Friday, 31 October 2014
Last updated 15 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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