Wednesday, 6 May 2015
Last updated 9 min ago
Mar 28 2011 | 1:24am ET
Despite reports of big losses in the wake of the Japanese earthquake and tsunami, hedge funds appear to have battled back against the worst of the month's losses.
Some hedge funds suffered double-digit losses in the market volatility that followed the Japanese tragedy on March 11, which triggered a nuclear crisis. But global equity markets have rebounded since then, and even Japanese stocks have bounced back somewhat.
"As the market continues to stabilize it seems we have a good chance to salvage what once looked like a disaster of a month," Wolver Hill Asset Management's Ed Rogers wrote to investors last Friday in a letter obtained by Dow Jones Newswires. Wolver Hill invests in Japan-focused hedge funds.
"We have been communicating with all of our managers constantly since last week," he continued. "Almost every one of them has improved on their performance for the month since the very difficult trading sessions of Monday and Tuesday, when the Japanese indices were plummeting on the back of the worsening situation at the nuclear reactor."
Rogers added optimistically, "we have almost two more weeks to improve on our returns for the month."
Wolver Hill's Japan Offshore fund was down 5.6% through March 18.
New York-based Wolver Hill wasn't the only hedge fund hit by the Japanese disaster. Cerberus Capital Management, Odey Asset Management, Paulson & Co., Sparx Group and Tudor Investment Corp. also took losses in the wake of the earthquake.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…