Friday, 24 October 2014
Last updated 7 hours ago
May 30 2007 | 10:57am ET
The hard times for Goldman Sachs’ flagship Global Alpha hedge fund continue in the early going this year. According to a report sent to its investors, the fund is down 3.4% in the first four months of 2007; it is down some 12% over the past 16 months, a period when the Standard and Poor’s 500 Index has jumped some 22%.
As in February, when the fund was down just 2% on the year, its managers, Mark Carhart and Raymond Iwanowski, blamed bad bets on currencies for the downturn, and added that returns were hurt by market-neutral fixed-income and equity investments, which “detracted from performance as our earnings quality and valuation themes performed badly,” they wrote in the letter, a copy of which was obtained by Bloomberg News.
The fund had bet that the Canadian dollar and Norwegian krone would decline; both rallied against the dollar in April.
On the bright side, the fund may have turned a corner, rising 0.4% in April, thanks to buoyant global equity markets and metal prices.
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…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.