Wednesday, 24 August 2016
Last updated 4 hours ago
Oct 5 2010 | 2:39pm ET
As stocks enjoyed their best September since the Great Depression, two prominent hedge fund managers went in different directions.
Paulson & Co., battered for most of the year by its apparently-premature bullish bets, saw its flagship hedge fund soar 12.5% last month, erasing its year-to-date loss. The New York-based firm can also boast at least two other funds—including its gold fund—enjoying double-digit returns to end the summer, The Wall Street Journal reports.
All of Paulson's hedge funds are now in the black for 2010. That's quite a change from last month, which its largest fund, the $9 billion Advantage Plus fund, found itself down 11% through August.
Och-Ziff Capital Management did very well, by contrast, in August. But last month it badly lagged the 8.9% rally of the Standard & Poor's 500 Index.
Och-Ziff, also based in New York, said its flagship OZ Master Fund rose just 1.3% in September. Its Global Special Investments fund added 2%, its Europe fund 1.8% and its Asia fund 1.6%. Like Paulson's funds, all are in positive ground this year—but they've been there for most of the year.
Despite the underwhelming September performance, Och-Ziff said its assets under management rose $200 million to $26.3 billion last month.