggressive Fund. The $553 million portfolio jumped an estimated 4.57% last month and is up an eye-catching 19.32% through the year’s first eight months.


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