Monday, 20 October 2014
Last updated 7 hours ago
Jul 6 2011 | 12:31pm ET
An exceptionally ugly June punctuated—and exacerbated—a brutal first half for some of the world's most prominent hedge fund managers.
The first half of 2011 ended with the year's worst month for hedge funds, leaving the average hedge fund is also down by about 2% this year, according to industry indices. But some of the industry's biggest names have lost much, much more.
Paulson & Co.'s disastrous bet on Chinese timber company Sino-Forest Corp. has contributed to a 15% decline for its flagship Advantage Fund. Other bold-faced names to take a hit in the first half include Greenlight Capital and Moore Capital Management's Global fund, both down about 5%, the latter through June 16, Reuters reports. And Pershing Square Capital Management was down 2.27% through the middle of the month.
"The glory boys have had a tough time lately," Hennesee Group co-founder Charles Gradante told Reuters.
All is not yet lost, of course: Paulson Advantage was down by double-digits as late as September of last year but finished 2010 up 11%.
Nor did every prominent manager take a hit in the first half. Third Point remained up 6.3% after taking a 2.9% beating in June; the New York-based firm posted big gains in the first quarter. Saba Capital Management, founded by former Deutsche Bank star trader Boaz Weinstein, added 3.5% on the half, while Autonomy Global was up 4.5%.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...