Paulson, Greenlight, Moore Among First-Half Losers

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%.


In Depth

Fitch Says Alternative Asset Managers 'Stable' Despite Dry Powder

Nov 20 2014 | 9:30am ET

Ratings agency Fitch says the outlook for seven publicly traded alternative asset...

Lifestyle

Cohen Buys $101 Million Sculpture

Nov 12 2014 | 9:17am ET

Steven Cohen was the sole bidder for a rare Alberto Giacometti sculpture at Sotheby...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.